The Montgomery advertiser., 1903-10-10
WALL STREET. REVIEW PROFESSIONALS ATTEMPT TO FORGE LIQUIDATION. rhe Result is a Rather Urgent Bor- rowing Demand for Stocks.
 Late Recovery in the
 Market.

NEW YORK, Oct. s.-The stock market this morning continued to show depression and dis couragement. The professional traders sought to take advantage of this movement to force liquidation by offering prices down. Their op- erations of this character became so over extended as to result in a rather urgent bor- rowing demand for stocks. Taking warning from this condition. the shorts covered their contracts. causing the late recovery in the mar ket. This was quite comprehensive and lifted the average level of prices well above last night. The closing was about steady and near the top. The predominating influence on the market was still the testimony concerning the promotion, underwriting and fotation of the United States Shipbuilding Company elicited in the receivership proceedings. The disclos- ures brought out by these proceedings have caused a state of irritation and distrust among shareholders difficult to describe and the char acter of the discussion of the episode in Wall Street is of a kind regarding trusts and trust promotion not often heard in the financial dis trict itself. London left the reflex of this in fuence this morning and its sales in its mar ket were an important element in the early depression. When the London selling had been completed the recovery set in. The industrial department naturally most affected by the prevailing sentiment and the United States Steel stocks and Amalgamated Copper bore the brunt of the pressure. United States common and Amalgamated Copper both touched lower prices than ever before. The London depres- sion had cause In fears prevalent there that next weeks Stock Exchange settlement would reveal embarrassment The per sistent downward course of the United States Steel bonds is especially disturbing to senti- ment since the reduction of the dividend on the common stock. The long decline In the common stock was sought to be explained as due to the unwieldy bulk of that issue, rather than to forthcoming bad news. Now that the bad news is to have been factor, feel Ing is more sensitive over the continued de- slime in the preferred stock and the bonds. The annual report of the earnings of the Metropolitan Street Railway, showing deficit after payment of the per cent. dividend guaranteed without allowance for the fran shise tax, pending the appeal to the courts was not worse than had been expected and was followed by some recovery of stocks Reports from the corn belt probably had some infiu- ence on the early decline but did not inter fere with the recovery, indicating the passage of uneasness over the present corn crop. A falling off in wheat exports of l7o3, 959 bushels compared with last week was disap- pointing and helped to explain the arrest of the downward tendency in the exchange mar ket The shipments of currency to the interior on balance have been somewhat larger than last week. the outward movement being near S2 900 Ooo This movement is still well below the normal for this period of the year and seems to have been more than offset by demption of Government bonds and other sub treasury operations. that gain of several hundred thousand dollars in cash reserve is promised for the banks. The loan item is in the usual obscurity.
 The bond market was heavy in sympathy with stocks, but made some recovery. Total sales (par vaiue). Sl,S95 900. United States 3s declined A per cent on the last call.