The Montgomery advertiser., 1903-05-26
WALL STREET REVIEW
PRICES CARRIED TO NEW LOW
 LEVEL FOR YEAR.
The Market Subjected to Further Drastic Liquidation-Plunge from Highest to Lowest
 of the Day.

NEW YORK. May 25.-The stock market vas subjected to further drastic liquidation new low level for the year. The tide of selling was at one time pretty effectually checked and prices established at sub stantial recovery from the low point by the de- termined support of important banking inter- ests and their persistent bidding up of prices through the stream of liquidation But the pressure became more severe than ever after the demand was seen to have been entirely withdrawn at the higher level and prices plunged abruptly from the highest to the low ish rallied due to the buying to take quick profits by the room shorts. but the closing was unsettled and unsteady and not much above the low point on the average. There was no new development to explain the heavy selling and it was evidently due to general causes and the discouraging effect of last weeks faii in prices. Consideration over Sunday of the situation are said to have resulted in a large accumulation of selling orders to be worked on In the opening dealings. Houses with out-of- town wire connections were very large sellers and much liquidation was attributed to Pitts burg and Chicago sources. This gave rise to reports during the morning that the condition of the cotton market and damage to the wheat crop were responsible for the weakness of stocks It was this accumulated selling that the supporting interests in the market had to contend with in the task they had set them selves and which seemed to be successfully achieved before noon. The interests which have underwritten the new Pennsylvania stock issue and those connected with the United States Steel Syndicate were supposed to have shaIe III tne suppoit ot the IidTket buylnB for London account also helped to absorb the action of selling orders. Later in the day London turned to the selling side and sold heavily on balance on the late break. The see- ond period of weakness seemed to grow out Of the conspicuous selling of Rock Island. The seemingly intending stream of St. Paul stock coming upon the market also had a sinister effect The origin and the motive of this selling which seemed to be concentrated in character, was the subject of much ani- mated gossip all through the financial district. There was talk of dissension in the ranks of the controlling interest in the great Rock Island project. Assertions freely made of the recall of loans on an enormous scale with the implied deduction of disciplinary purpose against under-indulgence and specu- lative excess both in cotton and in stocks. The apparent support of this morning which was clearly by large banking interests, seems to conflict with the view of the later liquida- ton avs forced by peremptory recall of bank ing credits. The engagement of $500 900 in supplement to the days heavy outgo to South America. But the best prices of the day for stocks were made after the gold en- agreements was announced. The disturbance in the labor situation and the progress of the feud between the Pennsylvania and Western Union Telegraph Company were disturbing factors. The former tone of discussion which took a form of a surmise as to whether the possi- bility of industrial reaction was impairing the value of securities seems to have changed to a question whether the persistent decline in securities is not a symptom of some unre- vealed unhealth in the industrial situation.
 Bonds were weak in sympathy with stocks. States bonds were all unchanged on the last call.
 Nav York Stock TiaH