The Montgomery advertiser., 1903-05-30
WALL STREET REVIEW 14IEF SHOW OF STRENGTH IN
 THE MORNING. q eak Spots Soon Developed, How ;f ever, and Later the Trading
 Became Apathetic and at
 the Last Stagnant.

FEW YORK, May 2s.-There was a brief e14E of strength in this mornings stock mar ket, but weak spots soon developed and the l4tBr trading became apathetic and at the la4k stagnant The opening rise was helped pX London, especially by a considerable rally mx Eio Tintos and recovery in the copper m4fket- As considerable importance was at tn$hed to yesterdays London selling. which E44 supposed to be due to embarrassment si(e of copper. this action of the London m4fket was considered significant. Amalga- m9fed Copper started upwards in. sympathy. m view of this tendency of the market and tkA imminence of a two days holiday. the e4r interest showed disposition to cover HIT short contracts. The two days, holiday hoe will be followed by the regular Whitsun- o%e holidays on foreign exchanges. so that uf pressure of any sudden new developments wnnld be concentrated on the New York stbck market on Monday But when the bears stPfted to cover they found 1t so easy to se- eq5r stock owing to the increase in offerings nS the, price level rose that they became re- asfured Amalgamated Copper was clearly under pressure of continued liquidation. which was attributed. as that of yesterday. to the unloading of pool accounts in the stock. The price went sharp faction lower than yes ferday's low point but met some support and xnlIied over point. There renewed sell ing on a large scale of Rock Island and later jn the day Union Pacific and Southern Pacific phowed renewed declines the former touching few low level for the movement. There was little new news to account for the action ol 4be market at any time during the week. The bank statement was regarded negatively favorable inasmuch as there was no impir- xnent of resources. but the sml contract or 1n the loan account in view of the week's pointment It Is evident that the losns paid of with the proceeds of the BquihHon was taken up by other requirements, or which the public is not informed The week receipt oi cash from the interior on balance served to about offset the outeo of gold exports and otherwise, thet the change in the cash item was also very strong here and the con viction Is general that a large outward move ment of gold from New York is still to occur. I-. E.n- 1E AF fr.t t4kN han dl.VQ mn Western railroads continued to overhang the market and was supposed to account for the special pressure against Union Pacific. North within a fraction of the low level on the movement. The gains of the morning were quite generally wiped out on the reaction One moved up 3H nthe plan for funding the de- feFred dividend on the preferred stock. The market closed lifeless and not far from the low level.
 The bond market was irregular. Total sales (par value). Si,54o. ooo
 has again been the feature of the stock market this week. Both the source and motive for selling have been enveloped in mystery and have been all the more the occasion of ac- tive surmise and rumor on that account suppositions that the selling was due to the special necessities of the holders rather than fO conditions affecting the properties whose shares were sold to conditions in the genera business situation were rather welcomed, al thd,lsh these supositions give rise to the usua crop of rumors of this that capitalist o gToup of capitalists being in trouble. The pro
 fessionai bears stood always ready to seiz' an advantage from the signs of vulnerabilit, in the market and their attacks played an i'm portant part in forcing the declines. Bu the declines uniformly effective in dis lodging stock by wiping out margins and un covering stop loss orders which so Justinet themselves from a practical standpoint. The freedom of the bear selling gave hopes Of tht Accumulation of an effective short interest anc kept attention awake for signs of a techni eai rally but each false start for upward turn served to aggravate the discoura gemen Of holders of stocks and to deter potentia buyers from entering the. market. Sentlmen over the general outlook naturally declined IT hopefulness with the extension of the fall 1T prices. Subscriptions to the underwriting o the new Pennsylvania stock and the require
 meilts revealed in the official announcement o the plan of reorganization of United Stotei Ghipbuilding Company were cited as examples of tsuch possible needs. The moral effect O the Pennsylvania underwriting incident hal been pronounced the Nyhole situation. Th necessity for resort to a bankers syndicate fo underwrite a stock issue of of thu country's foremost railroad companies offered to stockholders terms that were intended as valuable privilege, has made a deel iffnpression of the lack of absorptive power Il the securities market. There Is doubt tha the underwriting project had as part of it. purpose to reassure sentiment and encourag B the subscription to the stock by others 1T al the syndicate. The renewed pressure to sel the stock after the underwriting had ecI announced therefore created a corresponding! bad Impression. The official report accom- panying the plan for reorganization Of th
 Shfpbuiding Company and the drastic char arter of that plan with it's substitution O stock Issues for previous bond holdings srt its assertion of previous heavy er-vauation erved to disquist the feeling of shareholder over the whole situation of industrial com Dinarions and their financing. Considera tion which have had weight for some time ras continued in force, such as the outgo of Colt