The Montgomery advertiser., 1903-05-21
WALL STREET REVIEW LIoUIDATIoN IS URGENT AND
 PRECIPITATE. The Close Furiously Active and Weak at About the Lowest.
 Wide Inroads Made
 Upon Values.

REw YORK. May 2o.-Liauidation became urgent and precipitate in the stock market the very close, which was furiousiy active and weak at about the lowest. No such scale of ac- tfvity has been witnessed in the stock market since the trading following the Northern Se- curities decision Wide inroads were made upon values and the very general effect of the calling forbids the supposition that it was due entirely to attack by the bear party. It was not clear, in fact, what was the cause or the jmarkets weakness. The very meagre demand siyely turned upwards. caused a very bad i'm precision upon Speculation. The decline has been 30 long sustained without notable peause ct any time that a conviction has gained force with the professional element that very large short interest had accumulated in the markeL It was believed also that prices had rot down to level that would prove attrac- five to a large waiting investment demand when once some assurance could be had thai the decline had run It's course; Yesterday, had not been reached when these sustaining forces could be relied upon. Very Respondent views were taken of the future of the market nouncement of an engagement of Si 300 ooc Of gold for export and the news that E. H Hartman had undergone a surgical operation met the market at the opening and initiated the declining tendency. The enormous hqui- dntion which soon developed In Atchison wal . marked influence upon sentiment and con. tinued to dominate the market for the rest oi the day, the influence spreading to an increas- ing degree up to the close. Rumors were cir euiated of a coming bond issue by the Atchi. son. but no official confirmation could be had on this subject. The opinion gained ground that large speculative interest in the market was in vulnerable position and was being made target fo rattack. It will be remem- bered tht at various times the securing of a control of Atchison by Rock Island was dis cussed as an alternative proposition to the taking over of the St. Louis and San Fran cisco. It is probable that this talk caused a considerable speculative accumulation in At chison. There is a suspicion that there was actual large accumulation looking towards con tro1 and that some of this stock may be com ing upon the market. The extreme decline fin the stock reached 3k. which was equaled by St Paul Bear tactics were perceptihle in the precfpitate decline at the last notably in the 900 900 gold would go out on Saturday to Europe The only basis for this ruruor was found to be the making of tentative arrange ments for the shipment of S75o, 600 to South America next week. The situation in the ex- change market, however, was strong factor in the weakness of stocks. Exchange holds firm in face of the shipments and there Is knowledge of the early maturity Of some large German loans in this market. which give ground for the expectation that considerable A speculative upset in Boston prectpitated some selling in this market today and shorts in the cotton market were said to be selling stocks to cover losses in cotton. Some stress was laid on the buying of stocks for London account as indicating the growth of an tn- trage brokers explain that much of this buy ing is due to a transfer of holdings from Lon don to New York to secure the benefit of the present cheap money market Eere.
 United States Steel 5's continued conspicu' ous in the bond market. Prices were weak ir sympathy with stocks Total sales tpar value) S3 4O7 GOO. United States bonds were all un' changed on the last call.