The Montgomery advertiser., 1903-05-12
WALL STREET REVIEW no SIGNS OF A REVIVAL OF IN-
 TEREST. Panic of the Nearby Shorts Follows Professionals Drifted Was Due Entirely to Their Own .4
 Operations.

NEW YORK, May li.-Todays stock market ohowed no signs of a revival of speculative in tereef and the sluggish current on which the professionai traders drifted was duo entirely to their own operations. There was an upward tendency during the first hour which was stocks for London account. The London money market is still tied up with the subscriptions % the Transvaal loan. or with the per cent first subscriptions which was required to ae- company the application. As fast as the all lotments can be determined, the excess from orer-subscriptions of this 3 per cent. VIII pc returned to subscribers and this is expected to effect marked relaxation in the London money market. Sterling exchange here, how ever. held firm today and its decline in Paris >left the way open for an export of gold from here to that point. Consequently Sl,6oo, ooo was engaged to go out tomorrow: It o was al. al, lowed to be understood that $500, 900 gold will go to South America during the week This news was followed by a decline in the price of stocks, although 1t had been quite generally expected that the decline was due partly to short selling and demonstrated by began to cover They did this in the appre- hension that the monthly crop report to be given out by the Agricultural Department this morning would not show a large de- terioratioh of the Winter wheat from the al- most perfect condition of April 1 as has been feared since the cold wave In the last week of April This covering movement was again Interrupted by sharp selling at the last and the market closed easy. Some special iniu- ences were at work during the day. A strong upward movement in Illinois Central resulted from large buying order from single firm. which was OStenslDiy based upon tuat the divedend is to be increased. The strength of Amalgamated Copper was due to the ac- tive demand for the metal in the London mar ket Brooklyn Transit had the benefit Of yes- ferday's very heavy seaside traffic. There was continued accumulation of Missouri Pacific and of the National Railroad of Mexico stocks by the same interests which have been re- apectivaly conspicuous in those properties for some time past. Southern Pacific suffered from the reports of strike on the system but recovered later when 1t was alleged that the srkrnen still at their places drop of points in Metropolitan Securities was attributed to unwilngness on the part of the holders to pay the second subscription Of 25 per cent. which has been called Reports of labor trouble the Mobile and Ohio and the Great Northern served to keep alive the general apprehension which is felt over the growth of such troubles. There were some large offerings of United States Steel coinci- dent with a sharp break in the price of the bonds 'swhen issued the curb market. The unfayorahie view taken on Saturday of < the loan expansion of the banks seemed to be niitfgated this morning. when, 1t was bet ter understood that the increase was due to shifting of debts due to foreigners. The
 market was narrow and unint"resting through out. An example Is afforded by the fact that
 there vas no sale Of Sugar until the final
 hour of the market.
 The movement of prices of bonds was irregu- lar and generally very narrow. Transactions
 iast week showed decrease of 42 per cent. compared with those of the corresponding
 week of last year. Total sales tpar value). Si75o GOO. United States bonds were all un- changed on the last call.