The Montgomery advertiser., 1903-05-27
WALL STREET REVIEW
RELAXATION or PRESSURE OF LIQUIDATION.
At the Same Time Those Supporting the Market Exercise Supreme Caution in Buying at the
 Higher Level.

NEW YORK. May 2e.-The conspicuous facts in today's stock market where the relaxa- tion in the pressure of the urgent and forced liquidation which has kept the market settled for some time and the extreme eau tion of the buying at the higher level of prices prices, which ,lmei was maintained today. The night all day. but prices wavered and huctu- ated constantly throughout the session. About and in the neighborhood of last nights level, but one of the numerous rallies set in during the last hour and the closing was firm at higher prices than at any previous time during the day. The opening dealings disclosed good buying orders distributed among the great speeSiatve s,ss railroad stocks. the movements in general market. These are precisely the stocks which have suffered most severely in the re- supported had an important reassuring effect on the situation in the stock market which had become somewhat alarming as the result financial and business affairs were without ef- feet on the market and the attention of op- orators in stocks was devoted almost e.clu- Is source of the stream of liquidation. Pure surmise and irresponsible gossip played an im- portant part in this. but the conclusion has been quite generally arrived at that the recent selling has come from important and wealthy interests and that the selling was prompted by some special financial needs of the holders rather than conditions affecting the stocks sold It is a matter of public knowledge that very large accumulations of railroad stocks have been made during the late period of ru- mors of extensive consultations. Part of this accumulation was made in the direct effort to secure control of various railroads and part of 1t made by wealthy speculative followers who were informed of the prospect under way for a profitable turn in the market. The great check lto the wholesale consolidation process came by the Northern Securities decision and In increasing degree from the impossibility of meeting newly manufactured securities The consequence has undoubtedly been the aban- donment of many consolidation projects and the tie-up of very large holdings in the hands of the projectors and the speculative friends and followers. Among these many indi- viduals who came into enormous fortunes as the result of the early period of industrial combinations, especially the formation of the United States Steel Corporation With the ample resources in their hands they seem to have been slow to part with their securities at sacrifice. while also according to the current surmse in Wall Street. over-extend- ing themselves in new financial and business nctation The conviction is growing in Wall Street that the prolonged liquidation of stan dard stocks is from such sources as are thus indicated and are for the purpose of the pro- lection of such outside enterprises. While this Is held to account for the special pressure to sell. the fact remains that the exceedingly scanty buying in them winch makes the sell ing effective in breaking prices is dtW to dis trust to the general business and industrial outlook. The behavior of todays market sug- gested that potential buyers of stocks were suspicious that the liquidation was not yet en- tirely completed. There was abundance of today but it was well absorbed and prices were sustained with determination. The gagement of 5000, 900 in gold for export to France was of only momentary effect The | threatening aspect of the freight handlers dispute in Chicago seemed to be offset by the better outlook in the local building trades. An announcement that the underwriting of the Pennsylvania stock had been over subscribed was strengthening influence.
 (par value). S2. .23o. 900. United States bonds were all unchanged on the last call.
 Nav York Stock List,