The Montgomery advertiser., 1903-05-22
WALL STREET REVIEW 8HARP CONFLICT BETWEEN
 CoNTENDING ELEMENTS.
Half the Days Total Transactions Done in the First Hour-The Close Firm and at the
 Top Level.

NEW YORK. May 2l.-There was a short. Anarp con1ict between the contending ee ments in the stock market this morning with xefy 1ever1sh fluctuations during the first hour. The pressure to sell fairly overcame the mar ket at one time and carried the level of prices 1Hst night. But the supporting orders which were in evidence a very large scale from the start, absorbed all offerings until the pres was enectually checked. Half the days total trRnsactions were done in the first hour. Af rewards there was slow. but increasing up- ward movement and the market closed firm md quite active at the top level. There was confinuance of important liquidation from the first hour as shown by the large and con- ceutrafed selling in St. Paul, the United States Steel stocks and some of the Canadian stocks which suffered in yesterdays specula- five collapse. The selling of the United States Steel stocks was based upon the somewhat seQuivocal tone of the weekly Iron Trade Re- View by an authority in that trade. A down. yard tendency in many branches of the trade fs pointed out. The argument that abnor- ma1 condition in iron Is being abandoned by yielding prices for a more normal and thete- Fore more stable basis is coupled with the ad- mission that the price at which buyers and sellers will finally come together is still a pN&zIe. The selling of St. Paul was believed tosxbe for important interests owing to it's yu11I1,e and it was feared that the demand of the Freight handlers in the Northwest carried Threat of serious trouble The weakness of Northern Securities the curb and selling of the Burlington joint bonds were attributed 70 The same cause. But the same confidence
 
 the market were absorbed served to relieve the fears of wipine out of margins and shrink age of colinterals which have aggravated the weakness of the market for several days past. Am Important factor in the support of the market was the heavy buying for London &C., count. which Is estimated all the way from T5 900 to over 100. 900 shares fnr the day. This made itself effective not only in the stock. hut fin the foreign exchange market where the appearance of hills from the arbi- frage brokerage houses broke the rate some 10 points and left the feasibility of further Kold exports a matter of doubt! The reduc- fsan of the Bank of Engiands discount rate from to 3h the basis of the improved tone of the English speculation. The weekly statement of the Bank of England with its derfEase in .sothcr securities of SS8. 76o 900 shows that the enormous loans of last week 10 Hoat the Transvaal loan have practically ail been repaid. It shows also the confidence Of foreign capital now loaned in London will not be disturbed by allowing the interest rate to relax. The likelihood of further de- unude on our own gold surply is therefore d. unfinished. Finally the decided reaction In the cotton market served a restorative of con- a1dence and relieved the pressure of liquidation of stocks to cover losses by the shorts in cot- ton. The market lost much of it's animation on the upward course and the days net advances failed to wipe out entirely yesterdays loss. But the demand was we'll maintained at the higher level. A feature of the day was some further wide declines in the marketing of in- active stocks.
 The bond market was irregular. Total sales fpar vaiue). S2.65o. 900. United States bonds were all unchanged on the last call.