The Montgomery advertiser., 1905-05-05
WALL STREET REVIEW
LIQUIDATION WAS RENEWED ON A
 LARGE SCALE,
Source of Trading Volume and Movement in Prices Matters Of Mystery-Feeble Demand for the Large
 Offerings.

New York May 4-Liquidation was re- newed on a large scale in todays stock market and a feeble demand presented it. self to absorb the large offerings.
 So much was obvious from the volume of dealings and the movement in prices. As to the sources of this liquidation and the motive for it. the indications were not so clear and the elements of mystery were made the most of in the active conjecture of the stock market operators according to the habit of that class. It fair in ference that the liquidation was of a con- centrated character and represented the closing out of some large and important ac- count held by a few individuals. presumably also of power and resources in the finan- cial world.
 The fact of liquidation of this character taking place of decisive effect on sentiment. It was supposed that very large holdings which had been withheld from the market during the demoralization of Satuprday and Monday were now being pressed for sale to take advantage of the renewed strength of prices This very evil dent liquidation disappointed the hope that the important selling had been completed and that the worst to be looked for was a dull and sluggish market
 Confidence in the general situation is still professej in large degree but the renewed weakness in stocks today is of in fluence In causing some question of possible developments in the general situation still , to be revealed to the general public
 Iron and steel trade reports disclose the fact that the rate of production in that trade is at length overriding the steel ex- banding consumption and price conditions as consequence are not as firm Railroad traffic officials admit falling off from the high level of the March activity. and the rate of expansion of railroad earnings is therefore not SO rapid. There Is disp9siI period of the summer months to the prob able developments in the fail, and the con dition of the money market for that period offers some ground for doubts of the re sources to be available.
 But the Northwestern railroad situation seems to be still the most immediate fac If has hpen ever since the 15-point break in Northern Securities stock of the day the Supreme Court issued it's mandate for the dissolution of the company, which was the date for the beginning of the present decline in stocks. The dread increases that the Northern Pacific is to be the bone of con- tention again. and that failure to com promise the control will precipitate hos tilities and reprisals. It was evident that special anxiety felt regarding the meet ing tomorrow of stockholders of the Union Pacific to authorize the proposed $100O00,- 900 preferred stock issue. and many varied rumors circulated of the danger of con- test developing in that company an out growth of the dispute over Northern Pa cific. The disclosure in the Lake Shore pany's holdings of Reading stock had been disposed of in the market gave chill to the opinion that community of interest of this character was being constantly eE- tended amongst railroads generally.
 The news from the Chicago strike had some adverse sentimental influence on the market. It will be observed, however that the largest selling and the heaviest de clines were amongst stocks that would be involved In a conflict growing out of the question of Northern Pacific control and the railroad policies concerned in it. Losses in these stocks and in number of others, including a considerable list of industrials, ran to three points or upwards. while losses up to that figure were quite gen eral throughout the list. The feeble hold on prices at any considerable rally was par ticularly dlscouraGinuE to sentiment. A late recovery of l to points was entirely lost in the last IS minutes, when prices gen orally dropped to the low level of the day and closed only slightly above a weak undertone.
 Bonds were weak. Total sales. par value, $2.520,0OO. United States bonds all unchanged on call.
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