The Montgomery advertiser., 1905-04-28
WALL STREET REVIEW
WAVE OF LIQUIDATION SWEETS STOCK
 MARKET.
Lack of Confidence in Present Level of Prices Assigned as Only Possible Cause of Conditions on
 Change.

New York, April z7.-The lack of confi- dence in the present level of prices was the iation which swept over the stock market today and carried prices comparatively to a lower level
 The liquidation was renewed again and again and the entire lack of support and the failure to attract any effective demand at the cheaper prices caused progressive growth in the feeling of distrust The vio- fence of the decline gave rise, to a crop of sinister rumors of something hanging over ed for these rumors. while the trading was in progress than for the many brilliant stories which have regaled the speculative ward.
 The stocks centering about the Northern Securities Company shared fully in the days spicuous as has been the case lately. The resulting state of mind Is fairly represen- tative of that on any other subjects which have been made the object of imaginative reports of late. Yesterdays retention of the gformersdividend on Norfolk & Western seemed to shatter the hopes of spectators regarding a large number of other stocks which have been heavily bought similar expectations. The story of the Louisville lease to the Atlantic Coast Line on a per cent dividend basis, which was the latest production of this character obtain ed so little credit today that those two stocks were amongst the principal suffer CTS of the violent reaction from yesterdays jump.
 Rumors of mergers amongst the metal in NuoIicS "hiCH nave iilLeu pTlCeS txIeH- sfvely were equally open to suspicion. with consequent damage to the stocks concerned. Another break in the wheat market served to renew anxiety regarding losses in that speculation, which have to be made good in the stock market
 The opening influence on the selling from foreign financial centres was strong. owing to the unsettlement there, over the inter- national political outlook. Paris manifested decided uneasiness the dispute with Germany regarding conditions in Morocco. The report that the cable to the Asian mainland from the island nearest to the field of naval activity had been cut, seemed to inspire the circulation of sensational rumors that the expected naval battle all ready had been fought with unexpected suits.
 But it is doubtful whether any or all of the selling as a vague feeling of suspicion and fear of some unfavorablef development yet to be announced. The discussion of the Milwaukee bank episode and the Equitable Life Assurance scandle. with the renewed ventilation in that connection of the old and unsavory United States Shipbuilding incl dent were believed to threaten a spread of distrust over a wide field and the result ing loss of confidence was dreaded for its results on credits.
 The sharpness of the rally yesterday had aroused hopes that the most urgent liquida- ton was over, although it was expected that profit taking by those who supported the market on the break and who secured hold ings at the low price would check the rally. But period of quietude was expected to Financial authorities of substantial char