The Montgomery advertiser., 1905-05-19
WALL STREET REVIEW
Loss or CONFIDENCE SHOWS NOTABLE
 GROWTH.
Movement of Great Anfmation fn Evidence as Result - Professional Traders Persistcnf and Diltgent
 ShortR,

New York. May 1s.--Loss of confidence In values showed . notable growth during the progress of today's trading in stocks itQuidate was the consequence.
 Professional traders were very persistent ana d1lisent on the short % side of the mar pools. which have made unavailing efforts to get prices up and the decline in prices of margnis and the uncovering of stop loss orders. The downward course was not established without a struggle and con- prices and the level vibrated many times during the course of the morning under the chief influence of operations on opposite Operations for advance centered again on the ranscontinental group, and St. Paul, ferent times showed considerabie strength. but the over-accumulation of these stocks in the effort to support the market made them weaker than the average whom the unloading process began. 1t can not be said that any important news developed during the day. but there was very ear outlook which have been brought into at- fentfon in the last few days. The prtn- cipal texts of the discussion by the pro- fessional operators were the announced pol- icy of the administration to purchase the Panama canal supplies in foreign markets where that could be done more chsapiy and the admitted full in the iron and steel trade. These two items of discussion worked to- gether in their effect as it was assumed Inat the canal materials Woufd come mostly from iron and steel products The po- iiticsl phases of the question received much attention of more or less expert charac- ter, with the usual versatility of the av- craze stock traders knowledge.
 The opening up of the whole subject of tariff revision and the danger of unsettie- nlent of the whole industrial and financial fabric were pointed to with assurance in the expressed opinion of bear traders who were selling stocks short. The reassuring opinions from steel trade authorities that the present lull in demand was likely to prove temporary were disregarded It was argued that the present high rate of con- sumption must represent not only that for current needs. but also confident anticipa- ton of future needs and that with the pros- pective prices becoming unstable. buying in all grades would quickly fall to the limits
 The selling of United States Steel stocks In consequence came from ali quarters. selling for London account forming an i'm portant proportion of the whole. With the news of the action of the Northern Pacific stockholders showing general retirement of the Union Pacific element from the di- rectorate wave of distrust swept over the market regarding the persistent rumors of the working out of the projects for com munity of interests in the Northwest by exchange of holdings 1 n different rail- roadA The occasion was not neglected, as soon as the tone of depression was well established. to bring out a crop scare and reports were heard of the serious damage by excessive moisture to the winter wheat crop in the Southwest.
 There was not ripple in the money mar ket to explain the urgent liquidation. which became precipitate in the final dealings making the closing very weak and at about the lowest.
 Bonds were weak. Total sales. par value. $2.S50.0o0. United States 2s registered and the old 4s advanced < per cent on call
 NEW YORK STOCK LIST.