The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1899-05-21
LITTLE CHANGE IN
STOCK PRICES
Transactions Confined to Local
Room Traders,
LONDON EXCHANGE CLOSED
Market Has Been Unsettled During the
Week.-Mrs. in Wheat and Crop
Damage Talk Causes the
Railroads to Waiver

New York. May 20.-Transaetions in to-
days short session were apparently confin-
ed to dealings by local room traders who
seek a days turn in prices either up or
down. Prices in the majority Of cases are
consequently little changed from last
night.
The course of their fluctuations durisg,
the two hours trading reflected considera-
Bile hesitation and uncertainty in the minds
of the trading element.
The London exchange was closed for a
holiday, and there were no quotations from
that quarter to give an indication Of tend
ing prices. Many stocks opened unchanged
in quotation or moved only u either way.
Stocks of corporations who enjoy fran
chise privileges in the high state, were
weak on the prospect of the franchise tax
bill becoming law, the prospect of ma
terial modification being not considered
likely. The American Smelling stock was
under pressure and continued rather weak
all day. Anaconda on the other hand
showed its strength and ended the day 2h
points higher Sugar made an aggressive
resistance to the pressure against it, and
kept above yesterdays level after the
opening decline. There was q dull resist
ance to the occasional attacks of the mar
ket also by the railroad stocks, especially
those in the south and west. Manhattan
and Third Avenue were firm early, but
yielded later, the latter breaking 6 points.
The bears were disposed to caution in
anticipation of tlfe favorable bank state
ment, but when the market failed to re-
spond to this an attack was made on
values. So little stock was brought on by
the decline that the bears covered, maxi
ing the close firm at small changes except
dr oil nj
showed a larger increase in cash than was
expected. The heavy contraction in loans
was, of course, a reflection in part drastic
to the liquidation of last Sunday. AS
consequence the increase of cash almost
went to swell the surplus reserve of the
banks.
There was a marked continuance of the
recent heavy absorption of new issues of
railroad bonds, the tape recording several
individual transactions of from 100000 to
over $500 900.
Unsettled During the Week
The stock market has been so much I'M
settled during the week by the contendlng
struggles of the bulls and bears over the
Flower group of stocks, that there has been
little opportunity to discern any reflection
of general conditions in its movements.
There was some slight continuation on
Monday of the eager selling pressure on
those stocks which had been marvelously
advanced in value under the fostering Vi
the late Mr.. Flower. But the determined
and extensive buying by the deceased
financiers associates in these properties
who had Joined resources for the protec-
tion of values soon allayed the apprehen-
sions of timid holders and induced the
shorts to cover
The movement towards recovery seemed
to meet with no opposition from the bears,
Notwithstanding the pronounced bear posi-
ton assumed by one of the largest profess
sonal operators in the street. The bear
element was looking forward only short
time, as the case proved, for an opportuni-
ty to attack values. They offered no very
vigorous opposition to the reconstruction
of values while it was pursued with set
purpose. But the rise of Wednesday,
which brought the Flower specialties back
to or above the prices of the preceding Fri