The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1899-05-09
LIQUIDATION WAS
QUITE GENERAL
Material Declines Prevailed in the
Stock Market.
THE BAD BANK STATEMENT
Still Colors Speculative Sentiment
Such Rallies as Took Place Were
Feeble-Organization of Steel
Trust Caused Uneasiness

New York, May S.-Liquidation was quite
general in the stock market today and ma
terial declines prevailed. There were none
of which were of any Importance, and dis
appointment at the bad showing OF the
bank statement Saturday seemed to
color speculative sentiment. Sterling ex-
change was about steady and money de-
cidedy easier.
Such rallies as took place were feeble,
and in each Instance brought out further
sales, leaving the market at the end weak
a about. the lowest for the railways, al
though some of the speeiarties in the late
selling movement retained part of the adj
vantage derived on afternoon rally.
Arbitrage brokers' purchased some 10000
shares during the forenoon's weakness.
The market continued fexerish practically
all day. There was forced liquidation of
marginal accounts by commission houses.
Some important interests let go stocks on
the assumption that rather large RESPONSE
bilities have been taken by certain under
writing syndicates.
The talk of the formation of new steel
"trust' with an enormous capitalization
caused uneasiness in some quarters, re-
sulting in declines of over points in FED
eral Steel shares and over in American
Steel and Wire. The Flower stocks were
sold for by western and local account.
Brooklyn Transit losing 81; Peoples Gas
49, and Atchison preferred Ia. The tenor OF
the crop advices was conflicting, but the
grangers receded smartly, Burlington los
ing over points and St. Paul and North
west about half as much Among the COAL
ers, Delaware and Hudson and Jersey Gen.
trail were down over point each. New
York Central suffered a loss of "a In con-
nection with it's unfavorable' showing for
Apri1 compared with last year, although
this is partly explainable by the earlier
date at which navigation opened last year.
Other weak spots in the railways were Bal
timore and Ohio, Pennsylvania, Union Pa
clic. &C. C. & ST. L., Northern Pacific
and Missouri Pacific.
Sugar and Lead were among the heaVy
industrials Amalgamated Copper saSSed
on the curb which caused Anaconda
Mining to be without support General
Electric, which rose, over a point, was the
conspicuous exception to the markets
weakness. The deposit Of $10,Go0,Go0 in war
rants against the treasury in local bank
which is managing the transfer or the
Spanish indemnity, was taken to be the
cause in the easier turn in money, as this
operation had not been expected until later
In the week. Some sharp declines were
effected today in active bonds but the
r.
ately. Total sales, $2,750,oOO
United States new As registered and the
old As coupon advanced "A, and do coupon,
the new As coupon, the SIS and the IS 70
in the bid price.
The total sales of stocks today were
1.005 ,554 shares, including American sugar
44700: American Steel and Wire, S,0O0;
American Tin Plate, S.40o; Atchison, 5000;
Atchfson, preferred 81 ,080;. Anaconda, q 200;
Brooklyn Transit, 1880; Burlington Rights,
5000; Continental Tobacco, 2I,200; Federal
Steel, S., 400; Federal Steel, preferred, $40;
louisville and Nashville, 14,109; Manhattan,
$4,000; Mexican Central, $500; Missouri
Pacific, 1920; Northern Pacific, 1900;
PENNSYLVANIA, $4,000; Peoples Gas, a,5DO;.
Rock Island, 14,3Oo; st. Paul, 34,Soe; South
ern Railway, 5000; Southern Railway, pre-
ferred 5000; Tennessee Coal and Iron $500;
Texas Pacific, 1890; Union Pacific, pre-
ferred, 14,500.
Money on call steady, 21z@i4}s: last loan,
Sc per cent.
Prime mercantile paper, 31.Q41a per cent
Sterling exchange steady. with actual
business in bankers bills at $4.Sl40l4SI14
for sixty days.
Posted rates, i.S61s and $4-SSls,
Commercial bills. S4.S4lkGi4.S5.
Silver certificates, 61r5QG2.
Bar silver, e13s.
Mexican dollars, 49,
Government bonds strong.
State bonds frmer.
Railroad bonds weak.