The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1901-05-21
STOCK MARKET
JMBLES A LITTLE
he Decline Was Felt in the
Special Column
J.. P. UPSET THE ILROADS
Taking of Profits Was the Primary
Cause of the Small Lossoo
In All the Is
sues.

New York, May 2O-The late upward
movement of stocks last week failed &c
continue today, although there was some
resistance at times In the way of strength
for individual stocks. There was pro-.
gressive decline In the influence of trade
on the special column and the day closed
with the market quite active at about the
lowest of the day all around. There was
one or two unfavorable news features
during the day, but there were also some
developments which had favorable in
terpretation. The market was not mani
testify Influenced by the news of the day,
but seemed rather to move as the result
of technical causes. Taking of profits on
last weeks late rise was the principal of
these causes. The market gave growing
evidence of its abandonment to the class
of professional operators some of them
of large means and broad methods, yet
with the public evidently not factor in
the market, and declined to respond to
the temptation of price movements. The
maxim of the professional operator Is TO
sell stocks on a show of strength and to
buy them if a decline comes to interrupt
the movement of prices before 1t has ex-
tended far in either direction and TO
bring the market constantly nearer to a
state of equilibrium. The market opened
irregular and then yielded all around 10
the realizing, but ruled quite strongly IN
response to a movement In the coalers.
There was some strength also among the
southwesterns apparently on the score OF
published reports OF a pro1ected new
steamship line from a Mexican port to
H. fon
struggle for control of transportation OF
future trade products to the Orient lies
at the root of most of the movements
working out In the trans-continental rail-
road territories gives any suggestion IN
this line an influence. The movement IN
the coalers was apparently speculative.
The strength in st. Paul was not eX-
planned by any news, but the buying was
called good. The stock yielded, however,
in the late weakness and closed at net
loss. The weakness of Union PACING was
an effective factor in upsetting the mar
ket.
Allegations of a further issue of con-
vertible bonds to finance the purchases
of Northern Pacific stock were the prime
factors in the stocks weakness. IL closed
at par seven points below SATURDAY
close, and at the lowest of the day. Otner
notable weak stocks were Atehison, which
lost Az; Consolidated Gas as much; SUI
gar, 81; Manhattan, 3D. Rock Island and
Metropolitan Street Railway, 3; LOUIS
VILE, ~; Amalgamated Copper, IN; and
q large number of stocks from TO z. A
number of minor industrials showed nota-
BILE strength although their best prices
were reduced by the weakness. Among
them were the International Paper stocks,
American Linseed stock, United states
Rubber stocks, National Lead and the
rubber goods stocks. In American LIN
seed preferred and United States Rubber
preferred the gains had reached about D
points There was large buying OF Bur-
lington for cash, which was apparently
connected with the fact of the proposition
of the Burlington deal being conditioned
upon the deposit of at least two-thirds OF
the capital stock on or before May 20.
The bond market generally was dull and
Irregular with some yielding in the late
trading in sympathy with stocks. Total
sales, par value, $3,330,00O,
United States bonds were unchanged on
the last call.