The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1903-05-27
PRESSURE RELASES
TO SELL STOCKS
Opening Trade Disclosed Some
Good Buying Orders
TO FRANCE 100000 GOLD
Prices Were Sustained With Deter
minatlon-ons of the Numerous
Rallies Set In at the End
and Prices Were Firm.

New York. May 26.-The conspicuous
factors in the stock market were the re-
Taxation in the pressure Of the urgent and
forced liquidation which has kept the
market unsettled for some time, and the
extreme caution of the buying at the
higher level of prices which was MAIN
tanned today. The general level of the
market was above last night all day, but
prices wavered and huctuated constantly
throughout the session. About 2 o'clock
prices were generally at the lowest and
In the neighborhood of last nights level,
but one of the numerous rallies set in
during the last hour, and the closing was
firm at higher prices than at any pre-
vious time during the day. The opening
dealings disclosed good buying orders dis
tributed among the great speculative rail-
road stocks, the movements in which had
the largest sympathetic effect on the
general market. These are precisely the
stocks which have suffered most severely
In the recent liquidation. The evidence
that they were supported had an impor-
tant re-assuring effect on the situation
in the stock market, which had become
somewhat alarming as the result of yes
terdays events. Developments in finan-
cial and business affairs were without eff
feet on the market, and the attention of
operators In stocks was devoted almost
exclusively to attempts to solve the nys-
terry Of the source of the stream of liqui-
dation. Pure surmise ana irresponsible
gossip played an important part in this,
but the conclusion has been quite gener-
ally arrived at that the recent selling has
come from important and wealthy Inter-
ests, and that the selling was prompted
by some special financial needs of the
holders, rather than conditions affecting
the stocks sold. 1t is a matter of public
knowledge that very large accumulations
of railroad stocks have been made dur
ing the late period of rumors of extern
sive consultations. Part of this accumu-
lation was made in the direct effort to
secure control of various railroads, and
part of 1t was made by wealthy follow
ers who were informed of the prospects
under way for a profitable turn in the
market. The great check to the wholesale
consolidation process came by the North
ern Securities decision and In increas-
ing degree from the impossibility of meet
ing newly manufactured securities.
The consequence has undoubtedly been
the abandonment of many consolidation
projects and the tie-up of very large
holdings in the hands of projectors and
their speculative friends and followers.
Amo1tg these are many individuals who
came into enormous fortunes as the re-
suit of the early period of industrial
combinations, especially the formation of
the United States Steel corporation. With
the ample resources in their hands they
seem to have been slow to part with
their securities at a sacrifice, while also,
according to the current surmise in Wall
street. overwhelming themselves in new
financial and business projects which
never reached the stage Of hotation.
The conviction is growing in Wall
street that the prolonged liquidation of
standard stocks is from such sources as
are thus indicated and are for the pur-
pose of protection of such outside enter
prises. While this is held to account for
the special pressure to SELL the fact re-
mains that the exceedingly scanty buying
In Them which makes the selling effec-
tive in breaking prices, is due to distrust
of the general business and industrial
outlook. The behavior of today's stock
suggested that the potential buyers of
stocks were suspicious that the liquida-
ton was not yet entirely completed.
There was abundant evidence of its oc-
casional renewal today, but 1t was well
absorbed and prices were sustained with
determination. The engagement of $780,
900 in gold for export to France was Of
only momentary effect. The threatening
aspect of the freight handlers dispute in
Chicago seemed to be offset by the better
outlook In the local building trades. An
announcement that the underwriting of
the Pennsylvania new stock had been
ver-subsoribed was strengthening in
fiuence.
The bond market was irregular. Total
sales, par value, $2,230.0o0. United States
bonds were all unchanged on the last
call.