The Birmingham age-herald., 1903-05-24
ACUTE WEAKNESS
 ON LIQUIDATION Hopes of a Turn in Sentiment Again Disappointed SELLING GATHERED FORCE A Violent Break In U. S. Steel Stocks Soon After the Opening Had a
 Very Unsettling Effect
 EVarg~here.
SELLING GATHERED FORCE

New Fork, May g Hopes of a turn in speculative sentiment were again dis appointed by the action of today"s stock market in which acute weakness devel- oped under free outpouring of stocks in liquidation from all quarters. The selling movement gathered force with the pro- gross of the trading which was most active at the close and at about the low point of the day. A violent break in United States Steel stocks soon after the opening had a very unsettling effect on the whole list. The only explanation of the special weakness was rumor that the Chicago plants of the company had shut down. The trading was somewhat disconcerted also by the large increase in the engagements of gold for export to Argentina on Monday, bringing the total shipments for that date up to $2'25oooo. In the early selling there was evidence of support for Pennsylvania and its eom- parative steadness served as a partial parative steadlness served as partial on- set to the weakness elsewhere. But that stock was among the leaders of the decline at the last, losing full points. The most conspicuous liquidation, however, was that in St. Paul, which was forced down sk points under enormous offerings, mak- ing a new low record for the movement by a margin of nearly points. The final break took the average level of the market to the low record of the year. effectually wiping out the recovery or yesterday and the day before UnfaVora- ble criticism of the underwriting or the new Pennsylvania stock at the subscrip- -T-N.-- q Gd- ing factor in the general market. The implied necessity of paying commission to a syndicate to secure the subscriptions to the stock was regarded as discourag- ing indication of the condition of the market for securities.
 The special weakness of St. Paul was attributed in part to the reports Of threatened strike amongst the freight handlers at Chicago. The bank state ment disclosed a decrease in cash of $l,- . 326OOO compared with the expectation of gain of from 1 to million. But the loom contraction of $5476,100 reduced the reserve requirement sufficiently to leave a small margin of increases for the sur plus The market steadied moment on the appearance of the statement, but prices plunged downward again in the late dealings. Union Pacific, Southern Pacific, Missouri Pacific, Atchison, Reading and Amalgamated were the severest sufferers.
 There has been considerable liquidation effected in the stock market this week and prices have suffered In the process. On several days the downward tendency became precipitate and the selling appar- ently urgent. At intervals the market showed a tendency to rally and operators seemed expectant of continuation of the decline and watchful for indications of recovery. The extent to which the decline has reached without effective check, and the absence of new unfavorable develop ments in the situation for some time past, have given ground for the supposition that the process of discounting the un- favorable factors had gone far enough to warrant the expectation of a rally. Professional operators changed their posi- ton from the short to the long side of the market once or twice during the week In pursuance of this expectation. But these proved false starts and the unmis- takable evidence of renewed liquidation on the recoveries turned the market downward again.
 Prices of bonds have moved irregularly on a large volume of dealings, due prin- cipally to the heavy transactions In the United States steel sinking fund 5s. United States new As declined A per cent as com pared with the closing call of last week.