The Birmingham age-herald., 1903-05-12
STOCKS SHOWED No
 SIGNS OF REVIVAL
Market Continues Drifting on a
 Sluggish Current
GOOD DEMAND FOR COPPER
Trade Was Narrow and UnInterestlng Throuahout-An Example Is Offered By the Fact I ,at Sugar Sold
 Only in the Last Hour.

New York, May I.-Today's stock mar ket showed no signs of revival of spec ulative interest and the sluggish current on which the professional traders drifted was due entirely to their own operations There was an upward tendency during the first hour, which was helped by the buy ing of a small number of stocks for Lon don account The London money mar ket is still tied up with the subscriptions of the Transvaal loan or with the per cent first subscriptions which was re- uuired to accompany the application. As fast as the allotments can be determined, the excess from over subscriptions of this 8 per cent will be returned to subscribers and this is expected to effect marked relaxation in the London money market Sterling exchange here, however heio firm today and it's decline in Paris leIt the way open for an export of gold rom here to that point. Consequently N'5OO'- 900 was engaged to go out tomorrow. It was allowed to be understood that $5oO,- GOO gold will go to South America during the week. This news was followed by a decline in the price of stocks, although 1t
 
 the decline was due partly to short selling and demonstrated by the recovery late in the day when the shorts began to cover They did this in the apprehenslon that the monthly crop report to De gwen ont by the agricultural department thls afternoon would not show large ae- terioration for the winter wheat rom the almost perfect condition of April as mas been feared since the cold wave in the
 
 ment was again interrupted by sharp sell ,np at the last and the market closed easv. Some special influences were at work during the day.
 A strong upward movement Tn liiihols Central resulted from a large buying oraer from a single firm, which was ostehslpiy based upon rumors that the dividend IS to be increased The strength of Amaiga- mated copper was due to the active oe- mand for the metal in the London market Brooklyn transit had the benefit of yes terday's very heavy seaside traffic. There was continued accumulation Of Mlssouri Pacific and of the National Railroad or Mexico stocks by the same interests whlch have been respectively conspicuous in these properties for some time past Southern Pacific suffered from the reports of strike on the system but recovered later when it was alleged that the work men were still at their places. drop or three points in Metropolitan securities was attributed to an unwillngness on the part of holders to pay the second sub scription of 25 per cent which has been called. Reports of labor trouble on the Mobile and Ohio and the Great Northern served to keep alive the general appre- hension which is felt over the growth of such troubles. There were some large of- ferings of United States steel coincident with sharp break in the price of the bonds when issued on the curb market. The unfavorabe view taken on Saturday of the loan expansion of the banks seemed to be mitigated this morning when it was better understood that the increase was due to a shifting of debts due to foreign CTS. The market was narrow and unin- terestng throughout. An example is af- forded by the fact that there was no sale of sugar until the final hour of the mar ket.
 The movement of prices of bonds was irregular and generally very narrow. Transactions last week showed decrease of 43 per cent, compared with those of the corresponding week of last year. Total sales, par value, $1,750000. United States bonds were all unchanged on the last call