The Birmingham age-herald., 1903-05-30
BRIEF SHOW IF STRENGTHEN STOCKS Weak Spots Were Developed
 All Over the Board COPPER MARKET REcovERs Trading in the Last Half of the ses- sion Was Apathetic and in the
 Last Hour Absolutely
 staanant.
COPPER MARKET RECOVERS

New York May 29-There was brief show of strength in this mornings stock market. but weak spots soon developed and the later trading became apathetic and at last stagnant. The opening rise was helped by London, especially by a considerable rally In Rio tintos and re- covery in the copper market As consid- erable importance was attached to yester- days London selling, which was supposed to be due to an embarrassment of the short side of cotton and on the long side of copper, this action of the London mar ket was significant. Amalgamated cop per started upwards in sympathy In view of this tendency of the market and the Imminence of two days holiday the bear interests showed a disposition to cover their short contracts The two days holidays here will be followed by the regular Whitsuntide holidays on the foreign exchanges so that the pressure of any sudden new developments would be concentrated on the New York stock mar ket on Monday But when the bears started to cover they found it so easy to secure stock owing to the increase in offerings as the price level rose, that they became re-assured. Amalgamated copper was clearly under pressure of continued liquidation which was attributed as that of yesterday to the unloading of pool &C., counts in the stock The price went sharp fraction lower than yesterdays low point but met some support and rallied over a point There was renewed selling on a large scale of Rock Island and later in the day Union Pacific and Southern Pacific suffered renewed declines, the for mer touching a new low level for the movement. There was little new news to account for the action of the market at any time during the week. The bank statement was regarded as negatively fa- vorable, in as much as there was no im- pairment of resources, but the small con- traction in the loan account In view of the weeks extensive liquidation in stocks was a disappointment It is evident that the loans paid off with the proceeds of liquidation was taken up by other re- quirements of which the public is not iri- formed.
 The weeks receipts of cash from the in- terior on balance served to about offset the outgo of gold exports and otherwise, so that the change in the cash item was also very strong here, and the conviction is general that a large outward move ment of gold from New York is still to occur. The fear of a strike of freight handlers on Western railroads continued to overhang the market and was sup posed to account for the special pressure against Union Pacific Northern securi- ties on the curb also sold down to within a fraction of the low level on the move ment. The gains of the morning were quite generally wiped out on the reaction. One of these was In Leather preferred, which moved up 3ss on the plan for fund ing the deferred dividend on the pre- ferred stock. The market closed lifeless ard not far from the low level.
 The bond market was irregular Total sales, par value, $1,540,0O0
 Persistent and occasional urgent liqui- dation have again been the feature of the stock market this week. Both the source and motive for selling have been enveloped in mystery and have been all the more the occasion of active surmise and rumor on that account. Suppositions that the selling was due to the holders rather than to conditions affecting the properties whose shares were sold or to conditions in the general business situa- ton, were rather welcomed, although these suppositions gave rise to the usual crop of rumors of this or that capitalist or group or capitalists being In trouble. The professional bear stood always ready to seize an advantage from the signs of vulnerabiiity of the markets and their attacks played an important part in fore ing the declines.