The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1903-05-25
ACUTE: WEAKNESS
ON LIQUIDATION
Hopes ofa Turn in Sentiment
Again Disappointed
SELLING GATHERED FORCE
A Violent Break In U. s. steel Stocks
Soon After the Opening Had a
Very unsettIlng Effect
EV,ry"here.
SELLING GATHERED FORCE

New York, May 23.-Hopes of 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-
gress of the trading which was most
active at the close and at about the 10"
point of the day. A violent break IN
United States Steel stocks soon after the
opening had a very unsettling erect 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
disconnected 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 S2,25O'oOO
In the early selling there was evidence
of support for Pennsylvania and its COM
parative steadiness served as partial
paratiye steadiness served as partial on
set to the weakness elsewhere. But that
stock was among the leaders of the decline
at the last, losing 2 full points. The most
conspicuous liquidation, however, was
that in ST. Paul, which was forced down
BIZ points under enormous offerings, maxi
ing a new low record for the movement
by a margin of nearly points. Inc
final break took the average level Oh the
market to the low record of the year.
effectually wiping out the recovery OIL
Yesterday and the day before UnfaYora-
BILE criticism of the underwriting OIL the
ito ctr nly al
ton price to stockholders was depress-
ing factor In the general market. Inc
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 ST.
$4,000 compared with the expectation OF
gain of from 1 to 2 million. But the
loom contraction of $5476,100 reduced the
reserve requirement sufficiently TO leave
a small margin of increases Tor the sur
plus. The market steadied a 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-
entity urgent. At intervals the market
showed a tendency to rally and operators
seemed expectant OF a elimination 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 UNI
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-
taxable 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-
cpally to the heavy transactions in tbs
United States steel sinking fund 5s. United
States new As declined u per cent as COM
pared with the closing call of last week.