The Birmingham age-herald., 1903-05-15
LIGHT DEMAND
 FOR ANY STOCK Room Traders Bid Up Prices
 Cautious Way BONDS WERE QUITE BROAD During the Last Hour of Trade There Was Another spilling Out of Long Stock By tired and Dis
 gusted Holders.
BONDS WERE QUITE BROAD

New York, May 14-Board room trad CTS in stocks thought this morning that they saw a brighter outlook and they started to bid up prices in an exceedingly cautious manner. They demonstrated to their own satisfaction that stock was for sale at the high level So they gave up the attempt to lift the market. When they attempted to sell they found very light demand and yielding market. The professional traders are quite as eau tious, however, on the short side as on the long side, as they find 1t very dif- fcult to buy back stocks at the lower levels. During the last hour today there was a spilling out of long stock by the tired holders grown dlsgusted with the lethargy of the market. This selling movement was not of large volume, but it was still in progress when the market closed, making 1t weak and at about the lowest The rather brighter view Of things taken this morning was due prin- cipally to the tone of the weekly review of the iron trade by the leading authority in that trade. Its statistics show that production is going on at tremendous rate, Aprils record promising to be eclipsed by that for May. Notwithstand- ing this the stocks reported were appre- ciably less on May than on April l. IL is pointed out also that the founders have made large commitments for which they are still uncovered, so that in the opinion of these authorities, a rush is bound to come But it is added, 'it remains to De seen at what price the deadlock will be broken" The United States Steel stocks and those of independent companies were notably firm in response to this snow ing But further price concessions in pig iron were reported during the day, ana the unstable condition in the iron market had it's influence in the late break In prices. This morning report of a possible adjustment of the labor difficulty on the Great Northern system was a cheering influence.
 But railroads in the northwest were notably weak afterwards. St. Paul, In fact, lead the late decline with a drop to 1A below last night. Northwestern lost over a point, and it's preferred stock, which sold last in February at 235, was offered down to 210 before finding pur- chaser for a single hundred shares. The announcement of an export shipment or S1 100000 in gold to Argentina was an un- favorable influence taken in connection with other developments in the foreign exchange situation. Although the opening market rate discount is declining in Lon don, the retention of the Bank of Eng land rate was a disappointment. The low ering of the price of gold in the London market from the level of the recent bid by the Bank of England, was necessary to prevent the absorption of the market sup ply for other accounts, and shows that the bank authorities desire to test their ability to conserve their good supply in a moral market before venturing to re- duce the discount rate.
 A drop of one centime in the Paris rate for sterling and fractional decline at Berlin showed some renewed pressure upon London, which increases the prob ability of further exports from New York The statement of our foreign trade for April was a disappointment the in- fluence in exports over that of last year proving to be only nominal, while the value of the imports has risen nearly sl2OO0,00O with a resulting reduction of the favorable balance of trade. The unre- hitting activity in the cotton speculation conduoes to keep alive the solictude over the foreign exchange situation.
 The bond market was quite broad but irregular. Total sales, par value, $2'225, OOO. United States 2s, coupon, advanced 1s per cent on the last call