The Birmingham age-herald., 1903-05-23
A.. X SELLING
 6t PROFITS High LeA M Vas TOucht,
NEW PENN. s, E ISSUE
Stock Market still shows Itself sensi- tive to Cotton SpecuIation-Money From Interior Will Offset the
 Weeks Gold Exportation.

New York, May 22.-Todays early stock market did not give good promise of maintaining the strength which developed yesterday, but the announcement that a bankers syndicate had been formed to underwrite the new Pennsylvania stock issue caused a sudden upward squirt in that stock to a level points over last night The stock held that point but momentarily, and did not get back to the top level again for the rest or the day. In the general market the average high level for the day was touched in the af- ternoon when the preliminary estimates of the bank movements for the week were published, showing an unexpectedly heavy receipt on balance from the in- terest thus offsetting the weeks loss by gold exports, which it was feared would make tomorrow's bank return very weak There was sufficient selling to take profits during the last hour to make con- siderable inroads upon prices and the closing was dull and heavy below the best The net changes for the day are mostly very small, and are mixed be- tween gains and losses. There was con- tinued heavy selling this morning of St. Paul and the Fries and United States Steel stocks were inclined to be reac- tionary, the latter on account of the further cut in prices of corn. Union Pa- ciflc was inclined to lag throughout the day, in spite of the claim of a definite settlement of it's labor dispute. The news of the underwriting of the Pennsylvania stock issue did not hold it's first stimu- lating influence. The underwriting is in effect protective measure to assure the taking up of the issue at 120, at which price 1t was offered to stockholders.
 When the offer was made Pennsylvania was selling above 140, so that the right to subscribe at 120 seemed sufficiently at tractive. But from the first knowledge of the issue there has been persistent selling of the stock against the expected new issue. The decline this week to 1251s brought within measurable distance the extinguishment of the value of stock holders rights to subscribe. The news that sufficient money has been sent to New York from the interior to offset the rather heavy outgo of gold came as a pleasant surprise. The known movements of money indicate a net gain by the banks of several hundred thousand dol- lars, the receipts on balance from the in terior amounting apparently to over s4,- 000,O0 The sub-treasury absorption, which includes payments for the gold exported, was s3, 3S4,0O0. But this does not take ac- count of s1,00O,O0O In gold shipped to South America last Saturday too late for effect on last weeks bank statement. Arrange ments have also been made to ship $1,5O0. 900 to South America on Monday. Sterling exchange broke fully 25 points today in response to the reduction of the Bank of England's rate. London continued to buy stocks here today thus increasing the supply of exchange, and the figures of the weeks grain exports show an in- crease over last week for wheat of 1,195,- TIT bushels and for corn of 3S2, 929 bushels. The market still shows itself sensitive to the cotton speculation, and the opening strength In that market was an influence in the reaction of stocks of the first hour
 The bond market was firm. Total sales, par value, $2,220,000
 United States bonds were all un- changed on the last call