The Birmingham age-herald., 1903-05-16
TIRED HOLDERS ARE STILL SELLING There is a General Air of DiS-
 couragement TONE OF BONDS HEAVY There Was Some Demand at the Lower Level for the Bear Account to
 Cover ontracts-Profes-
 sionals Anxious.
TONE OF BONDS HEAVY

New York May 15.-There were some liquidation today which seemd due to the lapse of time without any stock market awakening, as to any positive develop ment in the situation. Selling by tired holders is Wall streets expressive phrase for this class of liquidation. It was not large, but it was effective in depressing prices on account of the almost total ab- sence of any buying demand. There was some demand at the lower level for the bear account to cover contracts. So con- siderable a price movement as that Of today has come to be so rare an occur renee that the professlonaI element is anxious to avail itself of it to make quick profits The activity was relatively much greater on the decline than on the re- covery, and the rally was not well held, prices sagging again toward the close' making a lifeless and heavy closing To- days declines carried number of prom inent stocks to the low level for the year, including St. Paul, New York Gen. traI Pennsylvania, Southern Pacific and the United States Steel stocks. The pre- vious low level was at the time of the
  Securities decision, and today's low prices were only fractionally below those at that time, except the United States Steel stocks, in which low prices were touched Wednesday. The steel stocks were not ably firm today, although the dealings in them were small and the price variation very narrow. Reports of further reduc- tion in the price of iron did not affect them, although the condition Of the iron market was a continued influence in the general air of Encouragement over the stock market.
 Reports that. the Lehigh Valley had de- termined to eurtail its intended improve mekts owing to the high cost of material and labor were accepted as symptom, and promises badly for the further demand for finished iron products, however much benefit may accrue to net earnings of railroads. The fear of general diminu- tion of consumption of all products on account of the high prevailing level of prices plays an important part in the general spirit of hesitation now rulmg in the speculative market Of todays more immediate influences, the forecast of weak bank statement was the foremost. The loss of the banks to the sub-treasury amounting to $1,356,0O0 and today's en- agreements of $1,25O0O0 gold to be shipped to Argentine tomorrow, make an aggre- gate which is scarcely offset by the esti- mated receipts of the banks on balance from the interiors. It is feared the pro- cess of loan expansion by the banks has been proceeding on a liberal scale during the week in the course of the paying off of foreign ind btedness. It will be seen that these net esuts on the surplus re- serve promises to decrease that item. Re- ports of damage to the wheat crop by the Hessian fly played a part in the selling of the grangers, as it did to a moderate extent in the buying of wheat. The news of the illness of E. H. Hartman did not cause any special offset on stocks in which he is largely interested.
 The bond market continued irregular today. but the general tone was heavy.
 Total sales par value, $1,750,000. United States 2s coupon declined 1s per cent on the last call.