The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1903-05-02
STOCK TRADING
INTENSELY DULL
Shares Dealt in Reach the
Years Low Level
CONSIDERABLE CONGESTION
There Was No Change Of Importance
to Account for the veering Around
of OBSERVATION-DISCLOSURES Were
" Irregular.
CONSIDERABLE CONGESTION

NV York, May LESS than quarter
of a.. tillion shares of stock were dealt in
on the stock Exchange today making
the low syel thus far for the year. The
market vs. Intensely dull and narrow
throughout. rhere was considerable con-
gestion, even of the total dealings of a
few stocks. notably Pennsylvania, Mis-
souri, Pacific and stocks OF corporations
In the city of New York having fran
chise privileges. The rise in the last
named group was general and was unac-
companied by any news announcement,
unless it might be the effect of a peremp-
tory official denial of rumors that the
marlborough Transit company had Sc
cured control of the Brooklyn Rapid
Transit company. The declaration by the
Pennsylvania directors of the regular
semi-annual dividend of 3 per cent was
the occasion for the buying of Pennsyl-
vania upah a level u above last night by
the traders who had sold the stock yes
terday on an irresponsible rumor that the
dividend rate was to be reduced.
Delaware and Hudson was marked up
rapidly 5ss in the last dealings without
any special news to account for 1t. The
concentrated buying and bidding up of
Missouri Pacific was attributed to the
pool which has so long been interested
in the stock. Some of the other Gould
stock sympathized in the movement. The
traders took their profits on small scale
during the last hour and thus reduced
the price level slightly, but the closing
was steady. There was no change OF Inn
psrtance In general conditions to account
for the veering around of sentiment from
that of yesterday. The movement to ar
bitrate the present strike of the en-
gineers of harbor craft In New York bay
was cited as an encouraging incident and
is a fair example of the kind of news
on which current business in stocks was
transacted.
The. quiet tone of the wheat market de-
tracted somewhat from the anxiety lest
the western frosts should have damaged
the crops Thee severity of the weather
made more impression in the cotton mar
ket Louisville and Nashville reported an
increase, in net earnings for March Of
1929, 1902 out of an increase in gross of $47S,-
49S The showing made by forty-four rail-
ways which have reported for the month
of March is an increase of nearly rs per
Icent in the net earnings compared with
March of last year. The weeks move
ment of currency has not been largely In
favor of New York, even allowing for the
shipped to Argentina and something near
million dollars to Canada The receipts
from the interior have over-balanced
these losses, apparently to the extent of
over $S,000,000 The notable strength of
sterling exchange was taken more ac-
count of than the currency movement. 1t
is agreed among bankers that the lack of
immediate shipping facilities was all that
precluded exports of gold today. There
was a slight hardening in the call loan
market to three per cent, due to the
arrangements for the regular May / pay
J ments of dividends and to the payment
of subscriptions on the $40, 100000 of new
Erie convertible bonds which called for
between $S,000,000 and 100000. The clos
ing of the London stock exchange was a
factor in the dullness of the trading
Bonds were irregular Total sales, par
value, s1.3S0OO0.
United States bonds were all unchanged
n the last call