The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1903-05-09
STOCKS CONTINUE
DESULTORY DECLINE
Disposition TO Sell by the Pro-
feSsionaI Element
SHORTS TRIED TO COVER
A Late Hardening Brought Prices
Slightly Above Last Night and Re-
duced the Net Changes to
Small Proportions.
SHORTS TRIED TO COVER

New York, May S.-The stock market
continued, the desultory decline which de-
veloped yesterday and which was with
out special explanation, beyond the dis
position of the professional traders to sell
stocks. The sharp rally at the close in
some stocks indicated that the selling had
been partly for short account. Another
professional party, when they perceived
that the shorts were attempting to cover,
endeavored to mark up prices upon them.
This is said to be the motive Tor the
rapid advance Of 39s in National Railroad
of Mexico preferred, which, otherwise, was
without explanation Amalgamated cop
per and United States steel stocks moved
upwards at the last minute, and there
was a sudden recovery in Delaware ana
Hudson. The late hardening in the mar
ket brought some prices slightly above
last night and reduced the net changes
in all cases to small proportions. The
heavy tone of the market in the early
part of the day was partly due to the
sympathetic effect of the relapse of Is
In st. Louis and San Francisco and the
weakness of Rock Island in face of reiter-
companies had been completed. The
weakness of the stocks might be variously
attributed to the failure of the expected
OFFICIAL announcement of the deal, to dis
appointment over it's alleged terms, to
nrodt taking on the completion Of the
deal or to surviving doubt whether the
project would be completed at ALL Inc
Wall street house has been much beWll-
dered over all the successive develop
ments in this matter. Some OF the ihde-
pendent iron and steel stocks were weak
supposedly on the soft tone In the pig
iron market
American grass rope was offered down
from 15 Yesterdays price, to Il, before
finding a purchaser, owing to the reports
of the confused state Of the accounts
Denver Southwestern preferred sold at H.
This stock has never been dealt In active
ly and recent sales of small lots nave been
made The last previous sale OF a Iull
share lot on the stock exchange, Whlch
is the bases of official quotation, was at 3.
There was also a sale of United States
shipbuilding at 2, whereas the recent quo
.tations have ruled at bid and 10 asked.
The indications in these violent declines
among dormant stocks of the unmarked
able condition of some of the securities
in the market had bad effect upon senti-
ment There was some ground Tor sup
posing that the transactions were loicSu
for this purpose The foreign exchange
market continued very strong, owing to
the continued demand for money in Lon
don in connection with the Transvaal loan
subscription, and it is believed that some
gold may go from here to London direct
next week. The movement of cash in
favor of New York on balance during the
week seems to have been nearly $1,000
600. which is rather less than the recent
average, as was indicated by the weak
ness of New York exchange during the
week at some of the interior points. The
large remittances abroad are believed to
foreshadow another large loan Increase
by the banks. 1t is possible that some
syndicate transactions may also figure in
the item The market closed firm at the
rally but very duh
Bonds were irregular Total sales, par
value, 81, 450, 600 United States IS, coupon,
declined Il on the last call