The Birmingham age-herald., 1903-05-11
STOCK TRADERS
 PROFESS FEAR
Russia-Chlnese Friction Over Manchuria Closely Watched
TONE HEAVY THROUGHOUT
rhv Bank Statement Was Dlsappont- ment, Cash Reserves Being About Half What Was Expected.
 Bonds In Better Demand.

New York, May 9.-Desultory profes- sional trading was all that was In eVi- dence in today's stock market The tone was heavy throughout and traders pro- fessed considerable apprehension over the outcome of the situation in Manehuria The bank statement also was disap- poiatment, as the gain in the cash re- serves was only about half the amount expected from the reports of the known movements of money. Another loan in- crease of over $9,0OO.ooO was ascriDed to the continued transfer of debts from foreign to domestic lenders, which has kept up the rate of exchange during the week to near the gold export point.
 The question of an outgo of gold next week Is left open as money and dis counts were firm today in London, ana the exchange market kept a firm tone In spite of the dullness incident to the Sat urday market The special heavlness shown by such speculative leaders as St. Paul, Southern Pacific, Atchison, Missouri Pacific, New York Central and Amalga- mated was attributed to operations by a bearing faction, which was designed to influence sentiment in the general market The selling of Rock Island was accom- nanied bv surmises as to the effect on the market of the additional issue Of stock involved in the St. Louis ana San Francisco acquisition. A four-point break in Metropolitan securities tended to aggra- Vate the depression to some extent mere was no perceptibie recuperative power in the market and the closing was easy at about the lowest. There was some selling of bonds as well, which made that depart ment easy
 The immediate influences upon the mar row movement of prices in the stock mar ket have been of miner importance this week. Considerations which really domi- nate the market for securities are or wider range and extend so far Into the future as to prompt a waiting attitude, rather than active operations. Specula- ton is repressed and at times almost stagnant with the uncertainty of the problem to be worked out in the financial world during the coming summer and falL The condition of the money market Is so easy now as to afford relief from any pressure of liquidation.
 The scarcity of the supply of stocks makes a constant temptation to the pro- fessional operators to work for an ad- vance. But they fail to attract any in terest in the market and their occasional attempts to take profits demonstrates that they are practically alone on the buyng side.
 Speculation is, In consequence, little more than a game between traders in which the most subtle and agile wins at the expense of holders less active and slumbering
 Reports from the west in the decrease of freight traffic of railroads is attrib- uted to the unwillingness of manufactur- CTS to expand their operations in the pres ent state of uncertainty over the labor outlook. In the iron market trade au- thorties report a weak tone for foundry iron and a state of deadlock between buyers and sellers, pending the settlement If the price level for future business. The present ease of money has not obscured the problem of future requirements in that field.
 The tone of the bond market is rather better than that of stock and reflects a moderate investment demand for we'll secured mortgages of a good return. United States new As declined A, as compared with the closing call of last week.