The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1903-05-26
TIDE OF SELLING
WAS NOT CHECKED
Drastic Liquidation Carries
Prices to New Low Level
BONDS WEAK WITH STOCKS
There Were Some Feverish Rallies Due
to the Buying to Take Quick
Profits BY the Room
eHj.0.., Shorts.
BONDS WEAK WITH STOCKS
G8ia4LI

New York, May 25.-The stock market
was subjected to further drastic liqulda-
ton today carrying prices by broad
margin to a new low level for the year.
The tide of selling was at one time pref
ty effectually checked and prices estao-
lished a substantial recovery from the
low point by the determined support OF
important banking interests and their per-
sistent bidding up of prices through the
stream of liquidation. But the pressure
became more effective than ever after the
demand was seen to have been entirely
withdrawn at the higher level and prices
plunged abruptly from the highest to the
lowest point of the day. There were some
feverish rallies due to the buying to take
quick profits by the room shorts, but the
closing was unsettled and unsteady ana
not much above the low point on the az
erage. There was no new development TO
explain the heavy selling and 1t was EVIL
IDENTIFY due to general cause and the as
couraging effect of last weeks tan IN
prices. Consideration over Sunday OF the
situation is said to have resulted IN
large accumulation of selling orders to be
worked off In the opening dealings
Houses with out-of-town wire connee-
lions were very large sellers and much
liquidation was attributed to Pittsburg
and Chicago sources. This gave rise TO
reports during the morning that the con-
dition of the cotton market and damage
to the wheat crop were responsible Tor the
1yaal,ness of stocks, 1t was this accu-
mulated selling that the supporting inter-
ests in the market had to contend with
IN the task they had set themselves ana
which seemed to be successfully aehleNeo
before noon. ,u,..o,,
The interests which have underwritten
the new Pennsylvania stock issue anu
those connected with the United o.ales
Steel syndicate, were supposed ~ nov
a share in the support of the market
puvinss for London account also helped TO
absorb the accumulation of selling ORDERS.
Tatar In the day London turned to the
selling side and sold heavily on balance
nm the late break. The second period Oh
weakness seemed to grow out of the CON
spIcuous selling of Rock Island. Inc
seeming unending stream of st. Paul s.eeh
coming upon the market, also hao sihiS
ter effect. The origin and the motive Oh
this selling, which seemed to be concen-
trated In character, was the subject OF
much animated gossip all through the
financial district. There was talk OF us
sension in the ranks of the controlling In.
terest in the great Rock Island proJect.
Assertions were freely made OF the recah
of loans on an enormous scale, with the
Implied deduction of disciplinary purpose
against undue indulgence and speculative
excess, both in cotton and stocks inc
apparent support this morning, which was
clearly by large banking interests, seems
to conflict with the view that the late
LIQUIDATION was forced by peremptory re-
call of banking credits. The engagement
of 100000 In gold for export to Germany
was a disagreeable supplement to the
days heavy outgo to South America. But
the best prices of the day for stocks were
made after the gold engagement was an
nounced. The disturbance In the labor sit
uation and the prospective fight between
the Pennsylvania railroad and the West
ern Union Telegraph company were DIS
turbing factors.
Bonds were weak In sympathy with
stocks Total sales, par value, $2,67O,OO0.
United states bonds were all unchanged
on the last call.