The Birmingham age-herald., 1903-05-29
STOCKS DEVELOP
 ACUTE WEAKNESS Not a Surprise in View of
 Doubtful Movements
ALSO PRESSURE TO SELL
Bears Hammered Down Prices Brskly and Succeeded In Wiping Out Mar nIns and In DisIodgine Stop
 Loss orders-Bonds Weak.

New York, May 28.-The stock market developed acute weakness again today. This was not a surprise in view of the halting and doubtful movements which greeted yesterdays attempt to put up prices. There was evidence this morning also of pressure to sell stock which en- couraged the professional bears to make bold attack on the market. Presuming on the urgent necessities of sundry hold CTS of securities, the bears offered down prices briskly and succeeded in wiping out margins and dislodging stop loss or ders. which had evidently been merely placed all through the market slightly below the existing price level The trade served to reveal the fact that many doubtful holders of securities had indul- ged the hope that the previous low leveb would not be exceeded again. They were apparently willing to risk holding the stocks above that price, but had insured the prompt sale of their holdings if the market should decline again below that point. The large selling which spread pretty generally through the list was as little accounted for by any news devel- ODHttnl d6 ltldI 1dSL week. u was eN1- dent that the fall in prices was the im- polling motive for a large part of the selling and the maneuvers of the bears conduced materially to the fall in prices. This Was made clear by the substantial rally in the last three-quarters of an hour, when the covering by the shorts to take their profits on the day caused recoveries of from 1 to 2 points in the principal activ, stocks. A notable cen nf .-f.. -Ir1A was Amalgamated copper Its decline was shared in by copper securities all over the world and a violent slump in the price of the metal in London gave color to the suspicion which has recently found ex- precision that the metal market was under manipulation for a rise to assist in a speculation in copper securities. Rio tln- tos were sold in Paris and London on an enormous scale
 The extreme demand in Amalgamated reached As and It's rally on short cover ing left it still SIS lower on the day. It was believed a long-standing pool in the stock was forced to unload When the concentrated selling was detected tine bears joined freely and attacked the stock fiercely. Rock Island was under severe pressure all day and the professional bears were confident in the supposition that large accounts in the stock were in
 
 of Union Pacific and it's lack of support caused a bad impression. The same was true of the abandonment of St. Paul and Pennsylvania to the vicissitudes of the market. National Railroad of Mexico preferred was among the market feat ures on realizing, following the announce ment of concessions granted by the Mexi- can government. Rumors of a freight handlers strike on western railroads were given as a reason for some of the afternoon selling Other depressing fac. tors were authoritative denials or report ed conferences looking to the adjustment of the Pennsylvania railroad and Gould disputes, obstacles in the way of the or ganzation of the anthracite coal con- ciliation board, the reduction in the amount of bessemer pig iron said to have been purchased by the United States Steel corporation from yesterdays reports and the bad effect produced by the United States shipbuilding reorganization. The very strong tone of foreign exchange gave intimation that further exports ot gold are likely. Call money remained very easy and the banks are apparently gaining on the interior moVemen. to off, set the export of gold. But rates fer time money were appreciably irmar tc- day. Rather favorable reports of net earnings were entirely ignored. St. Pauls statement showed about one-quar~ ter of the increase in gross saved for the net Rock Island bonds were heavily sold. The bond market otherwise vas irregular. Total sales, par value, $2,590,- poo. United States bonds were all un- changed on the last call.