The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1903-05-08
STOCK PRICES.
TAKE A TUMBLE
No Good Reason to Account for
the Decline.
PROFESSIONALS IN CHARGE
Process of selling to Take Profits Finds
a Narrow Working Margin in the
Market During the Advance.
Bonds Slump Somewhat.

New York May Prices went down
ward on the exchange today without any
very clear reason, although theories cur
rent for the decline took a wide range
over the whole financial field on the part
of the board room traders, who had the
market to themselves. The simple ex-
PLANTATION seems to be that these PROBES
slonal operators, who have been buying
and bidding up stocks to a moderate ex-
tent during the week, find themselves
with little company and feel that they
have reached the limits of their courage
in speculative commitments. The process
of selling to take profits finds narrow
participation in the market during the
advance. Prices consequently reeede cas-
lily and in pretty close proportion to the
advance on the same volume of dealing.
The factor which came In for most dis
ccssion today in seeking an explanation
Ter the decline was the problem of the
foreign exchanges and possible gold ex-
ports The development in cotton with
the new 1'ransvaal loans, for which sub
scriptions were opened today was the
most interesting. The immediate pressure
for credits in London is thus easily under
stood.
The pressure on the exchange in favor
of London Is likely to relax very sud
denly when the subscriptions for the loan
are closed. Meantime the question of gold
exports is still open. Another cause to
: which the days depression is attributed
was the slump in the sinking fund bonds
of the United States Shipbuilding COM
pany. These bonds have never had more
than a nominal market, but their last
he wa
were offered at that price today and then
at successive concessions as large as D
per cent at time sales were made as
low as 40. No explanation sof this incl
dent was offered.
The activity of the bear faction was APP
parent in the circulation of rumors of
the serious illness of a conspicuous oper-
ator in stocks and also in vague as
sertions of a coming bond issue by a
western railroad for as much as s35 900. 900.
Neither of these rumors was substan-
tiated. Favorable factors were wholly
ignored. There was a much greater show
of authority today for assertions that the
suspended Rock Island and St. Louis and
San Francisco deal was about to be con-
summated- The market closed in fact
with a general conviction that announce
ment was imminent. The decided liquida-
ton in the wheat market was calculated
to relieve any acute fears of damage to
that crop by wet weather but the gran
gers and Pacifics were notably affected
by the late liquidation. The admitted
weakness of the foundry iron markets
and reports of labor disputes on the Great
Z Northern and the Southern railway may
have been some influential power in de-
pressing the market. The retention of
the Bank of England rate caused some
reflected depression in the London mar
ket. Amalgamated was well sustained
apparently on the rise in the London
prices of the metal. The market closed
steady, but only slightly above the low
est.
Bonds were irregular Total sales par
value, S1,40,OOO. United States bonds rs.
coupon, advanced Is per cent and the new
Is oecnned per cent on the last call