The Birmingham age-herald., 1903-04-29
{ lNALISM { IL STREET
Selling Came in Early and
 Short Covering Later.
STOCKS SHOW WEAKNESS
Announcement of an Engagement of $5o0,ooo In Gold for Export to Europe Has Been Occasion
 for General Selling.

\ New York, April 2S.-Today's stock market was very similar to that of yes lterday except that today the profession I al selling came in early in the day and the short covering later. Yesterday the buying came first and the realizing at- rewards But the whole market was strictly professional, unless there may have been some dribbling of liquidation of small holdings due to weariness with the persistent apathy of the market. The action of the New York public utilities was striking evidence of the dominant professionalism of the market. These stocks weakened sharply in the morning on the supposition that decision would be handed down during the day affirming the validity of the New York tax upon. their franchises. Immediately upon the announcement that this expected de- csion had been rendered prices turned upward owing to the efforts of the shorts to cover their short contracts. The announcement of an engagement of $500, coo in gold for export to Europe had been made the occasion for more general selling. but the shorts in the general list were equally indisposed to leave their commitments uncovered over night. The result was show of exceedingly small net changes Most of these are on the side of losses, as the declines were not all recovered. Amalgamated Copper gained for the day k being helped by the rally in the metal market St. Louis and San Francisco closed 1A higher on account of the report from San Antonio that the Aransas Pass had been secured from the Southern Pacific. New York Central rose sharply at the last. Some special weakness was manifested in Southern Pacific and St. Paul which was the cause of some eager conjecture on the part of traders, who professed to see signs of influential selling in these stocks. The approaching departure on vacation trips of some of the large ope- rators in stocks caused a keen watchful- ness for signs that they are Tightening their holdings Current gossip pointing to plans for some permanent retirements owing to conditions of health in the case of some conspicuous leaders gives addi- tional force to influence of this charac- ter. The export of gold was of merely sentimental effect, as the present state of the money market is one of growing ease. The principal demand for remit ldiS6 Dy tACndHBt dl lIlS llIue IS TUT lne purpose of paying off maturing indebted ness on the part of the syndicates and bankers simply because money is growing cheaper at home, and it is not believed that the large scale at present in the re- payment of loans Is owing to the bad sen- tirnental effect upon securities of an out- yard movement of the metal. The enor- fious profits disclosed by the winding up f the United States Steel underwriting Syndicate offered a subject for much dis cussion and revealed the strong incentive to the promotion of the great mergers and combinations during the fiourishng periods of the process Including the one-fifth interest in the total profits which is understood to have gone to the syndicate managers as commission, the total profits of this underwriting amount- ed apparently to 250 per cent on the amount of cash actually paid the distri- button to the subscribers footing up to about 200 per cent on the same basis.
 Todays bond market continued dull and irregular. Total sales, par value, $1,500- 900. United States new As advanced 4 per cent on the last call.