The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1903-06-05
STOCK MARKET
CONTINUES WEAK
Futile Effort Made TO Put Up
Prices Early
COPPER UNDER PRESSURE
There Was Not Much In the News of
the Day Having Bearing on
the Markets-Bonds
Irregular.
COPPER UNDER PRESSURE

New York, June 4-Yesterday's late re-
action was taken as a demonstration OF
the futility of the effort made earlier in
the day to put prices up and professional
operators this morning proceeded to
throw over such holdings as they had
taken on with expectation Of an upward
turn of prices. There was not much In
the news of the day having bearing on
values The weakness of the market In
creased as the day progressed, and be-
fore the close took on the appearance of
forced liquidation which was in evidence
early in the week. A number Of the Ca
madam stocks showed a tendency to re-
cover from the extreme depression caused
by the Canadian financial difficulties OF
Tuesday. but there was some apprehen-
sion that after effects Of these troubles
were to be feared at the other points.
The greatest selling pressure today con-
verged on Amalgamated Copper, Of
which thousands of shares were thrown
upon the market with seeming disregard
of what prices they would bring. The
stock touched So shortly before the close,
an extreme decline of points for the
day and ia points lower than ever before
in the history of the company. The
urgency of the selling without news ar
feeting the property gave rise to disquiet-
ing rumors as to the necessity when
could induce such heavy liquidation Much
of the selling was said to be for Boston
account and rumors were circulated OF
a process of loan contraction at that CEN
ter following the collapse in Canadian
securities.
American smelling showed evidence OF
special pressure. The personality or the
brokers employed in this selling caused
the movement to be associated with the
pool which is understood to have operated
both in amalgamated and In the market
for the metal. Another influential factor
in causing encouragement was the free
selling of Pennsylvania through the day
This stock touched 123A. a decline on
the day of IL and ~ below the previous
low record on the movement. This COM
pares with the subscription price to stock
holders which has also been underwater
by a syndicate at 100. The liquidation
of this stock caused a bad impression
upon sentiment all around. The furry In
the call money market to ~ late in the
day was evidence that there was urgent
requirements to be met. The incident
of the DAY was the evidence of support
for the United States steel stocks, large
buying orders being executed by houses
evidently acting for the steel syndicate
But the reports from the iron trade had
some influence in depressing stocks gen
orally. The reports that he steel market
is growing easier were received with anx-
iety. The callino of convention of an
thracite miners to consider a strike was
naturally depressing.
The disturbance in the call loan market
xvae considered as foresha dowinp moor
bank return on Saturday. The market
closed weak and active and practically at
the lowest.
Bonds were irregular. Total sales par
value, 81, 195,00O. United States bonds were
all unchanged on the last call.