The Birmingham age-herald., 1903-05-20
STOCK RECOVERY
 COMES AT LAST Bears Restrained from Further
 Attack on Prices MONEY CONTINUES EASY At Times There Was Decided Liquida- ton, But the Professional Bear Element Avalled Itself of the
 Chance to Cover.
MONEY CONTINUES EASY

New York, May 19.-Today's recovery fin the stock market was in accordance with the expectation of the majority of professional traders. This expectation conduced materially to the recovery by restraining the professional bear ele- ment from further attack on prices. Yes terday's rather violent declines and the increase in the volume of trading over the recent average of the market, gave traders the impression of the culmina- tion of the decline. There was some further decided liquidation in the mar ket this morning but the professional bear element availed itself of this to cover their outstanding contracts. There was evidence of support also, presumably by those interested in sustaining values, especially In St. Paul and New York Cen tral. The recent unsupported condition of these standards has had dominant influence on the speculative tone and this mornings indications that the fur ther decline was to be contested, helped decide the bears to cover. The long con- tinued decline offers attractive profits from the shorts, regardless of opinions on the further speculative outlook. The professionals, therefore, generally turned to the buying side, covering their short contracts, going long In the market and then working for a further delay. There was very little news to account for this change in sentiment. The general con- ditions of a doubtful labor outlook, pros- poets of further gold exports and other considerations which have caused the recent depression being unchanged. The market proved to be sufficiently over sold to make the turn for rise effectual. But the market "bulled hard in the stock exchange phrase and ran off quite quick ly at the last, leaving only fractions of the days gains where they were not entirely wiped out
 On the labor subject there were reports of disputes in the works of General Elec- tric, Republic Steel, Peoples Gas and the Allison Chalmers works But the rumors prevalent of a settlement of the Union Pacific dispute had a predominating eff feet on the market over other reports. These rumors, with the report of the de- cided improvement in the condition of D. H. Harriman's health, were made much of in the buying movement.
 The generally encouraging reports as to the winter wheat crop in the western states were given more attention than the continued delay in the planting of the corn crop and the rather unfavorable view expressed of the cotton prospect. The sudden relapse in Louisville and Nashville at the last, which more than wiped out it's gain, may have had to do with the cotton showing. Another rumor which got afloat on the tide of the days advance was an alleged purpose on the part of the secretary of the treasury to call in the redemption of the per cent bonds which mature next year. No color of authority was obtainable for this ru- mor Sterling exchange ruled strong and the supply of bills ruled scarce, leading to the expectation that further gold would go abroad with the first available ship ping facilities. Sterling exchange at Paris rose a fraction but did not more than keep pace with the rise here. Money here continued easy and there were re- ports of seven months loans at Az which rate has not hitherto applied this season for longer periods than six months.
 United States Steel new 5s were actively traded in and fluctuated over a range of a point, closing with a net gain of 9s. Otherwise the bond market was irregu- lar Total sales, par value, $S,S25,0O0.
 United States bonds were all unchanged pn the last call.