The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1903-05-07
UTMOST EFFORTS
HAD NO EFFECT
Only a Handful of Stocks
Showed Any Change
GOOD DEMAND FOR BONDS
The Local Money Market Was I'm
affected and Offerings on Time
Money Were Rather Freer
Than Heretofore.
GOOD DEMAND FOR BONDS

New York, May e-The stock market
today was so inert that the utmost en-
deavors of the traders made no more eff
feet than fractional changes except in
handful of stocks The prominent stocks
which started upwards on Monday and
early yesterday continued to hold con
spicuous position in the trading in the
degree of their activity but their small
net changes In prices for the day are
wrong indications that profit taking was
actively going on in them under cover of
the new points of strength. St. Paul, the
Paci1cs, Louisville and Nashville, Read
ing, Erie, Baltimore and Ohio and other
stocks of this class ended the day prac-
tically unchanged from last nights prices
though they absorbed large proportion
of the Gays dealings. st. Louis and San
Francisco and Rock Island were strong
and active all day, with no other appar-
ent reason than revival of old rumors
of the purchase of the former by the
latter. These rumors seemed-to meet with
little credence owing to the suspicion that
the movement in the stock was designed
as cover for profit taking on other
points. Stocks affiliated with St. Louis
and San Francisco, however. were quite
consistently strong, Pere Marquette and
Kansas City, FIT. Scott and Memphis
sharing in the strength Of the parent
company There was an advance of IA
in Illinois Central which seemed to be
supplementary to yesterdays movement In
Louisville and Nashville.
The strength of Amalgamated Copper
was nominally based upon an advance IN
the London price of copper. Brooklyn
Transit enjoyed the benefit of published
estimates of large earnings from the in
creasing summer weather traffic Mark
ed weakness was shown by the National
Lead stocks which was attributed to ru-
nors that the principal competitors in the
trade were about to combine. There were
no notable movements outside of those
specified and there was sharp falling
off in the value of the dealings compared
with yesterday.
The course of the foreign exchange kept
the question of gold exports open all
day The steady advance here only kept
pace with the rise of sterling in Paris so
that the expected triangular operation by
which gold would go to Paris, was kept
beyond the bounds of profits. But ship
ments of gold direct to London began to
come into calculation when the rate OF
demand sterling got above 49, The in
curry for cable transfers was even more
urgent than that for demand bills. The
movement was clearly due to preparations
for participation in the pending Trans
vaal loan. This process of over subscrip-
ton of course emphasized the demand for
exchange With the opening of subscrip-
lions to the loan which is expected to-
morrow, there Is likely to be sharp
falling off in the demand for exchange.
The local money market was unaffected
and offerings on time money were rather
more freed than heretofore.
The market closed heavy and duh.
There was a good demand for bonds,
especially those paying per cent or
over on the investment. Total sales, par
value, 81, 100000. United states rs advanced
5s per cent on the last CALL