The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1904-03-19
TAPER|NG OFF IN
BUYING OF STOCK
Demand Early in Day Showed
Slight Increase
CAUSES STRONG PERIOD
News of suIly's Failure Started Stocks
Downward, But Vigorous Support
Ing Orders Soon Rallied
the Market.
CAUSES STRONG PERIOD

New York, March 1S-There was
rather proAounced tapering off of the buy
ing movement In stocks today and the
market proved unable to Withstand the
weight of the realizing more or less ag-
gravated by the Sully failure. The reduc-
ton of the short interest accomplished by
yesterdays active buying left the market
more vulnerable. But yesterdays ad-
vance had induced some hopes of fur
Their rise and brought into the market
this morning a slightly increased de-
mand Some of the large wire commits
sion houses sent out letters last night
which were framed in a more bullish tone
than any similar output for many weeks
past.
The result was period Of strength dur
ing the early part of the day. Another
sustaining factor has been the persist
snee with which professional traders have
fought the advance by short sales or
Jtscks. The necessity of covering these
shorts as the advance continued, has
served to extend the rise materially. The
lays early advance had been something
more than lost, and the market mad
steaded when the news of the Sully sus-
pension on the cotton exchange decided
the downward tendency. There was a
liberal splitting out of stocks and sharp
break in prices to a point below last
night for a few of the leading active
stocks.
But vigorous supporting orders were
Forthcoming at the decline and the mar
ket rallied. There was nothing 10 snow
any large pressure of liquidation OF stocks
H.. 70
Mr.. Sully's recent admission to the stock
exchange membership and a superstition
that he was affiliated with party in
the stock markets speculation of consid-
cradle influence and Importance were the
grounds for the sentimental influence ex-
erted on the stock market by the fall
ure. The speculative attitude of wall
street as a whole towards the bull move
ment in cotton has been rather adverse
and Wall street spectators are sup
posed to have lost large sums by per-
sisting on the short side of the cotton
market 1t has been the current sup
position that the cotton leader was in
terested on the short side of the stock
market.
The weeks movement in that market,
combined with the collapse in cotton, in
that case would have caused process
of whip-sawing or of losses both ways,
when would be trying 10 the heaviest re-
sources. The assertions that the opera
tor was short in the stock market met
with some denials but the nervous tone
in stocks caused by the failure continued
to the close, which was feverish and ir-
regular and not far from the lowest. Re
newed selling for foreign account which
the foreign exchanges were in session
was a factor in the reactionary tone,
The forecast of a favorable bank state
ment came after the Suly failure was
announced, and was without influence.
A fall in sterling in Paris and sharp
advance here as well as marking up
of the prices of gold in London were
taken as increasing the likelihood of an
early -outgo of gold to Paris
Bonds were moderately active but the
tone was irregular. Total sales par value
s2,710oo0- United States bonds unchanged
on call,