The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1905-05-28
Downward Movement Retraced
Before End of Day
BROKERS TAKE VACATION
Next Weeks London Stock Exchange
Settlement Is Viewed With Small
Apprehenslon-6attle Pros
pect Induces Caution.

New York, May 27.--Today's stock mar
ket was of no Importance. The sluggish
downward movement was retraeed before
the end of the day The attendance at
1.-THE stock exchange was small many
brokers having left the city to. remain
over next weeks decoration day holiday.
With this prospect of en- ideal market,
the small traders had the market to
themselves and were little inclined to
make any commitments.
Next weeks London stock exchange set
element is viewed with small apprehension
on account of the unfavorapIe position of
an extensive account in Americans. The
belief that the long-expected naval battle
Is near at hand, had its part in inducing
a spirit of caution. The considerable con-
Traction of loans disclosed by the bank
statement was something of a surprise
in view of the weeks heavy transactions,
Including the japanese loan payments. and
subscriptions to tho new American smell
tiers securities stocks. 1t Is Is explained
that arrangement has been made for the
leaving on deposit of the $6O00O000 paid in
the subscriptions to the Pennsylvania con-
vertible bonds, the greater part in the
New York banks and the rest in Philadel-
phia banks. These deposits will be avail
able for use in the call loan market The
proceeds of the Japanese loan are at the
disposition of the Japanese government,
and information for the immediate use
to be made of them is withheld Mean
time tile amount is still in New York
banks. The extreme ease of money in
Foreign markets offers no indueement for
the transfer of this fund abroad and, in
deed, foreign funds are offering in the
New York money market The days
changes In stocks are insignificant, and
the close was stagnant
The demand for the Burlington joint As
continued In evidence. but the bond mar
ket generally was irregular Total sales,
par value 81 .S6s. 600.
After desultory resistance to depression
stocks made a brisk md-weel recovery,
and then drifted downwards on the dis
appointing response from buyers at the
recovered level of prices. Reports of re-
stored harmony in the northwestern rail-
road field gave the impulse to the re-
covery and that subject has played a
large part in forming sentiment towards
the market throughout. IL was believed
that the threatened trouble in that field
lay at the bottom of the pressure upon
the market, and the announcement that
trouble had been averted caused a cor
responding degree of alarm amongst the
considerable uncovered short interests
The most notable result Of the week S
events has been to bring home to the
financial public for the first time the
gravity of the situation that existed at
one time amongst the controlling inter-
ests In the various railroad systems in
the northwest. It was fully realized that
the illegalty of the Northern Securities
company, and its dissolution left some
perplexing problems to be readjusted,
which that project had been designed
to solve. The affairs of Union Pacific S
attempt to continue Us control of North
ern Pacific. and voice in that of Bur-
lington. was clearly understood, leaving
the old disputes over territory and traf-
fic open for fresh settlement. But prices
of the railroad stocks concerned were