The Birmingham age-herald., 1905-05-18
STOCK TRADING
 STILL USELESS Gains Were Established During
 First Hour STEEL STOCKS DEPRESSED Anxiety Was Caused By the Statement That the Buying Movement of Pig Iron Has Been AL
 most Arrested.
STEEL STOCKS DEPRESSED

New York, May 17.-There were a few more shares dealt in on the stock ex- change today than on yesterday but the listless character of the trading was not altered The market showed the disposi- tion to yield the days extreme changes, the only difference being that yesterday's s changes were declines made in the first hour, and followed by a slow movement of retrieval, while today the only consid- erable gains were established during the first hour, and were slowly yielded after ward The exception was St. Paul. which made it's highest prices later in the day, responding to several distinct buying movements which lifted the price stage higher each time.
 The effect of this special movement on the general list steadily diminished throughout the day, and practically lost it's influence in the later trading. Union Pacific showed special sympathy at first. and was almost as active as St. Paul itself, but it's price dropped, and it's activity diminished before tne operations in St. Paul closed Those operations were attributed very largely to a professional accounts and the many rumors afloat to account for them associated St. Paul and Northern Pacific in one way or another. The suggestions regarding the two com. panes pointed to absorption of one by the other, the absorbing company varying in the rumors. Meantime Northern Pa cifie itself and Great Northern preferred showed evidence of some pressure, and this largely deprived the St. Paul move ment of it's influence The market had some help from a renewal of reports in cirlculation in European financial cir cles of a revival of efforts amongst the powers indirectly interested to bring about peace in the far east.
 The London stock market showed sen sible relief from the pressure of belated liquidations. which has caused depres- sions there for several days past The weakening of price wheat on account of weather reports, showing clearing con ditions and more favorable prospects in the winter wheat belt, helped the mar ket. Reports of d project on the part of the Kansas City Southern securing an Independent outlet to New Orleans gave some strength to it's stocks. The most ef- fective check to the influence of the St. Paul movement was the heaviness of Uni
  pressed throughout on the fear that the Iron Ages weekly review of trade condi- tons would make unfavorabIe show ing. The appearance in Wall stree of the advance sheets of that review were fol- lowed by an active selling movement which weakened all of the metal stocks especially the United States Steel stocks
 Anxiety was caused by the statement that the buying movement of pig iron has been almost arrested. while indiea- tons were that the jobbing trade had overhought early in the year, in tht lighter lines of finished iron and steel and that the offering of concessions was of problematical success in moving goo's The feeling is abroad. SAYS the iren Age, that fresh buying movement can not well be expected until well into June, and that the crop prospects will have a decided influence upon the movement This broke the market and wiped out