The Birmingham age-herald., 1905-05-27
STOCKS ALL BRISK AT THE OPENING Market Came Near Making a
 Low Record DEMAND IS VERY LANG0lD Steel Stocks Are Less Responsive to the Later improvement In Prices
 Than the Majority of
 Stocks.
DEMAND IS VERY LANGUlD

New York, May 26.-A brisk half hours business after the opening today was all that saved the stock market from the lowest record of sales in nearly year. The transactions concentrated into that time were almost wholly preferential, and were designed to test the market. The pressure then applied brought such small results in the way of dislodging stock or inducing any following that the dis gusted traders closed up their accounts. Many brokers thereupon left Wall street with the intention of not returning on Monday for the one days business preced- tng the decoration day holiday.
 The prospect of period of practical idleness to extend into Wednesday of next week had much to do with the somnolent conditions which developed on the ex- change Transactions were of no signih- canoe both by reason of their small vol ume and the trfling effect on prices. The market was relieved from pressure, but only lnguid demand showed itself for stocks. The opening declines, however, were very generally recovered, and some gains established. The strength of on- tario and Western was a sustaining force as well as from local sources. It was rumored again that the New York Cen tral and the New York, New Haven and Hartford had agreed upon terms for joint guarantee of a dividend as the terms of a lease of the property. The rise or point in New York Central and1% in New York, New Haven and Hartford were pointed to as confirmation of this report, and Eric a nniDt in SVmDathX. line selling at the opening was based 1mmedi- ately upon professed doubts as to the eX- tent of the settlement effected Tn the Northwestern railroad dispute. The drop of points in Great Northern preferred and of 3 points in Northern Pacific were pointed to as evidence of the continued unsettlement of the situation. The United States Steel stocks also were weight on the market, and the disruption of the steel rail pool was the subject of much discussion as bearing on the trade sitna- tion It was believed that the dissolu- tion of this agreement would open the way to added competition which would be likely to lead to yielding prices ana to withholding of orders. 1t was urged also that the abandonment of similar agreements in other branches of the trade was likely to follow.
 The United States Steel stocks were less responsive to the later improvement in prices than the majority of stocks. The announcement of an additional small bank failure from the west gave bad impress sion owing to the recent conjunction or a number of such cases. It is felt to be probable that recent disclosures Of bank Ing operations resulting from the acquisi- tion of unfortunate holdings has had the effect of stimulating the closer scrutiny of security and collateral on the part or financial institutions all over the country.
 Weather reports from the region Of the grain crops were more favorable, Abut some anxiety was reported regarding cot ton crop conditions. Currency movements indicate slight gain in cash by the banks. but the weeks loan changes are likely to prove large. The extreme ease of the money market, however precludes any great attention to the bank state rant The weakness of corn products was