The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1905-05-05
LIQUIDATION IS
ON LARGE SCALE
Feeble Demand Presented 10
Absorb offerings
DEALERS VERY SRCRE TIVE
Disposition Is to Look Beyond Nor
mally Dull Period of the Sum-
mer Months to Fall
Developments.
DEALERS VERY SRCRETIVE

New York, May 4.-Liquidation was re-
newed on very large scale in today's
stock market and very feeble demand
presented itself to absorb the large offer
ings. So much was obvious from the
volume of the dealings and the movement
of prices. AS to the sources of this liqui-
dalton and the motives for 1t. the indica-
tions were not SO clear. and the elements
of mystery were made the most of in the
active conjectures of the stock market
operators according 10 the habit of that
class. 1t was a fair inference that the
liquidation was of a concentrated charac-
ter, and represented the closing out CT
some large and important account. held
by few individuals, presumably those of
several large holders in the financial
world.
The fact of liquidation of this char
acter taking place was of decisive effect
on sentiment. 1t was supposed that very
large holdings which had been withheld,
from the market, during the demoraliza-
tion Of Saturday and Monday were now
being pressed for sale to take advantage
of the renewed strength of prices. This
very evident liquidation disappointed the
hope that the most important selling had
been completed, and that the worst to be
looked for was a dull and sluggish mar
ket Confidence in the general situation
is still professed in a large degree. but
the renewed weakness in stocks today
is of influence in causing some ques-
tion of possible developments in the gen
eral situation. still to be revealed to the
general public.
Iron and steel trade reports disclose
the fact that the rate of production in
.A,Irs. fl.l
steel expanding consumption, and price
conditions, as a consequence. are not
as firm. Railroad traffic officials admit
a falling off from the high level OF March
activity, and the rate of expansion of'rail-
road earnings is THEREFOR not so rapid.
There is disposition to look beyond
the normally dull period of the summer
months to the probable developments in
the fall, and the condition of the money
market for that period offers some ground
for doubts of the resources to be availa-
BILE But the northwestern railroad situa-
ton seems to be still the most immediate
factor in the stock market, as IT mas
been ever since the fifteen point break IN
Northern securities stock, on the day .te
supreme court issued its mandate for the
dissolution of the company, which was the
date Of the beginning of the present de-
cline in stocks The dread increase that
the Northern Pacific is to be a bone OF
contention again, and that a fallure TO
compromise on it's control will precipitate
hostiiities and reprisals 1t was evident
that special anxiety was felt regarding
tomorrow's meeting of stockholders or the
Union Pacific to authorize the proposed
sf0o 000 eco preferred stock issue. ana many
varied rurnors circulated of the danger
of contest developing in that company
as an outgrowth of the dispute over
Northern Pacific.
The disclosure in the Lake Shore an
nual report that a part of that com.
pany's holdings of Reading STOCK mao
been disposed of in the Market saNe
chill to the opinion that community
of interest of this character was being
constantly extended amongst railroads.
generally. The news from the Cnicago