The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1905-05-19
CONFIDENCE WAS
SEEMINGLY LOST
Had Effect on Market Yester-
day in Stock Trading
HASTY SELLING BY POOLS
Downward Course Was Fought Bit
terIy BY Friends of Higher Prices.
No Important News
Developed.
HASTY SELLING BY POOLS

New York, May 1S.-Loss of confidence
in values showed notable growth dur
ing the progress of todays trading In
stocks and a movement of great ANNA
ton to liquidate was the consequence.
Professional traders wer very persistent
and diligent on the short side of the mar
ket There was hasty selling by speeu-
lative pools, which have made unavailable
efforts to get prices up and the decline
in prices brought other selling by the
impairment of margins and the uncover
ing of stop loss orders. The downward
course was not established without
struggle and a contest on the part of
friends of higher prices and the level
vibrated many times during the course
OF the morning under the chief influence
Of operations on opposite sides of the
market. Operations for advance centered
again on the trans-continental group and
st. Paul, Union Pacific and Southern Pa
cifc at different times showed consider
able strength but the over-accumuiation
of these stocks in the effort to support
the market made them weaker than the
average when the unloading process be-
gan.
It can not be said that any important
news developed during the day, but there
was a very earnest discussion of a num-
Der of points in the outlook which have
been brought into attention in the last
few days. The principa- text of the dis
cussion by the professional operators were
on the announced policy .of the admins
tration to purchase the Panama canal
supplies in foreign markets. where that
could be done more cheaply and the adj
mitted 1ull in the iron and steel trade.
These two items of discussion worked to-
gether in their effect as it was assumed
that the canal materials would come
mostly from iron and steel products. The
political phase of the question received
much attention of a more or less expert
character in accordance with the usual
versatility of the average stock traders
knowledge
The opening UP of the whole subject of
tariff revision and the danger of unset
Element of the whole industrial and finan-
ella fabric were pointed to with assur-
ance in the expressed opinions of the
bear traders who were selling stocks
short. The reassuring opinions from steel
trade authorities that the present lull in
demand was Likely to prove temporary
were disregarded. 1t was argued that
the present high rate of. consumption
must represent not only that for current
needs but also confident anticipation OF
future needs and that with. the prospec-
tive prices becoming unstable, buying In
all grades would quickly fall to the limits
of actual requirements. The selling OF
the United States steel stocks in conse-
auence came from all quarters selling
70. London account forming an important
pi oportion of the whole. With the news
of the action of the Northern Paciic
stockholders showi.iG a general retire
rnent of the Union Pacific element from
the directorate. wave of distrust swept
over the market regarding the persistent
rumors of the working out Of the projects
for community of interests In the north
west by exchange of holdings in different
ri,roads, The occasion was not neglected
as soon as the tone of depression was
well established to bring out crop scare
and reports were heard of any serious
damage by excessive moisture to the win