The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1905-05-11
PRICES SAGGED
IN HEAVY MARKET
Room Traders Could Not
Change the Level
DAYS TONE WAS WATERING
Business Was TyplcaIly Midsummer
and for Many Months Has Not
Been So Small-Railroad
Men Uneasy.

New York, May 10.-Prices reversed
themselves of yesterday and sagged in
a heavy market The only significance
which can be attached to the movement
was the almost total abstention from
the dealings of any real holders of stocks
or any real seekers for stocks. The in
ability of the room traders TO get prices
far away from gwen level, is the I'M
failing sign of the qGlescenee of all sub
stantid interests IN the market whose
operations form the basis for the only
successful campaign by the purely pro-
fessional element.
Liquidation seems to be completed and
the supply of stocks in the market is
exceedingly small. 1t is easy, therefore,
when the trading element takes the long
side, to get prices UP as far as that ele-
ment dares to carry the movement. On the
other hand any effort to market stocks
even of meagre amount, finds prae-
tically no demand, and prices consequent
~ run off easily. Then results the
wavering, uncertain tone from day to day,
which now distinguishes the market.
Aside from the technical evidences of the
purely professional character of the trad
ing, the shrinkage in the volume of the
dealings is clear evidence of the languid
interest now shown in stocks
On the Friday before last Christmas,
there was a total of only 2s9,0oo shares
dealt in on the exchange. owing to the
three days holiday to follow, and the sea-
sonable absence from Wall street. With
that exception, it is necessary to go back
to the period of summer dnllness in last
August to find a parallel for todays
small business. The initiative came from
London again. the outcome of the set
Element is awaited with some new APP
prehension which was shown by the re-
newal of light liquidation there of Amer
lean securities.
In the current discussion about the
stock exchange, most stress was laid on
the revived discussion by the President
and Secretary of War of the railroad
rate regulation measures, indicating the
unchanged Importance attached to this
question by the administration. An i'm
preston had been built up among stock
exchange operators that the course of the
hearing on this subject by the commit
tee of the United States Senate had served
to lessen the probability of its being push
ed as an issue with the aggressiyeness
indicated at one time. The tone of public
addresses by the President and leading
members of his administration served to
shake the assurance felt on this point
Something was made of the poor plant
ing weather now reported for spring
wheat and corn, and 1t was feared that
this would lessen he good effect of a
strong showing of crop conditions on May
J. expected to be reported by the govern
me1f this afternoon.
Money was extremely easy, but sterling
exchange was strong and the question
was again eanvassed whether the small
demand in the local money market would
rot permit an outgo of gold. Paris has re-
Taxed its demand for that metal, how
EVER, and arrivals in London are going
into the Bank of England. The special
show of strength in smelling was due