The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1905-05-20
MARKET OFFERED
SOME RESISTANCE
Liquidation Continues in the
Stock Market
Mr.. LAWSON GETS BUSY
Campaign of Advertising in Foreign
Field Causes Heavy Selling of For
elsn s:ocks-A Sharp
6reakin Wheat.
Mr.. LAWSON GETS BUSY

New York, May 1.-THE stock market
was subjected to considerable further
ljouidatfon today, but showed evidence
of relief from the process and offered
some effective resistance to the depres-
zion. In the course of the declines the
low prices reached in many cases were
below those touched ON the violent de-
clines in the last part of April. In no case
was there a great extension of loss be-
You'd that point and large proportion or
stocks were held above It, Professional
operators in stocks are accustomed to pay
great attention to such an evidence of
renewed power of resistance in the neigh
borhood of the same level at which de-
cline was checked not long before The
arrest of the liquidation during the course
of today for this reason proved very en-
couraging to the professional element.
The early liquidation was large and
quite urgent and that for foreign ac-
count made up an important element in
the market weakness. 1t is supposed that
the extension of sensational advertising
methods followed in a recent. campaign
against stock prices in this country to
iums helps to explain the foreign selling
and some special pressure upon the mar
ket attributed to a Boston origin goes to
the same source for explanation.
Yesterdays violent decline had the nat
ural effect of including calls for addi-
tional margins and collateral and the re-
sulting effect of considerable orders to
sell out. The first hour proved the most
active of the day. The sharp break in the
wheat market gave rise to the surmise
that some of yesterdays alarm over the
crops may have been unfounded or pre-
mature. This was a factor in steadying the
market for stocks. There was DISPOSE
tion to revise yesterdays estimate of the
significance Of the withdrawal of the
Harrmans' representatives from the
board of directors in the Northern Pa
cific sMore impression was caused by
the fact that it was already known yes
terday in deed that the Hartman stock
holdings had been voted for by the new
directors. An effort was produced by the
report circulated during the session that
a settlement had been reached in the
Chicago Transfers grievances and the
strike ended. There were evidences of
renewed weakness from time to time but
good support was encountered. A marked
feature of the movements towards recov-
cry, however, was the almost total dying
out of the demand before the general level
of prices had quite recovered the losses.
This was notably true of the United
States Steel stocks, which continued a
conspicuous center of depression and
showed poor resitency. There was some
disposition late in the day also to dis
count poor bank statement for tomor-
row The taking up of government de-
posts has involved loss to the sub
treasury by the banks of upwards of
$S 100000 while the offsetting gam on
the interior movement is estimated at
only about $20OO,OO0. Some large changes
in the loan and deposit items are prob
able, owing to the large financial trans
actions that have occurred during the
week. The extreme ease of the money
market to,say, however, precluded any Sc