The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1905-05-04
MARKET SETTLES
INTO DULL TRADING
Price Movements at Times APP
proach Stagnation
BUSINESS IN FIRST HOUR
Unusually Large Part of 1t Was for
Foreign Account-No News to
Explain the General
Weakness.
BUSINESS IN FIRST HOUR

New York, May 3.-The stock market
settled back today into dull trading and
sluggish price movements such as ap-
preached at times to stagnation. Transac-
tons fell to a smaller aggregate than
for any full days trading since the last
week in March. Any such violent disturb
ance as the fall in prices which culmin-
ated on Monday is almost certain to be
followed by a series of diminishing 1uct-
uations, as prices seek their normal level.
With speculative factors out of the mar
ket. the range of prices become narrow
and the market inert, offering little at
traction of operations by professionals
who seek their advantage entirely in the
change of the price level.
1t was demonstrated pretty promptly to-
day that the upward movement of prices
yesterday was but one of the oscillations
incident to the subsistence of the specula-
ton. Stocks came upon the market with
some freedom today, and the definite
downward tendency established scattered
the hopes of such spectators as had been
indications of a revival of specula-
ton in yesterdays movement. The market
calls for little comment, and the news or
the day bearing on it's movements was I'M
important Most of the days business
was done in the first hour, and an unus-
ually large part of that was for foreign
account. There was nothing in the gen.
eral situation abroad to account for this
pressure, but it was intimated that con-
siderable activity in Americans was being
liquidated from Holland by way of Lon
don. The special pressure upon Union Pa
cifc and upon the United State Steel
stocks was of large sentimental influence
on the whole market.
Much had been hoped from the United
States Steel shares to lead the market in
an expected revival of strngth, and their
weakness was correspondingly dfsappoint-
ing There were scattered points OF
strength, but their sympathetic erect on
the general market was very slight. Inc
rebound in Consolidated Gas was an early
Impression that the bill for the reduction
of the price of gas In New York City
was in danger of failure The metropolitan
stocks had the advantage of a faVoraple
decision on a contested tax assessment TAX
case The accepted authorities in the an
thracite trade reported highly prosperous
conditions of business for April, ana TINS
had it's effect amongst the coalers' not
ably the Fries and the Readings. Northern
Pacific was rushed up some points to
we'll above the nominal quotations pre-
valent for the stock before the Northern
Securities dissolution brought 1T back 10
the stock exchange list. Rumors We're CIR
culated that an increase in the DIVIDEND
was intended.
The violent advance seemed to intlml-
date rather than to help sentiment tne
market tradition respecting this STOCK
forcing a nervous view of Its influence
The price subsequently fell point be-
low last night. There was no news 70
explain the general weakness which was
rather a negative deduction from the
failure of the points of strength to sus-
tain the market The apparent paralysis
of the demand caused growing suspicion
of the stability of the market, and LED 10
tha weak closing in which Union PACING