The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1905-05-14
TONE OF STOCKS
EASY YESTERDAY
Market Unable TO Maintain
High Prices
ONSLAUGHT ON PAClFICS
Bad Impression Caused BY Announce
ment of Deficit In Earnings Of
New York, New Haven
and Hartford.
ONSLAUGHT ON PAClFlCS

New York, May 13-There was no impor-
tant new developments to account for the
easy tone of the stock market but the
inability to maintain the higher prices Sc
cured by yesterdays sharp recovery,
served to largely discredit the character
of yesterdays movement A decidedly
lower range of prices for Americans came
from London this morning, and 1t became
evident that some weak accounts which
would tide over the settlements which
was completed yesterday and saved from
failure were coming upon the market
again. In the local market the renewed
pressure against the Pacifics caused rad
impression, and under the good effects of
yesterdays Improvement buying of those
stocks, There was a good deal of irreg-
ularity In the group, Great Northern
preferred, Northern Pacific, Northern Sc
curities itself and the Burlington Joint
bonds showing some strength, while
Union Pacific, Southern Pacific and St.
Paul on the other hand were under pres
sure. A rather vague report was in cir
culation of a determination arrived at by
the st. Paul Authorities to push their
extension on the Pacific coast.
This was the nearest approach to news
bearing on the group. A bad impression
was caused by the announcement of de-
felt in the earnings of the New York.
New Haven and Hartford for the quar-
ter ending March p, the first in the his
tory of the company, as was pointed out.
The bank statement did not vary widely
from expectation. the loan expansion go
ing to swell the deposit item and the re-
ont urlni1 q
ings decreased slightly as was expected.
The net result was a shrinkage of over
S2000,000 in the margin of the surplus re-
serve, bringing that item down to $1G,-
712,575. The call for surrender of govern
ment deposits on Monday makes re-
quirement of about $14,000,000 on the ma
tional banks throughout the country. but
many of these have arranged to make
the payments by drafts on their New
York correspondents. The growing ease of
the money market, however up to the
end of the week leaves no feeling of anx-
iety on that subject. The stock market
closed duh and weak
Total sales of bonds, par value, ST.
3s5 Co.,
There has been some further scattered
liquidation of stocks this week, but the
pressure first relaxed and then ceased.
There followed the natural demand from
uncovered shorts, whose demand to cover
lifted prices here and there at times.
The feature of the market however. has
been it's dullness and sluggshness. which
left the days business on Wednesday the
smallest of the year. and at level COM
pairing with the midsummer dizziness OF
last August. The. hesitafing tone of tifa
speculative sentiment and the disinelina-
ton to make any large new ventures were
the result Of mixed views over the out
look and the desire to await develop
ments on several matters of Importance In
the judgment of future values of securi-
ties.
"a quiet stock market is normal to
the period of growth of the crops up to
the critical period of their maturity and
the expectation of varying prospects in