The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-05-03
STOCK MARKET IS
DRAGGING AFFAIR
Pressure to Sell Is Not Quite
4 So Strong as Usual
BEARS ARE sT1LLACTIvE
Prices Drift Lower without Much Aid
as the Bulls Give no support to
Stocks when Help Would
Z Stop the Decline IaS
BEARS ARE STILL ACTIVE

New York, May 2.-The undertone Of
speculative sentiment today remained de-
pressed and discouraged, notwithstanding
IAN apparent tightening of the active pres
sure of liquidation and signs of hesta-
ton on the part of the shorts about pur-
suing the downward course of prices with
further sales The bears. on account of
this feeling, were inclined to cover their
Shorts at frequent intervals to estab-
lish a fresh vantage point from which
TO attack prices. Hence the recurrent
checks to the decline and intermittent
rallies This covering from the shorts,
however. constituted about the only APP
parent demand of the stocks, and there
was nothing like an aggressive stand
against the crumbling process by at
tempts to support prices and turn the
market against the bears. With the mar
ket left in this unprotected state, the
bear party renewed its courage from
time to time and returned to the at
tack.
AS prices were forced lower under the
process, additional selling was forced by
the wiping out of margins and uncover
ing of stop-loss orders. Expressions on
the part of bankers as TO the inoppor-
tune position Of the money market for
entering upon any speculative campaign
in stocks discouraged operations on that
side of the market.
These expressions from bankers seemed
TO be unaffected by the passing of some
of the most urgent requirements on
the money market. Complaints of full
f1lment of three days notices sent out
to purchasers on Friday were made on a
10 A. t,&N
and dividend payments were somewhat
larger than usual. Tt Is expected that
the completion of these settlements will
be followed by the return of funds thus
released to the money market. Foreign
money markets are also affected by the
passing of the monthly settlements The
Bank of England reserve was further re-
plenlshed by more arrivals. of American
gold. but the holiday on the London
stock exchange left no medium for spec
ulstive apprafsement of that develop
ment
The foreign exchange rate here de-
clincd further, widening the margin away
frcm the profit on gold exports 1t was
on the industrial and commercial side
that the speculation had to encounter
its most depressing influences. These
were most acute in the metal group of
industrials especially the coppers Anal
eamated Copper broke through the low
est price touched during the whole of
the year 1909. Unsatisfactory demand
and accommodating stocks gave force to
the rumorss of an intended sharp cut in
prices Of copper In some such fashion as
iron and steel prices were readjusted
more than aAyear ago. & s~.
April exports of copper were shown to
have fallen of heavily without affect
fng any reduction in the iron market
end it's apparent spread to different de-
partments OF the steel trade widened
the~inferences Drawn from this condi-
tion.S -.as,=sa'-,- a
The speculative temper was Inclined
to make something Of a number of SUI
preme court decilions In minor cases as
marking uniform tenor against the
corporation contentious. Such comfort
as was offered by crop advices seemed to
be accepted with reluctance. The early
decline of wheat on reports of rain in
the southwest with the subsequent re-
ccvery and removal of fears of damage
fairly measured the influence of the sub
1ect on the stock market.
1t was commented upon that Pennsyl-
vania suffered no more than the average
decline, although the directors refrained
from advancing the dividend rate. In
spired limitations wtre given out of
coming increases in rates on the part Of
eastern railroads. in consonance with the
increases announced by western trunk
lines.
Bonds were easy. Total sales, par
value, $2.31s,O0O. United States bonds
were unchanged on call.