The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1899-03-07
PRICES DROPPED
ALONG ALL LINES
Speculation Was Almost Entirely
Professional Yesterday.
MONEY ON CALL WAS FIRM
London Sold $4,000 Shares on Balance;
Arbitrage Houses Bought There
Before New York's Opening
and Disposed of Stock.

New York. March 6.-Prices dropped
steadily today on somewhat restricted deal
ings, each rally affording the bears another
lever from which to attack prices. With
some exceptions, leading shares opened be-
low Saturdays close.
London sold some Il, 900 shares on balance
and arbitrage houses made purchases in
London before our opening and sold here.
Speculation was purely professional and
much was made of the firmness of money
which at one touched 31k for call loans. at
which price it closed. 1.-The best authori-
ties" were quoted as terning the money
furry as only flash in the pan."
The improvement in demand for money in
the dry goods and other lines of trade to-
gether with the preparations to finance the
Central Pacific settlement with the govern
ment, the Chicago and Alton deal, and
some Industrial combinations were respon-
sible for the improved tone. 1t was argued
that a sustained advance from current
rates would be followed by gold imports.
but it was pointed out that many interior
banks have supplies of money above their
previous records. -
OF the gold ON the way from the Pacific
coast which failed to arrive in time to fig
ure in the bank statement, round amount
arrived today.
The anthracite coal shares which were
strong in the early dealings eased off SYM
pathetically with the general market ex-'
cept for Delaware, Lackawanna and VEST
ern, which in the final dealings ran up over
s points to 1874. Chicago. Indianapolis and
Louisville preferred was exceptionally
strong, going up over points on rumors
that the coming dividend might be larger
than had been expected. sf
General Electric was also strong in the
early part of the day, going up 31s to $780,
a part of which it subsequently lost. 1t
was said the company had secured some
new contracts and that earnings were i'm
proving. Sugar was rather steady most of
the day on the advance in the refined arti-
Gle, but fell off in the late dealings. Some
realizing appeared in American Tobacco,
which broke some five points after an in
itial rise. The Changers were inclined to
heaviness, with Burlington making a net
loss of 23s. Most stocks showed considera-
BILE losses and the closing was weak
Today's bond trading was at the expense
OF values, many of the active issues giving
way smartly Total sales $3,13Oe0o U. S.
old As registered declined Is in the bid
price.
The total sales of stock today were $685.
400 shares, including 46415 Atchison pre-
ferred; 45,455 Burlington 1850 Louisville
and Nashville; 1856 Manhattan; "a 125 Read
ing preferred; 1850 Missouri Pacific; 8, l60
New York Central; n,55O Reading; A,OG0
Rock Island; 1890 st. Paul; S,99S Southern
Pacific; 5000 Southern preferred; Abs
Texas and Pacific; q 1886 Sugar; 3,77O Ten
nessee Coal and Iron. 5
Money on call firmer, at 9@Sz per cent;
last loan at per cent.
Prime mercantile paper, S@31s per cent.
Sterling exchange easier, with actual bus
mess in bankers bills at a.S51a@4 S5% for
demand, and at $4.SSQ4. S3% for sixty days.
Posted rates, $4.S4la@4.S5, and $4.S6taGD4.s7.
Commercial bills, $4.S3@4S312
Silver certificates, nominaly 591h@e01s.
Bar silver, 59A.
Mexican dollars Az.
Government bonds easier.
State bonds steady.
Railroad bonds weak.
Dx Drixr 70 Virat IN G,