The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1903-03-23
STOCK MARKET
ALMOST STAGNANT
Showed Little Animation, How
ever, Toward Close
COALERS ARE QUITE FIRM
Comparison With Last Week Finds
the Stock List Generally Higher
Substantial Gains Made BY
Tennessee Coal.
GOALERS ARt QUITE FIRM

New York March 21.--Prior 10 the pup
LEGATION of the weekly bank ngures' the
stock market was very dull, but later
showed some degree of animation, open
ing prices reflected steadiness oil tone ana
a1etropolitan. Rock Island and Mexican
Central were among the stocks that
moved upward. The activity IN Metro
politan suggested a continuance OF the
attack upon the short interest Rumors of
a Rock Island, Mexican Central eombi-
ration were not very generally credited
and the last named stock was checked
m its advance by offerings aggergating
IN its advance, by offerings aggregating
,ndulged in some profit taking in certain
ef the standard issues these including
81 Paul, Union Pacific and Atchison Yes.
terday's special selling of sugar was re-
newed. The demand for Pennsylvania
was reported to have disclosed a eonsid-
cradle short interest in that stock.
Southern Pacific which was lower In
London, showed little change in this mar
let and was comparatively neglected. Fig
ires published today show a decrease in
Southern net earnings for January of over
1907 OOO Louisville and Nashville was firm
and Canadian Pacific responded only in
slight measure to the keen demand for
that stock in London.
The report of the coal strike commits
sion seemed to have been discounted, the
hard coalers exhibiting marked firmness
nom the outset. There was no trading
of any consequence in the soft coal stocks
in spite of the announcement of an ad-
vance of 10 cents per ton In tidewater
prices on April l. The industrial group
Gains reRiS-
tered by Tennessee Coal, and Colorado
Fuel. The closing was dull and steady.
The bank statement was well received,
although the loss of cash was somewhat
in excess of most estimates.
Comparison with last week finds the
stock list generally higher. Evidently the
forced liquidation due to the calling of
loans has exhausted itself. The demand
has not extended far beyond the ranks Of
professional bears who were short of
stocks and who saw no immediate pros
pect of much further decline in prices.
There have been some intimations from
foreign leaders that they were not dis
posed to rush in the condition of over
extended American credits which was
the cause of uneasiness to foreign lend
ers and embarrassment to the New York
money market last fall. The ratification
of the Panama canal treaty by the SEN
ate, although action remains to be taken
by the Colombian legislative body, is be-
lieved to give sufficient basis for the
taking of active steps to provide for the
$50. 900 payable by the terms of the
treaty Much less apprehension is felt
than formerly of the harm to money from
this operation, but the act that is SO con-
siderable a transaction In the exchange
must be handled with great skill to pre-
vent a dislocation Of the ordinary course
of exchange. While opinion on the money
outlook Is thus not entirely clear, there
is a we'll defined speculative element
which is watchful for an expected turn
in money affairs as April approaches,
which with the other would lift prices.
This element is confronted with some
fears regarding the volume of stocks pos
sihIy hanging over the market and wait
ing for an improved demand to get out.
The large tie-up of capital in unmarked
able securities causes tendency to liqr!-
date In the stocks with an active mar
ket in order to protect holdings less read
ily marketable. Another chilling influence
On speculation Is the contest between the
Keene and Hartman, or Union Pacific
holdings of Southern Pacific.
From the purely stock market stand
noint. operators are convinced that moth
ing but harm can come to the market as
a whole, however, the contest is decided.
Certainly the financial world would not
view with equanimity the overthrow Of
the Union Pacific control of Southern
Pacific. On the other hand there is some
apprehension over the position of pool
which is commonly supposed to hold 40O,-
600 shares Of Southern Pacific at an aver
age cost of II. No interest is attached
to the report of the coal strike commits
sion.
The bond market during the week fiuc
tuated in sympathy with the course of
the stock market but displayed better
sundercurrent of steadiness. United
states As and the IS advanced AZ per
cent as compared with the closing call
of last week.