The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1903-03-12
STOCK MARKET IS
VERY UNSETTLED
Average Level of Prices Was
Gradually Lifted
STERLING EXCHANGE FIRM
There Was a Sensible Relaxation OF
the Pressure in Liquidation From
the Recent Calling of Loans
BY the Banks
STERLING EXCHANGE FIRM

New York. March 1.-THE constant
fluctuations in today's stock market re-
fected a very unsettled and uncertain
state of mind on the part of the profess
sional trading element, and 1t required the
utmost agility by that part OF the pro-
fessionals known as "scalpers' to roiiow
price changes. The average level how
ever was gradually lifted and the market
closed with one of the upward f1urries in
progress and at about the top level of the
day There was a sensible relaxation Of
the pressure in liquidation which the re-
cent calling of loans by the banks has
caused and some recovery due to the COW
ering of short contracts by bears was,
therefore, normal. Loans on call were
made during the most active period of
the days money market at 51s per cent.
and per cent. was the maximum For
time money, lenders were disposed to hold
firmly for a per cent. rate, but borrow
ers showed less urgency to secure funds,
especially for the longer periods, and con-
tented themselves with loans for to
months where no concession was allowed
for the six months period. There was
to the money situation unless 1t might
be the result of the liquidation In the
stock market. The higher interest rate
has resulted in some lending for the ac-
count of interior institutions, which are
also reported to be calling some loans at
home, for the purpose of making these
loans in Wall street. Sterling exchange
was considerably firmer today, and there
was quite noticeable falling off in the
offerings of loan bills. The advance in
money rates in London and the jump of
sterling at Paris of l centime showed the
obstacles arising to the extensive borrow
ing abroad for account of New York
which has been in progress. The sub
treasury also continues its inroad upon
the New York money supply, the loss to
that institution yesterday amounting to
$673 900. This brings the absorption since
Friday up to the close of business yes
terday to S3147,000.
Since the first of February this gov
eminent institution has withdrawn from
the New York money market something
like 49, 900, 000 This state of affairs in
period of stringency, gave special signif-
icance to the visit in Wall street today
of the secretary of the treasury. The
conviction was general, notwithstanding
the official disclaimers that some meas
ures of relief for the local money stna-
ton were in contemplation. This was
really the strong underlying influence on
the improved speculative sentiment,
though active play was still made on the
constantly changing rumors regarding
the contest between the Hartman and
Keene interests in Southern Pacific. A
turn against the shorts in Metropolitan
Street railroad was also factor. Of
fetal denials of published charges against
the financial accounting of the company,
was the basis of the strong upward
movement in the stock The advance in
the price of copper gave an additional
impetus to Amalgamated. The convic-
ton that treasury measures would re-
lieve the money market seemed to be
especially strong in foreign money CEN
tiers, and induced buying on the New
York exchange of stocks to the extent of
upwards of $4,000 shares This was an
important influence in the early firmness.
Nothing was learned up to the time of
the close of the market of the details of
any measures to be adopted by the treas
ury department.
Bonds were irregular in sympathy with
stocks. Total sales, par value. 81, 100000.
United States IS coupon advanced " per
cent on the last call.