The Birmingham age-herald., 1903-02-25
MONEY MARKET IS
 THE ATTRACTION Upward Movement of Frisco and Wabash Had Little Effect MOVEMENT PROFESSIONAL Large Decrease In Cost Gives Rise to the Composition That Trust Com
 panies Are Beginning to An
 ticipate Their Needs.
MOVEMENT PROFESSIONAL

New York. February 24.-The minds or operators in stocks today were manhest- ly turned upon the money market outlook. The significant upward movement In ST. Louis ana San Francisco and in Wabash preferred had very little sy'nrathetic ei- feet upon the general tone ot the "larAe' The influence of the weak bank statement on Saturday and cf the developments to- day in money proved more than sufficient to overcome any sympathetic effect from these manifestations Of strength; but In the afternoon when it was announced that the senate had taken up the consideration of the Aldrich financial bill. a substantial recovery set in and large proportion ot the earlier losses was recovered. The whole movement was largely professional but 1t was but fair demonstration of the importance attached In the inanciai community to everything that promises relief from the threatened financial strin- gency of the coming fall In this conncc- tion, any assurance, such as provided by the Aldrieh bill against withdrawals from the money market by the government in tine collection of surplus revenue is con sdered of prime impeI tarcc. The Satur' day bank statement. since which there was no session of the s.cck exchange nn- til today, was re garded rather formiu- able evidence of tic rapid nroads being made upon banking resources by large corporation requirements. The very large decrease in cash gives rise 70 the supposi- ton that the local trust companies are also beginning to anticipate their needs ill the enlargement of cash reserve to con tfra, aof,f, Much significance was attached to the development today of quite an acute pres sure for funds from Chicago. Tho trans fer of $500,000 to that center through the sub treasury is known to have been large ly supplemented with shipments by ex- press. It IS believed that large payments coming due on March on real estate op- erations in western towns are responsible for this unexpected demand
 The extent of commitments in western land speculation has been a subject of puzzled conjecture in New York for many months. Large ventures were known to have been made in preliminary payments with the idea that future payments would be provided for by resale of property but that market lost it's activity, as it has in so many other lines The extent of the requirements for these supplementary payments for real estate becomes of great interest by reason of this demand for funds The local money market hardened on account of these developments and caused reaction in sterling exchange away from the gold export point. The ex- change market was not affected by heavy sales here of stocks for London account. the light Seaboard grain clearances or by the decline in the export demand for cot ton. sae <
 It was evident that exchange was af- fected rather by d cessation of the de- mand for remittance to repay to foreign- CTS maturing loans owing to firmer money. The movements in St. Louis and San Francisco and in Wabash preferred were shrouded in mystery. but spectators sup posed the two movements to be connect ed. The stock market hypotheis was that a newly secured control of St. Louis and San Francisco carried a threat of com petition to the Gould Southwestern sys- tenn. and that the Pennsylvania railroad was avaling itself of this to procure sub stantial property holding in the Wabash system on account of the latters trunk line aspirations The strength of Amai- gamated was attributed to the further rise in the metal and sugar shares. which seemed to be connected with an advance in the price of coffee The market closed quite active and firm.
 There was some breadth to the bond market but the largest activity was in St Louis and San Francisco funding Is and Wabash debenture BIS. me general tone was irregular
 Total sales, par value, s4,6i2000. United States 3s advanced A per cent on the last call.