The Birmingham age-herald., 1903-03-30
LIVELY TRADING
 IN STOCK MARKET Exchange is Swept by a Spec
 ulative Gale
BEARS MAKE FIERCE FIGHT
Unexpected In Reserves Displayed sy the Bank Statement Caused an Anxiety on the Part of Bears
 and They Covered Fast

New York March 2s.-The stock mar ket was swept by speculative gaze onl- ing the two hours session today, or Wnlch the quiet closing and the small net changes in price give little indication. The bear party made herce ohsiausns VI, nrices after an unsteady opening and succeeded In dislodging some heavy ploeks of stock. which were in vulnerable po- sitions by reason of calls for additional margins. and by stop-loss orders placed below the market The unexpected in re- serves displayed by the bank statement caused an anxiety on the part of the bears, and they bought to cover in an urgent manner, causing violent rally in prices. There was a notable quietlng down after the principal demand from the bears had been satisfied and the market wavered again, but closed about steady, although below the top prices on the rally. This was after little specific news to explain the selling as there was yesterday, and it seemed to be based upon discourage ment over the general apathy of the spec ulation and the many disappointments ot hopes of rise in prices. There was some show of support in New York Central and Pennsylvania and the greatest weakness shifted to the Paciflcs and St. Paul. Man haitian was supported and there was some strength among the coalers, based upon the favorable reports of net earnings for February of Reading and Lehigh Valley, following that for Erie, which was pub lished yesterday. The only explanation offered for the higher reserves shown by the banks, in face of apparent decrease, judged by the known movements of money was the working of the average oF 1fat rba faae D the April 1 period is looked to for some relief from the demand for money, and the liquidation effected in stocks yester- day and today is also expected to clear the situation to some extent
 Attention is attracted by complaints of the practical break down of motive pow CT on some railroads as being responsible in part for the blockade of freight. Such a condition gives rise to the gear that some of the striking economies of op- eIation which have been effected of late years by railroads have been at the ex pense of too heavy a strain upon motive power to enable it's efficiency to be prop erly maintained. The drain upon New York bank reserves has continued during the week. The subtreasury has continued to absorb large amounts of half million, and half million was shipped to Buenos Ayres. The London market has been dis turbed like our own by the stringency of money and the requirement. in pros pect for the $150,000,000 Transvaal loan. The decision of the secretary of the treasury to refund $100, 900 of short term government 3 and per cent bonds into consol per cents. caused momen- tary recovery of 2 roint in few prom iaent sloehs in the market, but the pres sure to sell at advance was greater than ever The basis for additional note cir culatlon provided by the new supply of ? per cents seems to be taken no account of by the financial world, as the addi- tional circulation is not available for banking reserve and is no basis for ex- pansion for credits. The payment of the premium the refunded bonds would indeed increase the cash supply, which is so moderate and it's disbursement is likely to be so slow as to appeal little to the present dscouraging sentiment in Wall street over money affairs.
 The contest between the Hartman and Keene holders in Southern Pacific has been in abeyance during the week, but the working out of the struggle is still to be met and the prospects serve to help the recession of operations in the market. The decision of the governments suit against the Northern Securities company by q United States district judge Is another event overhanging the market, although an appeal to the Supreme court is taken for granted. The fate of the coming crops is still too remote an event to be much regarded in the stock market, and the undertaking reports of prosperous trade conditions seem to be entirely with out influence upon sentiment. The open ing of navigation on the lakes is looked forward to, especially to help unlock the accumulation of grain at interior centers and start 1t abroad with a resulting re- lease of funds tied up in holding charges and a replenishment of the supply of for eign exchange.
 The market for bonds has been dull New As registered advanced F per cent and the 4s coupon 24 per cent, and the Ss registered and 5s coupon A per cent The 2s refunding regis tered, declined and the 2s coupon 1 per cent, as compared with the closing call last week