The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1903-03-21
IMPROVEMENT IN
The STOCK MARKET
Absence of Selling Pressure at
Opening Caused Advance
MANY MATERIAL GAINS
1t Is the General Opinion, Barring IN
toward Events, the Situation From
Now on Should Improve.
Southern Pacific Weak.
MANY MATERIAL GAINS

New York. March 20.-General improve
ment was shown by the stock market To-
dax The absence of selling pressure at
the. onening caused the professional ele-
,nent to cover in a number of the active
issues. with the result that numerous ma
terial gains were registered. Southern Pa
cific was one of the few exceptions show
ing more or less weakness throughout
the day. The bulk of the days business
was done during the morning session,
though in the last hour the market re-
summed its. early activity and closing
prices were in many instances the best
of the day. The better feeling was more
pronounced in the afternoon because of
the greater ease of the time money rate,
some loans being at per cent. 1t is the
general opinion, barring untoward events,
that the situation should from now on i'm
prove The early gains took in Canadian
Pacific, Louisville ana Nashville ST.
Paul, several speciaties, including Minne-
apolis and ST Louis, which advanced
points and the steel stocks. Later there
were improved prices for Baltimore and
Ohio, the Eries New York Central, ST.
Louis and San Francisco issues and Rock
Island. The advance in the last two
named was accompanied by reports that
an early announcement of the much dis
cussed deal would be made. In the indus
trial group prices reacted to a higher
level in Tennessee Coal. Colorado Fuel,
Consolidated Gas, General Electric and
National Lead. Sugar shares were weak
Throughout and Amalgamated Copper
was barely steady, though making a
fractional net gain.
The decline in sugar followed the oper-
ations of a specialist, who offered the
stock down in hundred share lots. A
feature of the early afternoon was the
sudden demand for Metropolitan which
was said to come from the large short in
terest. On fairly large transactions the
stock made net gain of four points,
closing at the top. Missouri Pacific devel-
cped some strength by reason of its state
ment of earnings, which was one of the
most gratifying features of the day. The
hard coal stocks were fairly strong,
though not in active demand and ST.
Paul advanced what was reported to
be inside buying. London traded in about
1000 shares here, buying slightly on bal
ance. The days business was compare
lively small and commission houses con-
tlnued to report an absence of public in
terest. Much of the buying came from
the various pools and cliques that were
prominent on the snort she up TO q rev
days ago. There was no change in the
foreign exchange situation. Demand
sterling rose trifie in the morning but
cased off to 4s7.65 toward the close. Very
little business was reported. Money, both
for time and demand loans, was offered in
abundance, but the demand was again
only moderate. Forecasts of the week IS
money movements Indicated a compare
s lively slight loss by the banks. The in
creasing strength Of the market during
the day led to a more general inquiry for
numerous minor stocks which had not fig
ured in the rally to any extent. These in
cluded Chicago terminal issues, Colorado
and Southern issues, Wheeling and Lake
Erie. Evansville and Terre Haute and
several other obscure properties. North
crn American made jump of four points
but die not maintain the full advance and
several other high grade stocks which
have been recently liquidated, improved
The bond market maintained firm note
throughout the day, but was somewhat
less active than on yesterday. Total sales
rar value, $1,715,O00.
United States new As and IS advanced
u on the last call.