The Birmingham age-herald., 1903-02-20
STOCK MARKET WAS DEPRESSED
Tendency to Close Ug Contracts
 in View of Holidays
HEAVY REALIZING EVIDENT
Metropolitan Street Railway Suffered Violent Decline, and Active Profit Taking In Amalgam-
 ated Copper lndulged In.

New York. February 19.-The norman tendency to close up contracts preceoins a holiday proved depressing influence In the market today, indicating that such outstanding commitments as existed among the traders were on the long sioe of the market. There was evidence or rather heavy realizing in one or two stocks. which have been the subjects or recent speculative buying and this added to the general tone of depression The character of the liquidation and the Vio- lent decline in Metropolitan street railway and Metropolitan securities were causes of uneasiness and were accompanied by sensational rumors. The extreme break in Metropolitan street railway resulted 3k and in the securities company points. There were sharp rallies in both stocks late in the day going to show that snort selling by bears had been conspicuous element in the decline. But the depressing effect of the influence of the general mar ket was undeniable The active profit taking In amalgamated copper also left the market without sustaining force The sharp reaction in the price for the metal in London and reports of large decline in copper exports of this country for February, were the only new develop ments to account for the action or the stock. Missouri Pacific was weak ana it's action suggested a Tightening of the load carried by the pool in the stock. Tondon was A seller here, but not to an important extent.
 The maintenance of the Bank of Eng land rate and the stringency of money In London have a depressing erect there, and some account seems to be taken III foreign financial centers of the threaten- ing ,aspect of affairs in the Balkans. The late stiffening in the domestic corn mar ket was attributed to the state of affairs in southeastern Europe which serves to suggest that It's influence as bear 1ac- tor on stocks is not obvious. Sterling ex- change continued to advance today anu was not offset by a corresponding rise at Paris thus narrowing the margin rom the gold export point. It Is not expected however, that gold will go out pelore Thursday of next week at the earliest owing to transport considerations. The progress being made by the senate in the consideration of the Panama canal treaty gives a livelier interest to the question of providing for remittances to pay the purchasing price of the canal light export demand for grain made scanty supply of exchange. The active bull cam paign in cotton Is watched with interest in the financial district. owing not only to the additional requirements involved for currency. but to the effect of the high price of the article upon the export de- mand Yesterdays currency transfers to New Orleans and large customs payments brought the requisition by the sub-treas- ury upon the money market up to S,S2s- GOO, making the loss of the banks since Friday $2. 436 000 New York exchange at Chicago also fell from 15 to 20 cents discount today The rally on short cov- ering of stocks early in the last hour was not held and the closing was dull and heavy. New York Central, the Fries and United States steel stocks showed quite notable resistance to the general depres- sion.
 Bonds became weak in sympathy with stocks Total sales par value, $2,O90000.
 United States bonds were unchanged on the last call