The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1903-05-18
BANK STATEMENT
LITTLE THOUGHT OF
E. H. Harriman's Illness Made
Its Influence Felt
BONDS WERE IRREGULAR
The Weakness of Southern Pacific Had
: Sympathetic Effect Elsewhere In
the Market-New York Gen.
trial Made Low Record.
BONDS WERE IRREGULAR

New York, May 16.-The illness Of b.
H. Hartman made its influence felt in to-
days stock market, and this was sup
plemented by the showing made by the
banks, which was interpreted as poor by
the trading element. The weakness OF
Southern Pacific was directly traceaole
TO the condition of the health of the pres
ident of the company. The stock oe-
clined an extreme IA. touching a new
low level for the year. This weakness
had some sympathetic effect elsewhere
in the market st. Paul and New fork
Central also made low record prices Tor
the year. slight demand from the
bears to cover shorts made an impression
just at the close which was in conse-
quence steady. The nominal Increase IN
the cash items of the banks was as much
as was expected. The fact that todays
gold export Of 81, $50, 900 to South America
was withdrawn only yesterday and so
figured for only one day in the weekly
averages, upon which the bank statement
is computed, left the probability that
some effect of the transaction would be
thrown over into next weeks showing.
The increase in loans was generally re-
garded as rejecting the further trans
fer of obligations from foreign to domes-
tic tenders. During the money stringeney
of last fall the recall for overwhelmed
foreign credits was an important FACTOR
In upsetting the money market. Inc
tendency to cut down these foreign cred
its now is viewed with satisfaction in n
nancial circles.
But the professional sentiment on the
stock exchange confined itself TO the
bare showing of the statement with Its
consequent inroad upon the reserve. To-
days London market showed hardening
tendency, resulting from the paying on
Of the markets heavy obligation to the
Bank of England, and the bank lost over
a million dollars in gold Withdrawn Tor
export to South America. This Increased
the likelihood of further gold exports
from New York this week.
The current of prices OF stocks mas
shifted constantly within narrow range
during the whole of the week, but the
market has gravitated towards lower
level. There is an occasional splitting out
of long stock by tired holders grown dis
gusted with the long lethargy of the
market. But the professional traders who
do the bulk of the business show as
much hesitation In extending their COM
mitments on one side as on the other.
The whole attitude OF the speculation Is
a waiting one and 1t is not generally
clear what is awaited.
1t is evident however, that the nominal
ease of money must be considered in con-
nection with the tone of interviews be-
tween would-be borrower and lender in
bank rooms. The directors Of banks and
the large financial powers which are the
controlling factors In the banks, as well
as in the great systems of the country
seek to discourage all undue expansion
of credits for taking on holdings of stocks
for speculative purposes, and they are
themselves conspicuously out of the mar
ket
There has been an irregular movement
of bond prices and only moderate vol
ume of business, but the increased variety
in the dealings has indicated a search
for investments. United States Is de-
clined u per cent as compared with the
closing call Of last week.