The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1903-03-04
LIQUIDATION IN
STOCK MARKET
Occasional Rallies Came on Pro-
fit Taking by Bears
ALORICA BILL A FACTOR
Practical Abandonment of This Flnan-
claI Measure Affected Sentiment ana
the Decline Was Effectually
Observation-Disclosures Helped

New York. March 3.-Active hquluatioh
set In in the stock market today result
ing In price losses at one time OF from
to points for the principal active s'oehs'
There were one or two abortiVe raiies
on occasional profit taking by bears' put
they were not we'll held, and the lowest
prices of the day were touched during Inc
final hour. There was a very substantial
gain at one time, reaching from TO
points fer market leaders, due to the
general covering of shorts to take profits
on the davis decline, but the market be-
came unsettled again and closed easy.
The practical abandonment OF the Aldrleh
financial bill affected sentiment even at
the opening, but vigorous supporting or
ders were distributed in the market and
the decline was effectually checked. The
movement in Manhattan helped to this
end. At this point the effect of the money
situation became concrete by the calling
of loans to a large extent by the banks.
This forced considerable liquidation and
the bears made successive drives against
the market to take 1t away from the SELL
ers. The buying demand was so insig-
nl1EanI, even OH Il SCdlt QoWlb tlht liz
bear tactics were very uneHectlVe ana
uncovered large stop orders.
The setting aside of the Aldrich bill
doubtless had it's sentimental effect upon
money lenders. as it had upon stock ope-
rators. The operation of the Aldrich bill
was not expected to afford much increase
of money resources to Wall street, but
much was hoped in the way of relief from
depletion OF money supplies by collection
Tho n
this source of danger to the money mar
ket was enforced by the days sub-treas-
Try statement, showing Withdrawals
from the market by that institution yes
terday of 1851, 900, bringing it's absorp-
tion since Friday up to $780, 900
There seems to have been an awaken
ing to the fact that last Saturdays bank
statement understated the decline in cash
by about half so that the effect of last
weeks decrease on this weeks bank
statement will be correspondingly aggra-
waited. The nominal decrease in loans
shown by the bank statement is also
doubted as a true showing of the week S
operations and yesterdays sale of $l0,-
O00,000 st. Louis and Iron Mountain bonds
already announced, with another $4,000
600 supposedly taken by other interests,
is an indication of the demand for cred
Its. 1t was believed that strong int IS
were liquidating in the stock mark, ~
day, and presumably taking losses ok..as
to the hopelessness of advancing prices
at present, and the immediate require
ments for funds to protect more impor-
tant interests elsewhere. The report of a
stock brokerage failure in Boston was
given a somewhat exaggerated signih-
canoe by the connivance of the bears,
and was material factor for a time in
the weakness. The showing made by the
railroads in the January report of net
earnings Is proving heavy disappoin:-
ment as confident hopes have been in
dulged that the increase in freight rates
in January would result in largely off,
setting the growth of operating expenses.
Manhattan was well supported through
out and the declaration or the usual div
idends caused a show of strength in
sugar.
Reports of a strike on its lines east of
ST. Louis made the Wabash stocks con-
spieuously weak, but the news of the
injunction against the labor men caused
a particularly effective rally in those
stocks. There were wide declines in a
number of high grade, seldom active,
stocks, and the closing bid prices showed
some still more notable recession In
stocks which were not dealt in
Bonds were weak in sympathy with
the stock market. Total sales. par value,
81, 750 900.
United States bonds were all unchanged
on the last call.