The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1903-03-05
STABILITY SHOWN
IN STOCK MARKET
Quieter Tone of Trading
Throughout the Day.
ENTIRE LIST WAS STEADY
Adjournment of Congress Had Little
Direct Influence, as the Financial
Bill Was Disposed of on
the Previous Day.
ENTIRE LIST WAS STEADY

New York. March 4.-The rele1 TO tn
banking position afforded stability in tn'
stock market, which was manifested II
the uuieter tone Of trading louay An'
banks were apparently satisfied with lh'
recnperation effected yesterday ana oe
sisted from further calling of loans. The
bears started prices during the morning
but they found they were dislodging III
tie stock by offering down prices anc
thew covered their short contracts The
result was to bring prices back to about
last nights closing level At that point
proceedings came almost to standstill
The relaxation of the selling pressure en-
couraged a resumption of operations by
the bull pool in Manhattan which lifted
them 2ssc over last night and support
was given Amalgamated copper.
The strength in other local fractions
and Missouri Pacific seemed to be large
ly due to sympathy with the movement
In Manhattan. A rise of points in general
electric and a recovery of Az in North
western from Yesterdays wide decline
had a reassurng effect upon sentiment.
TN the OlHtf IdliO tittAN WNhN "ANN
cessions on small offerings amongst 9TH
er rarely active stocks. The adjournment
of congress had very little direct influ-
ence as the principal measures OF In
terest to the financial world were dis
posed of yesterday 1t was argued that
the failure of the Aldrich bill left affairs
unchanged, and as there had been no ex-
tensive speculation based on the assump-
ton that it would be enacted, the bears
showed hesitation about extending short
lines on the score of its defeat. 1t is evil
dent that the Immediate conditions in
the money market are more regarded
than was the hope of the enactment of
this relief measure. The steadying of the
stock market with the cessation of the
: calling of loans by banks, proves the as
sumption that holders of stock will not
sell at the present level unless compelled
to do so by contraction of credit re-
sources. Buyers are restrained by the
same restriction of credits. The action
taken by the United States steel directors
on the bond issue and stock conversion
plan, and the elaborate outlay projected
for improvements had the same chilling
reception as has been accorded similar
heavy inroads upon the vanishing surplus
supply of capital. The steel stocks made
little movement, but the bonds when is
sued, were offered freely on the curb.
Syndicate support was offered for while
at 95 but the bonds were Offered down
to 92. Sellers argued that the privilege of
conversion for 40 per cent of the prefer
red stocks in the bonds warranted an
assumption of a parity of market value for
the two issues. The prospect of action
on the Cuban treaty at the extra session
of the senate, as well as an advance In
the price of refined sugar, helped sugar.
The decrease of 20 per cent in January
net earnings, reported by Union Pacific
seemed to be ignored. The sub-treasury
statement showed $47S,000 more taken
from the money market and New York
exchange at Chicago fell back from 20 to
35c discount. Call money rose to AZ per
cent late in the day and rates for time
loans were firmly held, but additional
offerings of loan bills in the exchange
market caused a decline in quotations
there The market closed rather irregu-
ar Bonds were dull and irregular. Total
sales, par value, $1,76O,0O0. United States
bonds were all unchanged on the last
call.