The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1903-03-03
MARKET SHOWED A
DOWNWARD TREND
Insignificant Advance at Open
ing of Business
COPPER SHOWED STRENGTH
New York Banks Have Lost 81, 130'ooo
to sub.Treasury Since Friday
Which Shows Continued
Drain.
COPPER SHOWED STRENGTH

New York. March 2.--The closing raliy
in stocks on Saturday had some slight IN
duenee upon the dealings today but the
advance was insignificant and the market
soon relapsed into dullness ana heslec.
and a slow downward movement. Inc
decrease In net earnings for January re-
ported by St. Paul was an unfavoraole
influence although it was sought to ex-
plaln IT by the high price OF fuel which
had to be paid Amalgamated copper
showed some strength owing to the fur
Their advance In the metal market both
here and in London, and Pennsylvania
made some resistance to the depression.
Later in the day again the unexplained
advance in Manhattan induced some re-
covery in prices, but the closing was UNI
steady and very dull. The money situa-
tion continues to weigh upon the market
and the professional traders made the
varying rumors regarding the chances of
the Aldrich financial bill the nominal mo-
tive of their operations The weight of
the days rumors inclined against the
bills chances, and this was assigned as
the cause of the declines.
There was no money to loan on time in
Wall streettat less than . per cent today
and many lenders were not willing to ac-
commodate any but their regular custom
ers. The ruling rate for call money was
So per cent. Some relief was afforded
by large sales of bankers bills in the ex-
change market in the process of borrow
ing foreign funds. Discounts were easier
in London and there was reported an ex-
pectation that the bank rate would be
reduced there this week. But there was
a suggestive break of l centime in the
sterling rate at Paris which may mean
that cheaper money in London may lead
to Withdrawals of French capital.
New York banks have already lost
S2136,000 to the sub-treasury since Fri
day and that institution had a credit bal
ance at the clearing house this morning
of 1914 ,3O5 showing the continued drain
of funds there. There was rather less
pressure, however upon New York from
the interior exchange at Chicago, recov-
ering to 20 cents discount compared with
DO cents discount last week. A contrac-
tion of bank reserves is normal to this
season and is expected to go further.
But the surplus reserve of $5951. 900 of the
Associated Banks disclosed by Saturdays
bank statement is the lowest for this
season since 1890 Last weeks insig-
nificant contraction in loans leaves that
item of the clearing house banks still
practically at the highest record in their
history. 1t is estimated also that securi-
ties lately authorized but rather more
remotely in prospect, run up to over $780,
100000 Meantime underwriting carrying
over from last year are being dissolved
and the securities distributed, forcing
members of the syndicate to resort to the
banks for credit to carry them as indi-
viduals or to sacrifice their holdings by
forced sale in the market. Sales of
bonds for February this year in the stock
market decreased nearly 500. 900 in par
value, or over % per cent. from the sales
of February of last year. These are
the conditions that keep speculation from
the stock market and discourage invest
ment demand.
Bonds were dull and inclined to be easy
Total sales par value, 81 ,S950O0.
United States bonds were all I'M
changed on the last call