The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1903-03-29
LIVELY TRADING
IN STOCK MARKET
Exchange is Swept by a Spec
UIative Gale
BEARS MAKE FIERCE fight
Unexpected In Reserves Displayed ~
the Bank Statement Caused an
Anxiety on the Part of Bears
and They Covered Fast
BEARS MAKE FIERCE FIGHT

Nav york March 2s.-The stock mar
ket was swept by a speculative gaze uui
Inc. tho two hours session today, Of which
tbs o,,iet closing and the small net
changes in price give little indication. The
hear party made a fierce onslaught on
nrices after an unsteady opening, and
succeeded in dislodging some heavy blocks
of stock which were in vulnerable po-
ait,ons nv reason of calls for additional
margins. and by stop-loss orders placed
below the market The unexpected in re-
serves displayed by the bank statement
caused an anxiety on the part of the bears,
and they bought to cover In an urgent
manner, causing a violent rally in prices.
There was a notable quieting down after
the principal demand from the bears had
been satisfied, and the market wavered
again, but closed about steady, although
below the top prices on the rally This
was after little specific news to explain
the selling, as there was yesterday, and
II seemed to be based upon discourage
ment over the general apathy of the spec
ulation and the many disappointments or
hopes of a rise in prices. There was some
show of support in New York Central ana
Pennsylvania and the greatest weakness
haitian was supported and there was some
strength among the coalers, based upon
the favorable reports of net earnings for
February of Reading and Lehigh Valley,
following that for Erie. which was pub
lished yesterday. The only explanation
offered for the higher reserves shown by
the banks, In face of apparent decrease,
judged by the known movements OF
money was the working of the average
system of computation. The passing of
the April / period is looked to for some
relief from the demand for money, and
the liquidation effected in stocks yester-
day and today is also expected to clear
the situation to some extent
Attention is attracted by complaints of
the practical break down of motive pow
er on some railroads as being responsible
In part for the blockade of freight. Such
a condition gives rise to the gear that
some of the striking economies of OPP
GRAFTON which have been effected of late
years by railroads have been at the ex-
pense of too heavy strain upon motive
power to enable its efficiency to be prop
ery maintained. The drain upon New
York bank reserves has continued during
the week. The subtreasury has continued
to absorb large amounts of half million,
and half a million was shipped to Buenos
.Ayres. The London market has been dis
turbed like our own by the strlngency
of money and the requirement in pros
pect for the $3.50, 600 Transvaal loan.
The decision of the secretary of the
treasury to refund $100, 100000 of short
term government and per cent bonds
into consO1 per cents, caused momen-
tary recovery of a Point In a few prom
inent stochs in the market, but the pres
sure to sell at advance was greater than
ever The basis for additional note cir
a nv n
2 per cents seems to be taken no account
of by. the financial world, as the addi-
tional circulation is not available for
banking reserve and is no basis for ex-
pansion for credits. The payment of the
premium on the refunded bonds would
indeed increase the cash supply, which is
so moderate and its disbursement is likely
to be so slow as to appeal little to the
present discouraging sentiment in Wall
street over money affairs
The contest between the Hartman and
Keene holders in Southern Pacific has
been in allegiance during the week, but the
working out of the struggle is still to be
met and the prospects serve to help the
recession of operations in the market. The
decision of the governments suit against
the Northern Securities company by a
United States district judge is another
event overhanging the market, although
an appeal to the Supreme court is taken
for granted. The fate of the coming
crops is still too remote an event to be
much regarded in the stock market and
the undertaking reports of prosperous
trade conditions seem to be entirely with
out influence upon sentiment. The open
ing of navigation on the lakes is looked
forward to, especially to help unlock the
accumulation of grain at interior centers
and start 1t abroad with a resulting re-
lease of funds tied up in holding charges
and replenishment of the supply of for
eign exchange
The market for bonds has been dull
New As registered advanced u per
cent and the As coupon y per cent,
and the IS registered and 5s coupon
Il per cent The Is refunding regis
tered, declined, and the Is coupon 1 per
cent, as compared with the closing call
last week.