The Birmingham age-herald., 1903-04-01
CALL MONEY RATES WERE VERY STIFF Stock Market Showed No len-
 denCy to Recover BOND LIST WAS STEADY 4 Mass of Unsalabe Matter in the Market Is a Dsquletng and Po-
 tent Factor In the Way
 of Trade.
BOND LIST WAS STEADY

New York. March 31.--The stock mar Nss showed a rather hesitating ana hiee Ui''' tendency to recover today me Aio' nant seemed based upon an assumption that easier money conditions will iollo" the arrangement of the April se'eiei'''i.', i.', The immediate money market was s''i under the influence of the preparations for these settlements and call nioiieS rates were very stiff all day The sup +r.asurv statements showed that the banks have lost to the institution slhce the last bank statement S2'44o'OOo ana there was a small credit balance in US favor at the clearing house this morn ing. but the governments draft for sS0OO,- GOO was presented at the sub-treasury during the day by Its fiscal agent ana was paid out in cash for disbursement in relief of distressed Filipinos. Ihe fiscal agent, through an oriental branch is able to dispense with recourse 10 the exchange market. The effect Is 10 benefit the New York money market anu offset the previous absorption by the sub-treasury. The payment over lle counter of the sub-treasury serves also to allow the amount to figure III the average of the reserves of the banks TOT one more day than would under eiui- nary sub-treasury operations. Ihe dis- bursements of the government interest payable on April l, will further relieve the drain into the sub-treasury for- eign money markets showed the. same spirit of expectancy of easier conditions and discounts were quotably lower Tn Berlin and London.
 The published opinions of leader III the financial world expressing confidence In the duration of prosperous conui'lohs' and faith in the soundness of seeurltes' which remain to be digested in the mar ket were much discussed. There IS no one current factor which Is so potent In eaus- ing disauiet and hesitation over the finan- cial outlook as the existence of this mass of apparently unsaleable matter Tn the market, and the measures necessary to protect these holdings are undoupteuly the cause of the constant liquidation or the securities of the Highest grade
 The proclamation of faith in the new securities by a well recognized authority on values had a marked effect on senti- ment This, with occasional interruptions to the advance, was most notable, occur ring after the strong opening, when general attack was made on the lst.
 Sugar yielded easily by reason of the reduction in price of granulated grades and Amalgamated was depressed on ac- count of the violent break in the London copper market Later the Wabash secur- ities were sold on account Of the pro- posed $10 100000 bond issue but the weak ness of this grade of securities was not as influential in sharpening sentiment as the evidence that support was offered New York Central, Pennsylvania, St. Paul and the high grade railroad stocks. Doubtless a demand to cover shorts played a part in the strength but cessa- tion of liquidation in the high grade in vestment stocks afforded great relief to the sentiment of depression lately pre- valent in the market. The flurries in the call money market interrupted the ad- vance, but 1t did not cause weakness. Call money rose to 15 per cent in the last hour, but the temporary check to the ad- vance was followed by renewed strength and the closing was active and strong and at about the top level. The days gain reached ? to 21z points for St. Paul, New York Central and Union Pacific, which were the most conspicuous stocks in the trading. Gains of a point or more were numerous.
 Bonds were steady and not very active Total sales, par value, $2,590,000.
 United States old As declined A and the 3s, registered, and the new Is, coupon, 1a per cent on the last call