The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1903-03-01
STOCKS WERE SOLD
AND THEN REBOUGHT
Great Freedom in Buying Dur
ing the First Hour
BEAR INTEREST A FACTOR
After Appearance of the Bank state
ment Stocks Were Sought Eagerly
and Prices Took a Higher
Trend Rest of Session.
BEAR INTEREST A FACTOR

New York. February 2S.-Stocks were
sold with great freedom during the nis'
hour of todays short session ana re-
bought with eagerness after the appear
ance of the bank statement. The I'M
covered bear interest was plainly fac
Tor in the buying, and their efforts to
get stocks we're felt even during the
selling of the first hour Commission
houses also reported some buying at
tracted by the considerable decline of
the week. New York Central suffered a
drive, prompted by the reports of the
extensive landslides along its tracks
Pennsylvania, on the other hand offered
good resistance. Traders are inclined to
shift holdings from New York Central
to Pennsylvania at the same price level
on the ground of the higher dividend rate.
The Pennsylvania annual report also
helped the stock, and the rumors of
possible control of Wabash continue to
have some speculative influence. The
traders followed the st. Paul movement,
both downward and upwards in the belief
that they were strong financial COM
panies. Amalgamated also resisted the de-
cline and made a good rally. The de-
s4,S4S00O compared with preliminary esti-
mates, based on statements by the
banks themselves of from ST. 500 900 to
over $S,500,0O0 caused the rally. 1t is be-
lieved that the late movement of some
large cash consignments lessened their
effect on the weeks averages, which
would throw their effect over to next
weeks statement. The merely nominal
loan decrease was the greatest surprise
of the statement and finds no plausible
explanation. The sub-treasury had a
credit balance of over half a million at
the clearing house this morning, reflect
ing the continued drain of funds to that
institution. The large customs payments
are explained by the $14O2O, 562 value of
merchandise imports for the week at
New York, an increase of $S075.091 over
last week and of three-quarters of
million more over the correspondent
period of last year. The stock market
closed somewhat unsettled.
The dominant factor in this week S
stock market evidently has been the
money market The immediate develop
ment has been the hardening tendency of
time money. and the conviction has be-
come more settled that a scanty supply
and a conservative action by the banks
In according credits is likely to be in or
der for an indefinite period. An example
of the Importance attached to the ques-
sentiment to the discussion of the AL
drich financial bill in the senate. Lively
recollections are held of the added diff
culties of the money crisis last fall by
reason of the withdrawal from clrcula-
ton, by collection of the governments
surplus and the narrow resources left to
the secretary of the treasury for return
Ing the government funds to the channels
of the market. The, added facilities for
doing this provided by the Aldrich meas
ure are looked to with earnest nope in
financial circles to guard the money mar
ket against one dreaded source of embar-
rassment. .s4
The total lack of response in the stock
market to the disclosure of the far-reach-
ing Rock Island. St. Louis and San Fran
cisco project is n striking illustration of
this indifference, in strong contrast to
the electrifying effect upon the market of
former great railroad companies Account
must also be taken of the effect of d.
unfinished gross earnings for the railroads
in the third week of February, due to the
obstruction of traffic by the great storm
Bonds have been more irregular than
stocks but in comparison with last year
the market is relatively better
United States IS coupon advanced 4
per cent compared with the closing call
of last week.