The Birmingham age-herald., 1903-02-26
DEPRESSION IN
 STOCK MARKET Movement of Prices Was Fever
 iSh and Irregular. CLOSED DULL AND WEAK Tightening Course of the Money Mar ket Continued to Be the Dominant Factor In Dampening specu-
 Iative Enthusiasm.
CLOSED DULL AND WEAK

New York February 25-The undertone of the stock market continued depresseo today. although the movement of prices wos faver,sb and irregular throughout There was quite a general snow ol strength at the opening ana lhuiViuuai points of strength at different times atter- ward. but nothing in the way or gains was left at the close, which was dull and weak. The tightening course or inc money market continued to be the dominant factor in dampening specuia- tiva enthusiasm. Time money rates con- tfnued to hardensand lenders do not care sto do business at lower rates than S-5 ol5 per cent for any period. This was the decisive index of the money situation. There was a tightening here and relaxa- tieu there in other matters bearing on the money situation. but these were the re- suit of offsettlng factors. Yesterdays heavy demands from Chicago introduce new factor of importance into the sit- nation. The subtreasury was not called upon today to make any further transfer to that point, but New York exchange at Chicago declined 10 points to 40 cents discount showing a continuance of the pressure for funds. Yesterdays transfers through the suhtreasury, combined with very large custom collections, brought the loss of the market to the sovern- ment institution for the day up to $221s,- GOO, making the aggregate loss since frl- day on that account $3,339, GOO. There Is some talk that this heavy drain upon cash resources will be offset by a large contraction in the loan account Of the banks by a transfer to foreign lenders As matter of fact loan bills made theiR reappearance in the foreign exchange to- day and were principally responsible for the easier tone in that market. although there were large export talxings of corn today and London bought slightly on bal ance. On the other hand sterling at Paris reacted again. It was not known, however, until after the close of the mar ket that arrangements had been made for the shipment of $7500O0 in gold to Buenos Ayers This is described as a special transaction but it's effect on cash re- serves is,not different from the most or- thodox regular transactions. It Is not improbable that the weak closing in the stock market was due to an inklng of this news. The lack of confirmation of yesterdays rumors regarding Wabash and St. Louis and San Francisco, as to possible deals connecting those railroads with other large systems, naturally led to realizing. The advance in Rock Is land had the appearance of an effort to revive the Influence of the rumors. The special pressure against Metropolitan Street railway was also regarded as rath- CT ominous. The rise in St. Paul was due to the possibility that the directors at tomorrows meeting may take action on the proposed stock issue. Amalgamat- ed copper felt the benefit of an advance in the selling price to Europe of the metal Laelede gas and North American reflect ed the purchase of the former by the lat ter The buying of sugar was attributed to favorable trade reports.
 Tbe bond market was quite broad but the price movement was irregular. Total sales par value, $2.45O, 900. United States bonds all unchanged on the last call