The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1903-03-14
STOCK MARKET IS
MORE CHEERFUL
Upward Tendency in Prices All
During Session
SPEClALTlES HAD THE RUN
Much Discussion Was Given to the Re
port That Both Houses of Con-
gress Would Be Called In
Extra Session.
SPEClALTIES HAD THE RUN

New York March Resentment IN wan
street took on a more cheerful tone again
today and an upward tendency Oh prices
was in force The movement did not as
play much vitality, and was mostly CEN
tered in a few stocks, especially the
Wabashes. 1t had for its principal basis
the fact that professional traders found
that they could bid up prices above the
existing level without being overwhelmed
with the offerings brought out in conse-
quence. This evidence of the cessation of
the pressure to liduidate, which has been
a burden on the market for several days,
led to the indulgence of hope that the
bank statement tomorrow would be more
favorable than las been expected in view
of the heavy drain this week upon cash
resources. The quietness of t. money
market fostered this hope. 1t is not un-
usual for the special demand for loans in
cident to the carrying over OF stocks from
Friday until Monday, to cause furry in
the call loan money market on Friday
Today it was feared that the preparation
for the payment of the $4,000, 900 OF Stand
ard Oil dividends on Monday would ag-
Grayate this tendency. On the contrary
the money market was notably calm un-
I'll ~ WIS PAID III the last I'VE minutes.
Traders were disposed to reason that the
position of the banks must be better than
supposed. 1t was considered possible also
that the proceeds of the Standard Oil
dividend might be coming into the mar
ket by anticipation. Rumors were re-
newed of intended measures of money
market relief by the treasury depart
ment and it was alleged that the presence
In Washington of ]. p. Morgan was for
the DurDOSp of urging such rY1an ei1rec he
proposed measure took form in the
rumors of the redemption prior to ma
turity of the outstanding per cent bonds
of the government. This issue, of which
there is $19,3S5050 still outstanding, ma
lures on February l, 1904. The rumor met
with denials in Washington
Much discussion was given also to
report that both houses of congress
would be called in extra session early in
the fall to ratify the Cuban reciprocity
treaty, and also to act on the Aldrich
financial bill or some similar measure
The upward bound in sugar was in re-
spouse to- this rumor. The effect of these
rumorS, which were all without vertical
ton, was evidence of the primary I'M
portance still attached to the monsoon
in the speculative outlet. A sharp reac-
ton in the London market after the re-
cent violent advance was the occasion of
some profit taking in Amalgamated cop
Per. 1nlS was We'll absorbed and did not
cause more than nc decline in the stock
at any time. The bringing of suit by the
Southern Pacific pool interests to enJoin
the Union Pacific from voting it's hold
ings of Southern Pacific and the granting
of the injunction had little effect on the
prices of these stocks but rather quieted
the speculation in them. The reaction in
the last hour seemed due to profit taking
on the days advance by room traders,
although the rise in the call money rate
to 6R per cent in the afternoon was an
added influence. The bidding up of the
rate to ~ per cent by belated borrowers
just before the close was not given much
significance. The loss in cash to the sub
treasury for the week of 81, 406, 600 was
Offset by the receipt of only a few hun
dred dollars on balance from the in
terror. If tomorrow's bank statement ac-
curately reflects these movements in the
cash item, there must have been a loan
contraction of upward of $120O0.0OO to
have prevented inroads upon the legal
reserve required of the banks.
The bond market was dull and irreg-
ular. Total sales, par value s2035,00O
United States bonds were all un-
changed on the last call.