The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1904-03-22
WAS TEST OF LAST
: WEEKS STRENGTH
Large Accumulation of Buying
Orders
OPENING WAS SOME HIGHER
After the First Hour the Market Ian
gulshed and Attempts to Renew
= an Advance Met With In
different Success.
OPENING WAS SOME HIGHER

New York, March 2.-The movement OF
todays market was in large part a work
ing out of conditions established last week
rather than response to any new events
bearing on values. The action OF the
market today was looked to as sort OF
test of the character OF last week
strength. The opening Of week following
such an advance as that of last is likely
to show an accumulation of buying orders
In commission houses as a result OF the
larger intervals of the Sunday holiday.
The special influence of weekly letters
from Wall street houses to their clients
was their natural disposition to sum UP
results with the turn of week
Monday morning is therefore looked TO
for evidence of how far the speculative
movement has interested the outside pub
lie. But for the very reason that stir.
ring of public interest in the market IS
likely to make itself seen first on Mon
day morning, the professional traders
long of stocks are keenly awake to reailze
any profits accruing on their holdings by
the absorptive power OF the MONDAY oe
mand. This is SO generally the cas-.
a high opening on Monday IS one Oh the
unfavorable auspices in the half super
stitious creed of the professional operator
In Wall street. The rule proved ltseil
In most details today.
The buoyant stock market OF SATURDAY
seemed to have resolved the oouols u
many ekeptical observers and 10 sustain
prices firmly, though. without furtner ao-
vance during the active market Oh 'ie
frst hour. Thereafter the market ian
Ruished and attempts TO renew the aa-
vance met with Indifferent success. There
had been large realizing besides con,
siderable interest established on the snort
aide The preponderance OF the profess
sional desire was, therefore Tor feae-
ion. and there was not sufficient puylns
forthcoming to prevent It,
The heavy pressure to sell United states
steel preferred was of especial influence
:, hx,ngino about the reaction and was
,ot accounted for by any news OF
.hange in last weeks better outlook IN
he trade Rumors of a cut in prices OF
steel billets were denied. Further rams
In the winter wheat belt helped to sustain
the pranRers in the early market but dld
not save them from the late reactloh'
There was sufficient demand Tor NORTH
srn Securities on the curb to lift 1t nearly
points over Saturday, which Is taken
10 indicate a feeling of assurance against
losses by stockholders in the dissolution
,f the company The recovery In the cot
ION market was a safeguard against 1ur-
her damage by speculative losses there:
These would have been regarded as gooo
news on Saturday, but they were taken
advantage of to sell today.
The announcement of SlO,OOo'OOO STOCK
issue by the Cleveland and Pittsburg road
on the Pennsylvania's guarantee OF diV-
dends was a noticeable expansion in the
Pennsylvania system, and was Of rather
chilling effect but the rally helped later
other railroads were Of a more conspicu-
Gus bouyancy. holding about their own
after some slight recoveries and slight re-
cessions Conditions in the money market
,,xnbo ,oaH nd were without erect
on the stock market
Bonds moved in sympathy with stocks
The United States Steel second IS were
sold heavily in the late dealings together
with the preferred stock.
Total sales, par value, s2,655.ooO.
United States % advanced 1s and the old
As Il on call