The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1904-03-18
STOCK MARKET IS
ADJUSTING ITSELF
Evidence of Attempts to Take
Profits
REACTION NOT EXTREME
Buying of the Day Was Believed to Be
Largely From What Are
Called Professional
Sources.
REACTION NOT EXTREME

New York, March 1.-THE stock market
gave indication today that the first phase
of adjustment to the Northern Securi-
ties decision had been mostly completed.
This would be the covering of short con-
tracts put out in anticipation of the
event and the maneuvers of the contend
ing professional element to take the mar
ket away from the bears. The reduction
of the secret interest was palpable in
today's market and there was evidence
of attempts to take profits on the part OF
those who had gone long on stocks to
help drive the bears to cover.
1t is probable that some of the buying
since Monday for purposes of supporting
prices also came into the market for re-
sale, aiding to cause the recactionary ten
dency, but the reaction was not extreme
at any time, and an effective rally was
achieved before the end of the first hour.
While the foreign markets were still in
bad humor, advances brought fresh offer
ings to sell and held back the advance.
Later in the day after the close of the
foreign markets, there was decided re-
vival In the demand for stocks and a
greater breadth and animation in the
buying than on any previous day this
week. The buying was believed TO De
largely from what are called professions
al sources. Second lots of various lead
ing stocks were bought all around the
room, forming the appearance of parti-
cipation by operators of much better
character than has prevailed for some
time.
1t is argued that while the advance was
plainly due to the covering of an unex-
pectedly large outstanding short inter-
est and had been evidently taken advan-
tage of for some heavy realizing from in
fiuential sources. This realizing should
have been absorbed in a way and with
a conservation of the improved price level
which indicated a betterment in the ca
pacity of the market. There was a crys-
tilization of the feeling that very i'm
portant clearing away had been effected
by the supreme courts action of Monday.
The action of the foreign markets was
taken to show clearing up of dangers
of complications in European politics, al
though the exchanges abroad We're af-
fected today by the reduction of the short
interest, as ours Saturday admitted. The
admitted revival of demand in the iron
and steel trade is believed to have had
no adequate reflection in the stock mar
ket
The breaking of the drouth In the south
west is much encouraging to holders of
stocks in that region and the gain to be
derived from wheat and cotton in its
hauling.
While the discouragements overhanging
the market are not all eliminated by this
list of improved factors, the professional
element In Wall street seemed to arrive
at a common agreement today that some
advance In prices was warranted by what
already has been effected in clearing
away the clouds on the situation. The
net result shows net gains running from
l to points for all the prominent active
stocks, st. Paul and Pennsylvania notably
active and strong.
The bond market showed a broadening
tendency and was firm. Total sales, par
value, 81 925, 5000.
United States bonds unchanged on call.