The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1906-05-03

operators persisted in dsregarding the
warning of the money market and in
attempting to hold the market by main
force, were being forced from their posi-
lions and obliged to sell out their huge
holdings to obtain funds in hand for the
reimbursement of banking centers which
had advanced money for use in the abor-
tive speculative campaign. The manner
in which stocks were hurled into the
market made strong impression on
speculative interests which were being
forced to SELL There was not lacking
the suppositon, however, that the opera
ton might extend not only to selling
out of holdings in the hands of these
interests, but also to extensive commit
ments on the short side in the effort to
recoup losses on the long side according
to the bold methods usually pursued by
the element supposed to be most largely
concerned. The money market continued
tight and the rate for call loans rose
again at II per cent Rates for time loans
for all periods up to six months were
firmly held at per cent Another days
large clearances between the banks re-
Elected further large financial operations
in progress. Yesterdays borrowing of
six million by New York city, in addition
to thesusual May demand tended to the
pressure on the money market. The in
coming gold is not sufficient to relieve the
situation. The forthcoming special mes
sage on the report of Standard Oil in
quiry was made something of. Decreases
In March net earnings by the. Southern
Railway, c., c., C. and st. L. and the
Denver and Rio Grand companies made
a disagreeable supplement to yesterdays
similar showings by the ST. Paul and
the Louisville and Nashville, notwith-
standing the large increased earnings re-
ported by Pennsylvania and Norfolk and
Western. Further large declines in the
foreign exchange rate indicated a con-
tinued control of the outside gold supply
but foreign discounts hardened, the pri-
vate sale in London rising to level
with the official rate of the Bank of
England. In connection with the improve
ment of prices of the latter part of the
day it was reported that foreign banking
interests had taken over some very heavy
blocks of securities, either as collateral
for advances or for outright purchases.
The substantial recovery of the latter
part of the day lent no adequate indica-
ton in the days net price changes or of
the extreme demolization that ruled in
the market about midway of the session.
AT that time aside from Anaconda's 20
punt stump, tlere were SucH declines
as 1914 in Northern Pacific, 10 for Great
Northern preferred, for National Lead,
So for Reading Az for smelling for
Union Pacific, Locomotive and Republic
Steel preferred 4ss for Louisville and
Nashville, for c., c., c. and ST. l.. and
from to points quite generally through
out the list.
BY the close of the day a fair sprink-
ling of gain was established, which was
substantial for St. Paul, Brooklyn, Rapid
Transit, Canadian Pacific, Atchison and
Consolidated Gas. The closing tone, how
ever, was unsteady with some fresh re-
lapses at a few point points.
Bonds were weak. Total sales par
value, s3565,000. United States bonds were
all unchanged on call.