The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1907-03-12
LIQUIDATION HAS
RUN ITS COURSE
Saturdays Strong Closing Left
the Bears Uneasy
GLOOM SEEMS DISPERSED
Mercantile Agencies Report Full Tide
of Demand for All Lines of Mer-
chandise-Bank clearings
Show Expansion.
GLOOM SEEMS DISPERSED

New York, March 1.-THE action of the
days stock market served to strengthen
materially the impression that the long
period of liquidation had run its course.
This supposition was already forming
itself in the speculative attitude towards
the market last week, owing to the oh
vious absorption going on at various
points In the stock list, even while the
most acute weakness was susceptible at
others Saturdays strong closing left the
bears uneasy over their uncovered posi-
tion, and prices opened with quite an up
ward squirt.
The market had its periods of uncer-
tain fluctuations during the day and
closed distinctly easy. This did not OBJ
scure the fact that speculative senti-
ment was substantially improved, and
that the gloom which overhung the mar
ket last week was dispersed. The I'M
provement of the market must be set
down in larger part to a subsistence OF
the pressure to sell than to any large
or urgent demand for stocks. The de-
cided diminution in the volume of the
market is an index of this fact. How
ever, the demand was more than suffi-
Gent to overweight the greatly lessened
selling and to carry prices substantially
and comprehensvely upward. No strik-
ing change in conditions was cited as the
occasion for alarm in the current of the
price movement, but the extent of the de-
clines already forced. it is argued, go far
towards a readjustment Of prices to a
ion
industrial conditions. This contention is
given additional force by the continued
absence of any sign of the upward reac-
tion in the different trades.
The mercantile agencies report a run
tide of demand for all lines of merchan-
disc. with business above last years cor
responding period. The countrys bank
clearings last week showed material
expansion over both the preceding week
and the corresponding week of last year.
Railroad traffic officials continue to COM
pain of lack of cars to move freight
which is offering still in unabated vol
ume. Authorities in the steel trade insist
that the demand for all lines of finished
products continue at flood tide.
These conditions serve to keep In
check the apprehension caused by the
avowed purpose of the railroads to re-
trench all possible OUTLAWS for improve
mentS. Inc tone OF the Call iloHey ma
ket was perceptibly easier today. Inc
large cash loss showed by the statement
was attributed to a rectification OF the
previous week. Some special require
ments for stock and note subscriptions
are to be met this week. New Yorks bid
for gold in London today was again m
effective except to cause a fractional ad-
vance in the price which the Bank OF
England was obliged to pay Tor sold.
Sterling exchange at Paris was again
strong. and it was reported that part OF
the London supply of gold was made up
of American eagles, presumably received
from Paris. Money and discounts receded
in London but advanced in Berlin. lime
money was strong here with loans at =
per cent for periods up to SIX months.
The banks however, are making large
payments to the sub-treasury Tor retire
ment of circulation. 90.
It is reported that the full Ss,oooooV
quota of the monthly retirement allowed
under the new law has been already ap-
plied for at Washington for this month.
The days extreme advances were ma
teriallv reduced by the profit-takins OF
the final hour but substantial net gains
were left The closing tone, however,
was easy, -
Bonds were irregular. Total sales, par
value, $2,54O,000.
United States bonds were unchanged on