The Birmingham age-herald., 1903-04-04
ANOTHER HEAVY SELLING MOVEMENT Shorts Scrambled to Cover
 During Last Hour EVIDENCE OF REALIZING Near the End of the Day, a Lively Rally Generally Recovered Prices
 to and Above Thursdays
 Closing Figures.

New York, April 3.-Ihere was dloeiieA heavy selling movement In the stock mar ket this mcining, which apparently over reached the mark, judging rom the scramble by the shorts to cover during the last hour when the supply of stocks had become scarce. This led to a lively rally and a general recovery of prices to above last nights level The rally was not well held, however, owing to evidence of renewal realizing and tho satisfaction of the moro urgent demand from the shorts. As the result, the clos ing vas easy and below the top level of the rally. The appreeiahle relaxation of the tension in the money market and q confidence that the factors at work would bring still further relief next week, were the dominant influences Tn the rally. The morning selling was primarily due to the bad influence of violent break in South ern Pacific to 55A, which aroused fears for the position of the pool. The apparently endless stream of liquidation in Pennsyl- vania was also turned into the market afresh, carrying the price to new low level on the movement at lS5. The Fri day requirements in the money market kept up the call money rate early in the day, and there were appearances to war rant the assumption that the banks were assuming an admonitory attitude toward the speculative pools in a way which might account for some of the selling. The extreme, which has been reached in the personal antipathy growing out of the Southern quarrel, gives color to the report that the weapons employed ex- tend to the influence of the supply Of financial resources which are employed by the pool in the stock market.
 The fact that the Southern Pacific books closed tonight for the annual meet ing, indicates the ending of the struggle for representation at that meeting. The demand for the stock is likely to be affect ed as a consequence. It's movement be- came very feverish in the late dealings during the rally in the market, and in it's rise to COZ there were several wide price changes. A rumor found currency at the same time that a prominent financier, whose services have been called upon to settle more than one threatened financial contest, had been induced to adjust the difference amongst the Southern Pacific
 
 stock sufficiently indicated the skepticsm with which this rumor was received The notable feature in the late strength was the Brooklyn Transit which was lifted 2s4 over last night, the movement being attributed to prospects of the usual sum mer increase in traffic Passenger traf- tic in Brooklyn was also cited. Amalga- mated copper weakened on the slump in the London copper market and a further marking down of the metal in the New York metal exchange.
 United States realty suffered from strike talk. Tennessee Coal was sold on the reduction in the price of pig iron by southern furnaces. Colorado Fuel ex- tended it's recent decline. The weakness of sugar was attributed to unsettled trade conditions. The preliminary estimates fthe weeks current movement indicate small gain on balance from the interior, but the loss to the subtreasury of s1 567,- 000 and a shipment of $25OO00 in gold to Canada, promise to bring the net de- crease in cash over a million and a half. The shipping of loans, incident to the April l settlement, will greatly confuse the showing on that item. The confi- dence that the usual seasonable factors are at work for the replenishment of the local money market, however, over shadows the influence of the proba ble showing by the banks
 Bends were irregular. Total sales, par value, $2670,0OO United States bonds were all unchanged on the last call