The Birmingham age-herald., 1903-04-16
'STOCK PRICES
 TUMBLING ABOUT Short Contracts Are Being Cov-
 cred in Haste. MONEY MARKET STILL EASY A Number of Iron and Steel Industrials Were Inclined to Advance-eonds
 Were Firm for the
 Most Part.
MONEY MARKET STILL EASY

New York, April 15.-The nolapie feature of today's stock market was 'i,o decided falling off in the volume or oesi- ness Aggregate sales for the day pareiy reached half a million shares, coilpaie0 with over s00,OOO yesterday ana a iniiiion and a quarter on Monday lhere "as some continued demand to cover snoi contracts today but there was also eNl- dence of further liquidation ot sup- stantial but not at all precipitate char acter As prices reached a higher leVeh there was the inevitable selling which always follows a violent decline by lucky traders who got in at the bottom and are quick to take profits, and also on the part of the buyers of more inhuen- tial character who bought on the decline to support the market and to reassure sentiment with the purpose of preventing needless sacrifices of values. There was large amount of this kind of buying on Monday and yesterday morning during the struggle to turn the market upwards. The fact that Northern Securities on the curb, although quiet, ruled at a level 1e- low last nights close all day, was an additional incentive to caution on the long side. Nevertheless there was consider able buying at different points in the list of seemingly good character and based on individual causes. Missouri Pa cihc was well taken all day on it's report of net earnings for February, showing an increase over February of last year of $37S, 776, which is no less than f9 per cent increase. The other members of the Gould group moved in sympathy. Balti- more and Ohios report for March showed an increase in net earnings of 34 per cent, and was freely bought in consequence. Norfolk and Western moved up in sympa- thy and was helped also by rumors of proposed increase in the dividend. The annual meeting of the New York Cen tral stockholders without any action to- wards the new stock issue and without any evidence to confirm recent allega- tions of a change in control, relieved some anxiety and had favorable in fluence. Amongst the industrials, sugar had the advantage of an advance in the refined product, ice preferred reflected reports of an acquisition in baltimore Metropolitan street railway responded to rumors that the question of investiga- ton of it's finances by the local municipal authorities was decided in the negative an advance in the London copper mar ket Helped amalgamated, and pool oper- ations were manifest in United States leather stocks.
 A number of iron and steel industrials were inclined to advance also. The tone of the whole market changed late in the day when Manhattan began to run off on the news that the demands of the employees had been refused. The general market reacted and in many eases fell below last night the Pacfcs and western stocks being notably affected. Amongst inactive stocks there was a drop of 27 points in Westinghouse electric first pre- ferred, and 15 points in Ft. Worth and Denver City stamped. The money market continued to work easier both for call and time loans. The sub-treasury is con- tributing to the local money market by reason of the increase in refunding oper- ations and the rates of exchange at in terior points indicate a flow of currency towards New York. There was a stiffen- ing of foreign exchange rates, however, and an advance in discount rates both in London and Paris. Discussion continues very active over the possible bearings of the Northern Securities decision and the probable steps which will be taken in the event of dissolution of that corpor- ation. The extent to which the Northern Securities stock has been distributed and the consequent dissemination of holdings of Northern Pacific and Great Northern stock which would result from an ex- change for outstanding Northern Securi- ties stock, was q subject of special in- terest in the discussion today, as was also the probable action to be taken on the quarterly dividend on Northern Se- curities at the regular period which is now imminent
 Bonds were firm for the most part, al- though there were some recessions on the late reaction in stocks. Total sales par value $2 795,0 GOO.
 United States old As declined A and the 5s advanced A on the last call