The Birmingham age-herald., 1903-03-06
AIR OF MYSTERY IN
 THE STOCK MARKET Entire List Showed Weakness
 Not Accounted For RUMORS OF FAILURES
This Vague Feeling Was the Most E'- fectual Factor In the Days Weak ness of Stocks-Money Is
 Very Tight.

New York. March 5.-rhere was an ar of mystery about the weakness or the stock market today. Rumors of hnancial embarrassment in the drygoods world were circulated but nothing definite was announced. The direction or the ruiioi D shifted several times during the uas' however. which had the ef1ect or eii- fusine the feeling of distrust and ap- nrebension. This vague feeling was the most effectual factor in the days weak ness of stocks. But the money needs oe- 1,eloned by the situation had their posi- five influence by the withdrawal Of cred ,ts from the stock market in the shape of calling in of loans. The prevailing tightness of money leaves little resource for placing of loans that are called. The consequence was dribble of forced nqul- dation. This was steady and practical ly uninterrupted throughout the day Ine downward course of prices was constant but did not make wide jumps in the ac- tive stocks, the recession on the con trary being by successive small fractions But the net result upon prices Tor the day was serious, reaching from 10 points for more active issues and over that for some dormant stocks. A more notable example of the latter was Neiis- Fargo which sold 2Sls points lower than last months sale. The professional bears covered their short contracts at different intervals during the day Wlth the effect of checking the downWara course. but the rallies were slight ana the market proved to have no stamina whatever The last covering movement of the day was no more enectlVe thdn the previous ones and the closing WAS active and weak with some leading sloehs at the lowest of the day. Even the ah nouncement of extra dividend on Mah- haitian and the advance in the yearly laee from to per cent was only momeh- tarilv effective either on that stock or on the market at large
 The selling came from all quarters, ln- cluding London, which sold 40,0Oo or oo,VoV shares in this market during the day. 1he special weakness of the transcontlnehtal group leads to q supposltlon that iea' were aroused by the announcement or elie incorporation of a company alleged to be under Gould auspices for the construc- tion of a new line to the Pacinc coast. The heavy decrease announced yesterday in January net earnings of Union Pa- cific was also assigned as an lnnuence' The Wabash labor dispute ana strlke troubles on the ..,nadian Pacific gave Vi- tality to the ATS of coming lapor troubles which were a real influence on the market. Reports of organization or the structural steel manufacturers to contest the demands for a raise in wages, increased the apprehension on this score. The further break in cotton had dis turbing sentimental effect on stocks and the calls for additional margins in that market had the effect of increasing the pressure for money. The rate for call loans on the exchange ran up to per cent in the late dealings. Time loans were practically unchanged, but there was in- creasing disinclination to put out funds at present rates. The sub-treasury again took over a half million from the market, bringing the loss to that institution since Friday to over $5,0OO,O00, but the treasury report from Washington showed the reye- nue deficit on the days total operations to be $2, ,225, 531, due to very heavy disburse- ments There was continued resort to for eign lenders of money, as indicated by continued offering of loan bills in the for eign exchange market. A feature of the day was the further break in United States steel per cent bonds when issued on the curb, to below S.
 Bonds were weak in sympathy with stocks The total sales, par value, were 8. 2.605,000
 United States bonds were all unchanged on the last call.