The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1903-03-24
STOCK MARKET
DULL AND WEAK
Banking Interests Will DiSfavor
Move for Higher Prices
LONDON ALSO STAGNANI
There Was Little Pressure to Sell Save
In the Case of Union Paeific-Ien-
nessee Company Stock
Continues Firm.

New York. March pa number OF
causes contributed to the general weak
ness and dullness shown by the stoeA
market TODAY. Chief among these was
the belief that banking interests Will as
favor any move in the direction u ms
err prices. This attitude appears 10 pe
based on the belief that monetary eoiloi-
tions as a whole are not such as "
warrant even a moderate extension u
snacnlative commitments. Bondon's
nrices also were lower, the all around
vyeakness in that market being lead py
eansols which touched the lowest point
IN thirty years. However, there was one
,,ote of encouragement from abroad. The
,,,a1 renort of the Dresden bank
said that fears of a collapse of the indus
trial developments of this country were
ranidly diminishing. Advices from the
granger states reported normal Mafeh
conditions. with a restriction OF the prl-
mary grain movement, owing 10 oau
country roads. The trunk lines are stu
unable to meet the demands OF Shippers
and the situation in this regard is httie
changed from that of a week CO. lie
lief Ia hardly looked for until the resump-
tlon of lake navigation. Opening prices
IN The stock market were lower Tor the
most mart and reflected an irregular un-
dertone hut there was little pressure TO
sell save in the case of Union racine,
Recessions marked the early course Oh
Rock Island Canadian Paclhc' Aihaisa-
mated Copper, Sugar and several speeial-
ties while Tennessee coal, ana broohisi
RAND Transit were firm. Before the emo
he
ustless and prices drifted within mar
row range.
The tone became narrow and profess
sional and traders used the lowest LON
don quotations as an excuse to sell.
There was steadiness in the steel STOCKS
and a few other industrials In the mio-
die of the day, but the weakness OF sugar
seemed to come from unsettieo lraus eon .l
ditions. The decline in Amalgamated cop
ner followed a cessation of the recent
active manipulation.
Southern Pacific was erratic throughout,
selling at an advance of "a points IN the
early dealings, but declining later to the
lower level. Aside from the naming OF
date April g. for the closing OF the DOCKS
for the annual meeting and additional al
legations of bad faith by the minority
stockholders, no new phase was injected
into the controversy which Is still view
cd with some degree of apprehension.
Following a slight hardening of prices IN
the early period of the afternoon, when
abortive efforts were made to advance st.
Paul, another liquidation movement set
in and number of issues registered sharp
declines, some stocks closing at the low
est prices of the day. The drive seemed
to be directed chiefly against the Paeif1cs,
some of the grangers and Reading, and
has the effect of unsettling the general
list London sold upwards of 10000 shares
md bought very little Exchange was lOc
lower, but the demand was slight. fur
Their ease was shown in the rate for time
loans, and the days business in call
money, which was freely offered, was
only moderate. Considerable thought Is
being given to the April money movement.
A retrospect of last years movement
shows gains from the interior for the first
two weeks of that month.
The bond market was dull and irregu-
lar Total sales aggregated s2,04000O.
Government bonds were unchanged on
the last CALL