The daily morning journal and courier., 1903-03-07
Etmat1riar.
YESTERDAY'S STOCK MARKET.
Irregular Recovery Toward the Close
 With Slight Finni Recessions.

Irregular Recovery Toward the Close With Slight Ftnnl Recessions. New York, March 6.-The stock mar
 ket continued very much unsettled to-
 day and traversed its range of prices
 several times, but the final result
 showed that the urgent pressure of liq-
 uidation had spent itself and that the
 bear party felt themselves at the limit Of safety on the short side. The con- fusing mist of uncertainties caused bv yesterdays many rumors of financial embarrassment was considerably clear ed up this morning with reassuring effect upon sentiment.
 The money situation, however, show ed no sensible relaxation, the call loan
 rate running up to per cent. early in l the day. This was the occasion of the
 first break in stocks After a period of dullness about the level of last nights prices a drive was made at the market which carried many prominent stocks a point or more below last night. The leaders had been as. much above on the opening rise. The market seemed to have been sold to a standstilI on this drive and made an irregular recovery
 until near the close. the leaders rising against from one to two points over last night. There were slight reces- l sions before the close, which was irreg- ular.
 Much attention was paid in specula- ! tive circles to the gossip concerning a possible legal contest against Union Pacific's right to vote its holdings of Southern Pacific stocks at the latter company's annual meeting. The exist
 ence of long standing pool in South ern Pacific Is commonly accepted in Wall street, it's operations and commit ments being based on the assumption of an early refunding operation for Southern Pacific, accompanied by in- auguration of dividends on the stock The policy of the Union Pacific control in deferring dividends and making heavy outlays out of earnings had come in for bitter criticism from the pool in- terests, These are apparently identi- fled with the movement to contest Union Paciffc's control.
 It is the general supposition also that
 the manager of the pool has assumed the leadership of an aggressive bear movement in the general market dur ing the week. The vigorous rally at the close to-day was accompanied by
 rumors that a truce had been patched up between the contending interests in this dispute.
 The queter cotton market had an in- f1uence in the recovery in stocks. The estimates of the bank statement based on the known movements of surrency
 also seemed to have calming effect, for what reason is not clear. The sub treasury yesterday took more than a million dollars from the market again, bringing it's absorption for the week up to $6, 123, 900. The late recovery in stocks pointed to some recovered confidence in
 the money situation. German banking
 houses in the city ere large lenders to- day.
 Wheat exports for the week increased 834 900 bushels and corn exports in-
 creased 1,44800O bushels. Dry goods imports fell $1, ,2O4,91S below those of last week. United States Steel bonds sold as low as STA, when issued, or within a fraction of parity with the preferred
 stock. North Securities also was large
 ly sold Inactive stocks continued to
 show wide declines before a market was
 found.
 Bonds moved in sympathy with the
 stocks. The total sales, par value, ag-
 gregated $2,710,O00.
 United States twos advanced A per
 cent. on the last call.