The Birmingham age-herald., 1903-02-27
STOCK MARKET
 CLOSED ACTIVE After Day of indifference Sell ing Movement Set in IS DUE TO WEAKNESS Authorized Reports of the Practical Consolidation of Rock Island and San Francisco Were Without
 Stimulating Effect.
IS DUE TO WEAKNESS

New York, February 26.-After uay of indifference and neglect today slo0M market closed with an active sellihs movement in force, and with the majority of active stocks from to points below last night The only manifest new devel- obment to cause this sudden weakness was the adjournment of the St. Paul d. reetors without taking action on the ls- sue of the new stock. As such action had not been certainly expected, and as there had been no extensive speculation based on the stock issue, the late weakness IS more plausibly explained as due to speculative weariness with the persistent hanging back of prices. This sense of dlsappointment was in evidence at the opening, when it was seen that the au- thorized reports of the practical consoll- dation of Rock Island and St. Louis and San Francisco were without stimulating effect on speculation. St. Louis and San Francisco, in fact relapsed sharply to 21a below last night on com paratively light offerings, and Rock Island after a mere fractional advance became heavy and ruled below last night for the rest of the day. This reception accorded to the most extensive project of railroad consolidation since the Louisville deal, seemed to be accepted as a conclusive demonstration that nothing was to be hoped for in the way of active specula- tion for the present The relief from the pressure of selling in Metropolitan Street railway alleviated for a time the depress- ing effect on this conviction. There was a demonstration also in Wabash pre- fh.t 'k.fna a point in face of rumors of the issue of an order for a strike and of the unfavorable showing of January net earnings
 Some of the iron and copper stocks made a show of resistance to the prevail ing depression owing to favorable trade reports, but the whole market gave way at the last moment and sold down rapidly until the weak closing The uneaslness over the rapid depletion of New HorA bank reserves was slightly relieved by todays news of the receipt of S8O0,OOO ln gold from San Francisco But the market had to face. as an offset to this, the news of the shipment of $7o0,O0O in gold to Buenos Ayres. In the international eX- change markets there was relaxation Of pressure all around the private discount rate both at London and Paris going quickly lower and giving ground for the supposition that the reduction in the Bank of England rate IS deferred for only week.
 But it is feared that further shipments will be made to Argentine from here and that Chicago will make further demand for currency. Operators fin the market also were inclined to be discouraged about the prospect of action at this ses- sion of congress on the Kldrich financial bill. Time money, which Is the lowest of the present money situation, hardened a bit today and practically no business was done at less than per cent for periods longer than three months. Opinion was inclined to settle down in the conviction that extremely conservative banking must be the rule for the rest of the year and until some new factor develops to re- lieve the situation.
 One of the features of the days market were the wide concessions necessary to find a market for small offerings of some of the expensive high grade stocks Chl cago and Northwestern was notable ex- ample, the price declining points on quite feverish fluctuations. The subscrip tion rights to the new stocks sold at 13ls, compartd with 15lz on the first day they were dealt in last week.
 Wabash debentuTe bonds made a sharp recovery and gave an irregular tone to the bond market. which was otherwise rather easy Total sales, par value, s7,- S75.000. United States bonds were all un- changed on the last call.