The Birmingham age-herald., 1903-03-18
STOCK MARKET IS
 STILL DRAGGING
Professionals Were Entirely in
 Charge During Session
SOUTHERN PACIFIC LEADS
Cessation of Pressure Against Union Pacific Caused a Check to Early Selllne-continued Desire to
 Sell New York Central.

New York. March 17.-Today's stoek market was entirely in the hands or the professional operators and these Tor the most part. for the smaller class. The whole market was dominated by Southern Pacific. The manifest support Tor that stock and the cessation of yesterday pressure against Union Pacific caused a check to the early selling here and a sradual recovery ensued. Late in the day Southern Pacific, Union Pacific, St. Paul and one or two leading speculative stocks were a point above last night
 The realizing at the last took the top off nriees and the closing was easy. Dur ing the unsettled period of the morning, there was continued desire to sell New York Central, carrying that stock down almost point. The persistent slow liqui- dalton on this stock has very depressing sentimental effect on the whole market. l. is variously explained as being due to sales against expected privileges to subscribe the new stock or the general conviction that with money at 6 per cent, high grade railroad stocks are on too high a price basis. New York Central re- cover .d with the rest of the list and there were some sharp rallies from recent depression in Northwestern, the local gas stocks and a number of specialties. Read ing was center of some positive strength which was attributed to the expecta- ton of a favorable showing in February net earnings. The renewed advance in the London copper market led to a re- vival of the Amalgamated copper shares The recovery in the Pacifcs was followed by the announcement that the speculative pool in Southern Pacific had been ex- tended from April l, the original date of its maturity, to April To-
 Speculative sentiment seemed to be as much confused by this announcement as by the previous moves on the part of the pool It has been feared that the coming dissolution of the pool would lead to the throwing over of some heavy offerings of stock. On the other hand, its continue will involve the further ty- ing up of large credits. The extension also has the tendency to increase the weight from a stock market standpoint of the litigation instituted on behalf of the pool against the Union Pacific con trol of Southern Pacific. Some favorable effect was produced by the conference undertaken between the officials and em- pl ,yes of the New Haven system for an adjustment of the labor dispute. Money was SOHleWndI edSl6I Wlll per Ce0lt IHe maximum rate for call loans and a de- cided softening of the market after the principal demand had been made The sub-treasury established a gain of some thing over a hundred thousand dollars from the banks since Friday, thus wip- ing out it's contribution of yesterday to the local money supply, but the rate of absorption by the government is much less than it was last week. On the other hand there was a very substantial rise in the foreign exchange rate With the return of the money pressure here and hardening of money rates in Berlin and Paris, there Is said to be less inducement for the placing of foreign funds here. For whatever reason the foreign ex- change market is now practically bare of loan bills, so the demand for remit tance has been sufficient to cause ma terial advance in the exchange rate.
 The bond market was dull and irregu- lar Sales. par value, H,1400o0. United States bonds registered Ss declined k on the last call