The Birmingham age-herald., 1903-03-26
STOCK MARKET
 VERY UNSTEADY Under Encouragement Prices Broke Sharply Toward Close BEARS WELL ORGANIZED
Persistent Weakness of the London Market Is Having Strong Sympa-
 thetlc Effect, and Action In .. consols Is Reassurina'

New York, March 25.-The stock mar ket made an unsteady stand. against re- action for a time today, but before the closing discouragement had apparently overcome the speculative mind again ana prices broke sharply to the lowest ol the day. There are indications Of well or ganized bear leadership on the decline. The early resistance to reaction was sus- tained principally by Pennsylvania and New York Central. No other cause was .}pparent for this, but the publication of revived assertions that the control of New York Central was virtually lodged in the hands of friends to the Pennsyl- vania. This assertion was met with off cial denials of varying emphasis, but nevertheless the price of these two stocks advanced a point over last night. This persistent weakness of the London mar ket is having strong sympathetic effect here and the late upward reaction In consols was considered a reassuring fac tor. But this was not until the price had broken. through 90 earlier in the day. As many British financial transactions are based upon a theoretical possible
 
 the fall below that level today was re- garded as significant. In our own money market the feature of the day was ship ment of s5OO,oO0 in gold to Buenos Ayres. islUsuai explanations were forthcoming as to the special character of this trans action, but the fact was not altered that New York bank reserves are reduced by that much With the renewed demand from the interior for currency and the continued drain to the sub-treasury this is the dominant factor in the situation that eonfronts the financial world, which is finding continually new requirements for credits at every turn. sub-treasury credit balance at the clearing house this morning for $377, TAI foreshadowed another heavy withdrawal by the institution to be figured in tomorrow's statement of operations. The decision of Pennsylvania directors to issue about $SS 900 of new stock at once at $60 per share was the occasion for the late drive against the market The provision for payment in three installments running from June To over to October 26 did not seem to ale viate the uneasiness caused by the pros peet of this heavy requirement upon the money market. The rather severe hqui- dation in amagamated copper was an- other unsettling influence. These stocks were carried down an extreme 3A in the late dealings on the selling induced by the violent break in the London cop per market. An incident of the, day was selling on the curb of United States Steel 5s at s0ss which was on parity with the low price of the day for the preferred stock on tHe exchange. The demand formulated by the employees of the Man haitian elevated railway kept alive the disturbances of sentiment over the labor outlook.
 The bond market was irregular
 Total sales, par vale, 2,12O,OV
 r. S. 3s registered, old As registered and new 4s coupon advanced 4 and the old 4s coupon and the new is registered advanced 1a on the last call.