The Birmingham age-herald., 1903-04-02
STOCKS HALTING
 AND SLUGGISH. Market Again Drops Back Into Apathetic Conditions. BONDS DULL AND STEADY The High Money Rate Was Evidently the Deterrent Influence on speeu- Iation-Whole Trade Was
 Strictly Professional
 
BONDS DULL AND STEADY

New York. April 1.-The stock market dropped back into apathetlc conditions lo- day. It moved ia an extremely siussls" and baltine manner throughout the aay' ,rbis was a disappointment to such specu- la4ors as had hoped that yesterdays ad- vance heralded the beginning of con- tinued upward movement. Ihe sun cal money rate yesterday and the Hurry to 10 per cent, 1t will be remembered were lg- nored. and the buying of stocks persisted in. even while money was at the high est. but the high money rate today was evidently the deterrent influence on the sneculation. Yesterdays buying in the face of the high money rate was based upon an assumption that the corner would be turned today in the money difficulty, and that easier conditions would begin with the disbursement of Ap- ru dividends and interest money. When sae call money market was seen to be quite as stiff as yesterday, there was some selling of stocks by yesterdays buyers in consequence. The whole mar ket was strictly professional and the sus- picion got abroad that yesterdays ad- vanees were due more to professional manipulation and to covering by shorts than to any other cause The days de- velopments were not important and seemed of little influence. The sub-treas- ury statement, as expected, showed that the payment of yesterdays draft for re- lief purposes in the Philippines resulted in making good to the money market the previous sub-treasury drain since Frl- day. Some further benefit to the money
 .FaA of government interests There is still con- fdence that the movements of money in the immediate future will be to the ad- vantage of New York in the way of re- leasing funds accumulated for dividends and interest. A reasonable return flow of money from interior points is also expect ed. But there was perceptible today in the speculative sentiment recurrence of a fear that heavy corporate require ments are waiting to absorb any increase in credit resources. The disturbance in the loan market today was attributed to the payment of subscriptions for Chicago cnd Northwestern new stock. Most of the time the money market lenders showed a disposition to restrict their loans to within the six months period, the obvious purpose being to serve the ma turtles when they fall due from the in- terior. The hearing today of the pro- ceedings to make permanent the injunc- tion against the voting of Union Pacifics holdings of Southern Pacific stocks caused feeling of suspense and a desire to await the decision.
 There was some renewed heavy selling also of Pennsylvania. The dissolution of the injunction in the Wabash engineers strike was the cause of some liquidation in the Wabashes. Sugar suffered from the reduction in the price of refined grades to meet yesterdays cut by competitors. There violent and unexplained break in Colorado Fuel with an effective rally A further decline in London dis count rates was regarded with satisfac- tion Heavy exports of grain made a good supply in the exchange market, and a sharp break in the cotton market, it was heped, would increase the foreign de- mand The market closed dull and irreg- ular.
 Bonds were dull and irregular. Total sales, par value, $1.s6O.0OO. United States new is, registered, declined # on the last call.