The Birmingham age-herald., 1903-04-09
STOCKS GO BACK
 ID LOW LEVEL Disposition to Keep Out of the
 Market. MONEY CONTINUES EASY Wide Declines in Prices of Dormant Stocks Were Feature of the Whole Day-7onds Were Dull,
 But Steady.
MONEY CONTINUES EASY

New York April S-Today Duslhess @' the stock exchange aggregated oareiy 0oo'- boo shares, which is back to the low leNei of activity The fact that Friday ls tue date also for the expiration of the Sou'h- ern Pacific pool. confirmed the dlsposltioh to keen out of the market. There is al most an infinite variety of conjectures as to what the effect of this event will be upon the market at large. The possible event most dreaded is throwing over or the large holdings of the pool, following the expiration of the pool agreement, but there Is a well defined suspicion that the expert managers of the pool have not been waiting until this time in falling market to protect themselves against the possible necessities of forced liquidation. The professional operators In stocks and the commission houses cling to the belief that bearing up of this uncertainty may lead to an awakening of activity in trad ing. Each successive development in the Southern Pacific conflict and in the gen eral situation, has given rise to similar hope in each case, thus far to be disap- pointed. The professional observers of the market have been confident that when the turn was effected from the long down. ward course there would be a consider able vigorous upward movement. The distinct easing of the money market yes- terday seemed to give no relief from the pressure of liquidation Today there was distinct relaxation of this pressure to sell and effective support at some points where the selling was continued but the market continued to hang in a suspended and inanimate condition. There were some stocks, it is true, in which there seemed to be some further liquidation, but the market leaders were free from this pres sure and inclined to advance, without, however, inducing any general response. Yesterdays weakness in the United States steel stocks was sufficiently explained by the decrease in net earnings for the past quarter reported after the closing yester- day.
 The corpora tions new per cent bonds dipped to a lower record price on the curb this morning at S9%, but complete recovery followed. The buying of the stock on the exchange was attributed to the account of inside and syndicate in- terests, such as have not been perceptble in these stocks for a long time last. This support had a good sympathetic effect on the general market. The heavy selling of Rock Island, which was a feature yes terday, continued today from the same sources but there was evidence of inside support in this stock also. Amalgamated Copper was decided weak in connection with the violent relapse of E1 lis 6d per ton in the London price of copper There was some attempt to connect the selling of Amalgamated with the involved spec ulative condition in the coffee market. Prospects in the money market were con- siderably favorable but at an advance to ' per cent; the call loan rate late in the day somewhat chilled this -onfdence The banks have gained small amounts from the sub-treasury since Friday and the change is believed to favor New York. Much importance is attached also to report from Philadelphia that the Penn sylvania railroad has determined to re- pay its $40, 900, GOO six months loan, ma turing in June, with the proceeds of the first installment of subscription to it's new stock Wide declines in prices of dor mant stocks were a. feature again of the market. Northwestern sold at 17SA, compared with 271 at the high level in April 1902. Sales of 100 share-lots of Phil adelphia company and of Laclede Gas preferred were effected only at conces- sions for the first named of IA points and for the second named of 97s from the previous sale.
 The bond market was dull but about steady. Total sales, par value, $1 995, GOO. United States 2s IS and old As advanced A per cent; the new As, coupon, declined F per cent on the last call