The Birmingham age-herald., 1903-04-03
FURTHER DWINDLING
 IN STOCK VOLUME Tone of Market Was Heavy to
 Weak Throughout MONEY RATE IS EASY
Motives Which Prompt Professionals Hard to Discern-The South ern Pacific Quarrel Weighed
 Heavily on Trading.

New York, April 2.-The stock market tcda. continued almost wholly n Iio- fassional hands, and there was Iur'her dwindline in the volume of operations. The motives which prompt the proles- sional operators are difficult 10 olscern On Tuesday they bought stocks wlth money at 15 per cent, in the commence that the call money market was about to relax. Yesterday they sold stocks aeain. although there was distinct re- taxation in the call money, with promise of A further growth of ease. Some other considerations, apparently, had interven- ed which caused question whether the easier money market was destined to ben- eft the stock market The Southern Pacific quarrel weighed on the market. The developments in this controversy showed nothing to affect directly the value of the securities concerned but the bitterness of feeling shown by the contending parties and the boldness of their habitual methods in stock market operations, kept alive fear that spec uative deal might be precipitated in the stock market itself, with probably disas- trous consequences to many innocent on- lockers. Another disturbing factor was the renewal of liquidation in Pennsylva- mia. carrying it back to last weeks low level. The selling received renewed im- petus from the February statement of net earnings, which showed the expenses increased more than twice as much as the increase in gross earnings, with an in creasing cut in the returns. The net earn ings for two months are in consequence over a million dollars larger than for the same two months of last year.
 Taken in connection with the February Union Pacific statement published on Tuesday, showing a decrease in net earn ings of $413,474, there is disposition to surmise that the recent liquidation in that stock may have been from other than professional bear sources. The .mildness of the demand for stocks for short ac- count, and the little help given to any rally in the market from the demand to cover. emphasizes this impression. The question of the action to be taken by the Wabash employees following the solution of the strike injunction is awaited with some concern, as was indicated by the heaviness of the Wabash stocks today. The decline in Western Union had no other explanation than the progress re- ported to be making towards conner cial basis by the wireless systems.
 A sharp break in the local copper mar ket affected amalgamated copper. The attack on Colorado Fuel was professedly based on the proposed bond issue. Large customs payments, deposits to retire cir culation, and some large miscellaneous collections resulted in an absorption by the subtreasury of $1 ,244000 in spite of the government interest payable This proved 8 disappointment The statement of the great foreign banks for the week re- flected the enormous requirements of April settlements A reflux of funds to the market, however is now in order in both of the foreign markets and here, sn that the immediate money situation IS "f declining importance.
 Bonds were weak. Total sales par value, S1 100000. United States new 4s de- clined 14 on the last call.