The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1903-03-20
CORNER FEARED
IN SOU. PACIFIC
Uncommon Interest Attached to
Yesterdays Stock Market
[. & N. SHOWED STRENGTH
Higher Prices Were Reflected IN eu-
oar, Tennessee Coal, Iron Produc1s
and Rock Observation-Disclosures
Copper Did Not Advance.
|. & N. SHOWED STRENGTH

Now York. March 19.-Uncommoh lheei
- a4.aobed To today's stock market
movements by reason Of the ptes.ous
aa,,,s advance in Southern PACING lhere
I - foars of a corner or some other
( ,7,srd development and trading In the
first hour was irregular ana very
tious southern Pacific shares huctu"'eo
wildly at the outset, selling up TO oo'%'
a. b;sbest noint recorded in some months
AMI almost as suddenly sold down To DO.
rotor when it became apparent that
thore was no occasion for alarm, the list
s+eadiad all around and showed general
,..nrovement up to the last hour when
r9alizing forced prices in the more active
issues down to a low level
3 Covering by the short interestlwas on an
extensive scale, especially in southern
Pacific and other pool issues. LOUIS
vile and Nashville exhibited considerable
strength in the early dealings on puylns
that was attributed to the western con-
tingent. There was also good buying OF
Atchison during the early session win
The exception of st. Paul and Union Pa
clfic which reflected pressure, the inter-
natlO4-al STOCKS OpSitu 6NhSA"N'
the late London quotations
Higher prices were reflected in sugar,
Tennessee coal and iron products and
Rock Island. Attempts to advance Anal
= gamated copper met with little success
On the whole a much better feeling was
+. shown In speculative circles, due to the
imnrovement in the financial situation.
The undertone of the market was falrly
flrm though trading was in moderate
ovolume. No material change was SHOWN
In the early afternoon condltions' al
though the market was lower In spots
as aresult of profit taking. The strength
of Missouri Pacific seemed to come from
the Gould brokers' The rise in Pacific
Mail fappeared TO be based on the belief
that the property must benefit by the
activity in Southern Pacific. There was
a slightly wider distribution of business
in the late session and the westerneTs
were again active in some of their spec
ulatve favorites.
Throughout the day interest continued
to- center in Southern Pacific, which was
traded in to the extent of over 95,OOO
shares closing at almost the lowest price
of the day, with a net loss of "a points.
Union Pacific which was next to South
Pacific, turned its holding of South
ern Pacific stock over to the Oregon Short
Line. "A number of stocks made material
gains on the day. these including the
North American Pacific Mail, Northwest
Fuel and New York, New Haven and
Hartford. Following the reaction the mar
ket closed comparatively dull and easy.
s The local financial situation shows inn
provement, the banks losing thus far this
week only about 100000 as against 3d.
100000 in the same period of last week.
There was another. advance in sterling.
exchange because of the easier m ney
conditions and increased demand for re-
mittances from importers. The rise
amounted to 10 points as compared with
yesterdays closing rate, most of the BUSH
ness being done at 4S7.25 for demand The
suppiyao of bills was small, and the general
outlook for the exchange market was
stronger, this condition being modified,
however, by the occasional weakness
caused by the sudden rise in the money
rate. Time money was offered In abund-
snnce at 51s per cent for all rates, but the
demand was light. The prevailing rate
for call loans was 5k, though In the late
after ION it was in a furry, which carried
the price to per cent, closing at 6 per
gent.
& The bond market responded sharply in
spots to the improved speculative temper.
Total sales. par value. $1,S50,000 United
states bonds were all unchanged on the
last, call.