The Birmingham age-herald., 1903-03-17
CALM MONEY ROSE
 AND STOCKS FELL Feeling of Encouragement in
 Wall Street DiSsipated PRICES DROPPED RAPIDLY It Was Hoped That Success of Bonds Last Week Would Lead to ouieter
 Conditions, But All Were
 Doomed to Disappointment.
PRICES DROPPED RAPIDLY

New York, March 16.-The feeling ol eh- couragement professed on Saturday oFei the money situation as indicated py the bank statement was dissipateu louaS' When call money rose over per cent the discouraged bulls began to throw over stocks, and there was evidence or con sider- ble liquidation by tired noloets' Prices went down very easily ana mere was no appearance of effective support until a sudden upward spurt in Southern pacific during the last half hour. The marking up of this stock to 6S was so characteristic of the drastic speculative method of the manager of the pool in Southern Pacific that the shorts took fright and covered hastily in various parts of the list. Union Pacific shared in the late rally as Southern Pacific has done in the early weakness. There was manifest embarrassment in the supposed efforts which were making all day to de- press Union Pacific and support Southern Pacific. Spectators assumed this pur- pose on the part of the pool in connec- tion with it's suit to prevent the diver sion of Southern Pacific earnings away 
 consequences of this suit are unsettling influence on the speculation on account of the important questions that may arise regarding the control of competing lines by ownership of stocks held in the treas- ury of railroad corporation. The pro- gross of the voting on the stock ques- tion on the part of the employees of the New Haven system served to Keep alive the labor question in the mind of the speculative public.
 The progress of the spring season gives constantly new occasion for the consider ation of this subject by reason of new demands for higher wages and disputes growing out of them. This is a wide reaching influence for depression in the present temper of speculation. The proposition for New York to provide it's own street lighting plant caused fur ther sharp losses in the local gas stocks. The selling pressure seemed particularly severe against New York Central for what reason was not disclosed. A de- cline of Il points in New York Central and Saint Louis preferred from the pre- ceding sale marked the continued diff fculty of finding market for dormant securities. It was hoped that the suc- cess of the banks last week, in keeping within their legal reserve requirement, would lead to quieter money conditions
 
 turbance in stocks last week, in spite of the $15, ,000, GOO loan contraction effected, seemed to be regarded as encouraging. There was monetary effort in fact to pull up prices and some progress was made in the case of Reading Wabash preferred, Louisville and a few other stocks. The disbursement of the Stan dard Oil dividend today seemed to be without effect in relieving the money market. London sold stocks here and sterling exchange advanced, both of which were factors in the weakness of the market. The fact that the week starts with a slight gain for the banks on sub treasury operations afforded but mild satisfaction. The rally in the market was coincident with the arrival at his office of a leading individual after a vacation. Although the motive which prompted the professionals to pursue this course was not disclosed.
 The bond market was weak in sympa- thy with stocks. Total sales, par value, $1S75000. United States As registered ad- vanced F per cent on the last call.