The Savannah morning news. (Savannah, Ga.) 1900-current, 1903-03-07

financial embarrassment was consider
ably cleared up this morning with
reassuring effect upon sentiment. The
money situation, howeveT, showed no
sensible relaxation the call loan rae
running up to per cent. early in the
day. This was the occasion of the first
break in stocks. After a period of dull
ness at about the level of last nights
prices a drive was made at the mar
ket which carried many prominent
stocks a point or more below last night.
The leaders had been as much above on
the opening rise. The market seemed to
have been sold to standstill on this
drive, and made an irregular recovery
until near the close. the leaders rising
again from l to points over last
night. There Were slight recessions be-
fore the close. which was irregular.
Much attention was paid in specu
lative circles to the gossip concerning
possible legal contest against Union
Pacitic's right to vote its holdings of
Southern Pacific stock. at the latter
company's annual meeting. The exist
ence of a long standing pool in South
ern Pacific is commonly accepted in
Wall street, it's operations and COM
mitments being based upon the assumP-
ton of an early refunding operation for
Southern Pacific accompa MED by inau-
guration of dividends on the stock. The
policy of the Union Pacific control in
deferring dividends on Southern Pa
cific and making heavy outlays of earn
ings had come in for bitter criticism
from the pool interests. These are APP
parently identified with the movement
to contest Union Pacifc's control. 1t
is the general supposition also that the
manager of the pool has assumed the
leadership of an aggressive bear move
O1anf in the ppTapp1 oarlypf during the
week.
The vigorous rally at the close to-
day was accompanied by rumors that
truce had been patched up between
the contending interests in this dispute.
The quieter cotton market had an IN
fuence in the recovery in stocks. The
large liquidation in the stock market
points to extensive loan contraction.
The late recovery in stocks, however,
pointed to some recovered confidence III
the money situation. German banking
houses in the city were large lenders
to-day and sterling exchange was weak
under continued offerings of loan bills.
United States Steel bonds sold as low
as S7A (when issued), or within a
fraction of parity with the preferred
stock. Northern Securities were also
largely sold. Inactive stocks continued
to show wide declines before a market
was found
Bonds moved in sympathy with
stocks. Total sales, par value, 81, no.
600. United States rs advanced u per
cent. on the last call.
Total sales of stocks We're 1888 500
shares. including Atchison, 5000; Bal
timore and Ohio, 15,7O0; Canadian Pa
cihc, IL, 700; Chesapeake and Ohio, 5000;
Erie, 10000; Manhattan, Ga, 400 Missou-
ri Pacific. $500; New York Central, TO-
400; Norfolk and Western, $500; On
tario, and WESTERN $500; Pennsylvania,
26,SOG; Reading. S4,100; St. Paul, 4,6OO
Southern Pacific, Al ,6OO Union Pacific,
64.700; Wabash preferred, 14,SO0; Anal
gamated Copper II 200; Brooklyn Rapid
Transit, 11,000; Sugar. 25,6O0; United
States Steel, 27,175; do preferred, 1880;
Rock Island. 29, 100.