The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-03-31
FINANCIAL AND COMMERCIAL.
MONDAY March 80.

MONDAY March 30
The general hope. and TO some extent,
expectation, expressed after the close OF
the stock market on Saturday that a rally
in prices worthy the name was near at
hand met to-day with the same disappoint-
ment that has attended such feelings many
times during the last two months. Prices.
encouraged by a slightly firmer tone for
American stocks in London, opened
little higher than they closed on Saturday.
fell below these figures, rallied again
little and then developed general and posi-
tive weakness. closing q little above the
lowest figures OF the day. The market
exhibited, in other words, the same sag
ging tendency and lack Of resiliency that
has marked 1t ever since the upward move
ment in prices eliminated In january.
The fall that has taken place In the price
Of so many high-class investment issues
has not as yet, so far as can be seen. In any
way given the market the look OF bargain
day to investors. The market was. In fact.
characterized to-day just as 1t has been
in the past by liquidation; conducted not
as fliriously as formerly. but still con-
tinuously, and while Pennsylvania, New
York Central, st. Paul and other stocks
Of the same class which have borne the
brunt Of this selling were again weak
there was greater pressure than has pre-
viously been noticed upon stocks OF the
second grade, such as Atchison, Baltimore
and Ohio, Missouri Pacific. Texas Pacific,
the Wabash preferred stock and deben-
ture bonds and the Steel shares. The
bond market was also weak
The news Of the day was not greatly
encouraging or discouraging from a
market point Of view. Advices from New
Haven were that there would be no strike
Of the employees OF the system, although
the management would be forced to enlarge
its concessions to the men In order 10 bring
about this result. The great strike OF the
textile workers at Lowell began. as was
anticipated, and the trouble between the
American Bridge Company and its workers
continued, this latter fact. taken In connec-
ton with the continued liquidation pro-
ceeding in the Montreal market. probably
accounting for the depression In the Steel
shares. The payment by the Government
of So 900 900 for the purchase OF silver for
the Philippines will probably release that
amount of money In our market this week
and go far toward ofsetting. II it does not
entirely counterbalanoe, any loss to the
Sub Treasury by our local banks on other
Nevertheless, the loss OF
the banks to the Sub-Treasury since Friday
already amounts to Si,i72.Oo0. Money rose
to 8 per cent. to-day. due undoubtedly to
the calling in Of funds preliminary to the
on April I.
The announcement Of loan for the Lon
don County Council Of f5 900 900 was made
in London. being part OF the els, 10000
issue that the Council has In preparation.
Notice was also sent out to the Wabash
debenture bond holders and to the Wabash
OF a company meeting for the
purpose of voting upon an issue OF $4,000,
BOO per cent. coupon bonds for the pur-
pose Of various improvements upon the
property of the company. The new issue Is
disconnected from the proposed ex-
ension OF the Wabash lines into Pittsburg
Reports Of gross earnings OF humber Of.
for February are now in and they
make a rs per cent. better showing than
lid earnings for February. 1909. The i'm
What diminished by the fact that February
u last year was almost the worst month for
ailway business in 1902.
The rather especial weakness OF Southern
Pacific stock to-day naturally caused COM
nent as to the stability Of the pool holdings
n that security and was accountable for
he circulation Of rumor that demonstra-
ion against these holdings was being made
~ powerful interests. Another stock which |
vas also heavily sold. although the selling
appeared to be very carefully conducted.
vas Atchison common.