The Birmingham age-herald., 1903-04-17
MONEY SITUATION
 GREAT DEAL EASIER Stock Activity is Resumed in a
 Small Measure BONDS DULL BUT FIRM
Northern Securities Break on Monday and Its Waning Influence Each Day, Are Passing By Wholly
 Ignored or Unnotieed.

New York, April 16.-The speculative activity which developed yesterday and was interrupted by the announcement Of the refusal of the demands made by the Manhattan Elevated railway employees was renewed today when support was forthcoming for Manhattan. It was hoped that the labor difficulty on the elevated system would be adjusted without resort to strike, and this induced some short covering In the stock. When it was per- ceived that the market was to be exempt for the present from the disturbance of drop in this stock, opportunity was taken to start an upward movement on the part of a speculative party, which is believed to have covered its short contracts on the recent slump. and to have gone long of the market. Their operations were con spieuous in Baltimore and Ohio, on the ground of the large increase in net earn lngs disclosed by the March statement Pennsylvania and Norfolk and Western were Included in the operations under this leadership. Other eastern trunk lines and eoalers showed some sympathy, but the buying in these and elsewhere in the market could not be traced to the same sources as the movement in the Penn sylYania group. Early in the day, with the exception of the good absorption of Mlssouri Pacific, based on It's large Feb ruary earnings, the Western and Pacific stocks were inclined to sink back.
 some suspicion was felt as to the char aeter or the selling in Union Pacific and St. Paul. The testimony regarding the finances of the Metropolitan Street rail- way in a hearing of the suit against the president for libel also resulted in the Q In nf
 ings, and a slight sympathetic depres- sion. Late in the day St. Paul came into 1ull sympathy with the strength of the market and other western and southwest ern stocks partly so with the exception of Southern Pacific, which was persis- tently heavy and made a gain of only quarter on the day. Amalgamated Copper was lifted sharply on a professional ex- pectation that the quarterly dividend would be increased today.
 The stock reached about point on the maintenance of the prevailing divi- dend rate but saved a fractional net gain In spite of the weakness of raw copper and copper stock in foreign markets Sugars continued rise was due to un- favorable trade conditions. The advance in leather was nominally due to a re- Vival of old rumors of an adjustment of the accrued dividends on the preferred The weekly review of the iron trade helped the iron and steel stocks, the con- sumption in all lines being reported well sustained at the high level and the weak ness manifested in various grades being due to increased production with the com pensation by the cutting off of imports The upturn was based generally on the assumption that the violent decline on Monday, eliminating as 1t did, prolong- ed downward course of prices, should have sufficed to discount sufficiently the unfavorable factors in the situation, as well as to furnish relief to the money situation by the extensive liquidation in involved. The money situation is con- spicuously easier, and shows largely in- creased supplies offering in the mar ket. The declining influence of the Northern Securities case was indicated by the way in which an early fall in that stock on the curb was practically ignored. The market closed active and strong and near the top level A drop of IA in American Telephone and in St. Louis and San Francisco first prefer red was accounted for by the fact that previous sales dated back to before the re- cent violent decline in the market
 The bond market was rather dull but firm. Total sales, par value, s2,475, 900. United States bonds were all unchanged on the last call.