The Birmingham age-herald., 1903-03-31
DISAPPOINTMENT
 IN STOCK MARKET Sunday Interval Resulted In Ac- cumuIation of Orders MONEY RATE RISES SHARPLY Apparently the Banks Were Not Call ing Loans, But Many Brokers Sent Out Calls to Their Customers
 for More Margins.
MONEYR ERISES SHARPLY

New York. March 30.--Hopes or rlse in prices of stocks today as result or the favorable bank statement of Saturoay were disappointed. The opening oeannss proved that the Sunday interval hao resulted in an accumulation of selllng orders from various points.
 Annarently the banks were not caillhs loans. but many brokers sent out calls to their customers for additional margins and the increased demand for call money u,hicb resulted, ran the rate Up to per cent The hope that the corner In the money market had been turned and the comparative ease normal to the April neriod. thus brought into immediate pros meet was seen to be without warrant and disappointed holders threw over stocks again all through the list. The decline In the first hour was not acute except in few stocks, and there was very general recovery by midday, but the demand fell into almost complete stagnation at the high level, offering no encouragement for the bidding up of stocks. Some ob- servers professed to detect some buying for investment account at the lower levels, especially of Pennsylvania. There was alleged also to be some demand of this character for foreign account, but the effect on the price was not percept- ible. The break In Southern Pacific to the lowest point on the present movement aroused uneasiness as to the position of the pool in that stock and this had depressing effect or the whole list
 The supposition that the leader of this pool had embarked on a very extensive campaign for the short account in the general market to recuperate losses be- lieved to have been sustained on the bull side in Southern Pacific, while at the same time to maintain pool holdings of the Southern Pacific, offers a specula- tive anomaly, the possible effects of which Wall streets most ingenious crit ics admit they are unable to forecast The labor controversy with the structural Iron workers was responsible for the sharp break in United States Steel pre- ferred.
 The advance in Manhattan on the oth- CT hand was due to the reported post ponemen- of the adjustment of the labor dispute on the system. The late break in New York Central was accompanied by unfounded rumors that the New Haven men had gone on strike. The price touched 130. whick is the lowest on the PitStHA movements. IHe HulTY to per cent in the call money market followed. and combined to produce the late break to the lowest point of the day The cov- ering by room shorts lifted prices a frac- tion, but the closing was irregular again and active. The loss by the banks to the sub-treasury on Saturday of nearly a million dollars and the credit balances at the clearing house of that institution this morning of $409,S1S revived the apprehen- sion over the condition of banking re- serves The news that the treasury war rant for s, 000 for payment of the ap- propriation to relieve distress in the Phil ippines would be received in New York failed to offset the effect of the sub treas ury's figures The dividend and interest disbursements for April are unusually large this year. and the preparation for them helped to disturb the money market today.
 The bond market was irregular but not very active. Total sales par value S2, ,93O, 0OO United States 3s coupon advanced 14, the new Is F and the old is 2 per cent on the last call.