The Birmingham age-herald., 1903-04-07
PRICES RAN OFF
 ON GOOD NEWS Stocks Showed a Degree of Strength at Start MONEY RATES WERE LOWER As a Result of the Late Selling Move ment, Nothing But Fractions Were Left of Any Advances-.5onds
 Were Dull.
MONEY RATES WERE LOWER

New York, April 6.-The stock market showed a considerable degree of strehs'n this morning, but prices ran orr on the good news of the day, showing the con tinued dispostion of holders to reallze III a good market. From the stoch eAeii"Ns9 standpoint the dissolution oI the len- porary injunction against the Notils oi the Southern Pacific stock held oy ohloh Pacific was regarded as good news lh tba sense that it was favorable to higher nrices. Speculative Wall street has en- tered little into the merits of the respee- five contentious of the two sides 10 the Southern Pacific quarrel regarding cor poration policy in the disposition of earn tngs, but there had been an uneasy sense that the questions raised in the dispute carried threat of grave consequence to many fer-reaching arrangements by rail road corporations. The question of the right of a railroad corporation to own stock of competing line is one that in- wolves one of the important arrangements made during the recent era of building up of communities Of interest amongst railroads The judicial decision refusing
 
 the Union Pacific interests was accepted as encouraging by holders of securities. The disposition to realize was emphasized by the granting of an appeal to higher court and the indefinite postponement or the Southern Pacific meeting. lmme- diately after the decision Union Paclhc rose 2B over Saturday. Most of the active list at that time showed gains of between 1 and points, with Pennsylvania, St. Do, paaifip extremely strong. As a result of the late selling movement nothing but fractions were left of these advances and the tone of the closing was easy and intensely dull. The decidedly easier tone of the call money market was also an influence in the early strength of the market Money rates were lower in London and there was a reappearance in the exchange market here of bankers loan bills. Brokers in the time money market report that pos sibly the only funds offered in that de- partment are by foreign houses.
 Rates for time money and mercantile paper do not show the relaxing tendency yet. Although the call money market re- hected a passing stringency of money, a bad impression on sentiment was left by the large unexplained decrease In the cash reserve of the banks reported in the Saturday bank statement. There was some disposition to blame this upon large sums from the banks with deliberate purpose of increasing the pressure for money but the pending reserve require ments of the trust companies offer the more likely explanation of the large withdrawals of cash. Some very favor able showings of railroad gross earnings for the fourth week and more of March had an encourag ging influence. The in- crease by the Missouri Pacific over the corresponding week of last year amounted to 26 per cent, that of Norfolk and Vest ern 23 per cent Southern railroad and Central of Georgia 20 per cent. Chesa- peake and Ohio 16 per cent while for the month of March Mobile and Ohio gross earnings rose go per cent and New York Central 21 per cent. Notwithstanding the high level of operating expenses such n- creases in gross earnings make a show of railroad prosperity The reported set clement of the Wabash labor dispute haa soothing effect upon the prevalent ap- prehension over the labor outlook. There was heavy selling of sugar reported from Boston account, supposed to be in the pursuit of a bear campaign.
 The bond market was dull and irregu- lar. Total sales par value, $1, S65 000. United States new Is registered declined A per cent and the new As coupon a4 per cent The old 4s advanced A per cent on the last call.