Show 1 i BEARS EARS CONTROL I IMAR MARKET MAR ET AGAIN Quick of Wall WallStreet WallStreet Street Sentiment S I SOUTHERN PACIFIC POOL 4 I OO OTE STOCK I oi jU I New Hew York March Marcil 10 Wall street made another POther sudden reversal of son lien sentiment today and relapsed into o gloom After yesterdays yeater a strong recovery there was wu a feeling of ot great at relief and anda nd a disposition to take roseate view views of the facilities at hand for the money market but it began to appear again I today that tbt the sweeping up of the sew new resources brought within with reach of the th local locci money market by the rise rlee In Interest rates ratel was going on at too rapid a rate and could not Indefinitely by b I extended The very large lar reduction in inthe the tH outstanding short hort interest t effected by bJ yesterdays enormous buying to I short abort contracts also deprived the tb I market t of a very vel important sustain sustaining 1 Inc ing force for e Sentiment accordingly I shifted to the bear side elde de again The conditions were not materially altered from those thole of yesterday but extreme sensitiveness was aa apparent to all 11 sug aug suggestions of f possible difficulties The shifting rumors rumon regarding the alleged contest between the speculative pool ool Poolin ta in Southern Pacific and the Union Unton Pa Fa Pacific chic holdings hoW of or that stock were made the instrument of extensive operations Last nights night rumors that an agreement had hud been m made de between bel n the two par parties partie ties tie tI contradicted and vague in intimations wrt ere vre thrown throw out of coming hostilities would threaten de do to the th stock tock market The affair Yair ver very little in the way wa of substantial su ial information I n and does not reach be beyond the realms of ot speculation Of more mort uh character was w the resumption bV b the hI t th banks of the calling of ot loans buns The violent intent break biesk here and there ther amongst t ome some obscure stocks suggested also alan a process p e of weeding out of undesirable und ble collateral The slump In the th American Ice stocks was ex cx explained by the ue differences developed at atthe atthe t the annual nual meeting The break in the common reached 4 44 4 and the preferred 10 11 with rallies of ot 1 11 and 1 2 li respectively respectively This Incident and the raiding down don of Metropolitan Street Railway 1 I points J caused an n unfavorable Im Impression impression and ad led to the first violent decline after the market had ld fallen tallee into a dish and heavy condition The TIM weak weakness weakness ness then became bece quite uniform aattO m throughout tI the list except that South Southern ern ein Pacific and Union Pacific contin continued tied II very conspicuous in hi the specula speculation tion UDa tim The TIle free selling all aU day da by b the theMar bears Mar led to t a substantial rally reach reaching lag Inc between 1 I ard 2 Z points in the last lut hour boar for the active speculative lead leaders leaders ers era when they covered Oft their shorts aborts The rite exhaustion of the Use demand at the hII higher level however r prompted re itt renewed sewed selling St Paul Paid dropped ab aba abruptly I raptly to 1 the market quick crumbled to about bout the Ute lowest of the t eda day da and Del the closing was wa very active cUye a aM d weak New York Central was al ai also aiR so R notably vulnerable le to the attack made upon It The call aall loan loaa b n rate at atthe atthe t the opening was 6 S per cent and ancI some e loans loan were made above bove that rate but the ruling rate wua was per cent The Thed drop d to below that ate te after alter the prin principal cipal J sI demand had ben bean satisfied 4 was Wall without special significance G The re ie recovery re recovery covery In la foreign ex and the theIn rise in discounts at London were highly significant I nf and nd conveyed an aft intimation tion of the effects to follow fonow an aD undue resort to foreign credit facilities fac tI An Another Another D Dot ot other evidence vl of the dominance of the money situation was wu the sensitiveness 8 of ot speculation peculation to rumors regarding the manner in which are re to be made to t the Panama Canal stockholders ers ore A formulated report Nort of the Intention tion lion of the secretary of the treasury to draw on government deposits de with banks to the extent of 8 to JI 25 for tor this thle payment aggravated the markets weakness Amalgamated and American Smelting showed some strength on the advance in copper and lead and Reading made a temporary advance on a denial of rumors that the III were to be put on short abort time Bonds Do weakened in sympathy with stocks toeD Total sales pay value s it TIM The Tb advance In governments government gave ve ver rise r to unconfirmed rumors of or an In Intention Intuition tuition Watton by b the tile secretary of o the tress treas treasury ury my to buy bonds boDda for the sinking fund d end and net thus release funds tuna to the money market United States new is 48 advanced H and aad the old Is 5 58 and Ss Is registered ft per cent ceat on the last Jut call |