The Montgomery advertiser. [volume] (Montgomery, Ala.) 1885-1982, 1902-03-15
WALL STREET REVIEW
MOVEMENTS IN
OBSCURE sPECIALTIEs.
The Important Stocks Were Neglect
ed and Apparently Were I'm
movable-Rise in the Rate
on Call Money.

NEW YORK. March t4-There wa. some re.
markabie movements today among the obscure
speeialties. but the important stocks were
neglected and practically immovable. Some
important developments in the money market
forecast OF movement Of currency of the
week which promised to wipe out entirely
the slender surplus reserves OF the banks.
The rise In the call loan rate, about per
cent, the highest of the year. indicated the
pressure upon the money supplies. An an
nouncement during the morning of addi
tional deposit of half a million dollars at the
sub-treasury for transport to San Francisco
emphasized the influence of the early drains
reported. Altogether the banks were shown to
be losers to the extent of upwards of So
ooo. 900 since the last bank statement. inciud-
weeks bank statement. it will be remem-
bered showed surplus reserves of only S.,
So5.425 During the day there came very
heavy offerings Of Government bonds at the
sub-treasury for redemption. This was the
effect Of the withdrawal of the Governments
offer to redeem bonds after tomorrow. The
total redemptions today ran up to So, ATS, 55A
and as the payments are In cash. they will
SHOW for one days .,a aysrase in tomorrow's
to the fact that Standard OIL dividend of
$50 Per share is payable tomorrow. involv-
can hardly be without effect on the money
market The increased pressure for money
today also led to removed borrowing In foreign
markets which the exchange rate yielded q
fraction. Light was thrown on the prevailing
scarcity of commercial bills in the exchange
market by the statements of February exports
crease compared with last February OF So
677.966. notwithstanding an increase in value
Of cotton exports of S2.354.27e. The state
ment of grain exports for the past week shows
continuance Of these conditions. the outgo
of wheat falling to below 8, 600. 600 bushels
and the corn export showing only nominal
figures. compared with the corresponding week
Of last year. Repayment of foreign obliga-
tons by gold exports is only to be avoided.
therefore, BY falling back foreign credits.
OF other developments. the settlement OF the
Boston stock was fairly interpreted although
some uneasiness still prevails concerning the
settlement Of the yearly terms with the an
thracite miners. The increase In the Southern
Railway preferred dividend had been expected
with great confidence. but the stock of that
company advanced on the announcement which
also served to check a selling movement In the
general list There were very sharp
iapses among minor stocks which have been
recently advanced on rnmors Of consolidation
and absorptons. but there were other strong
points on similar rumors. The violent advance
in the Westinghouse Electric stocks light
transactions had nothing in the way OF news
to account for it, The Gould group Of stocks.
>led by Manhattan were in notable demand with
striking gains
The Wabash debenture BIS were active and
strong: otherwise the bond market was quiet
Total sales tpar value). So, s95. 900. United
States new as declined u. the old AS Il and
the SIS Z per cent on the last call.