The Montgomery advertiser., 1903-03-06
WALL STREET REVIEW
AIR OF MYSTERY ABOUT THE
 MARKETS WEAKNESS.
Rumors of Fin sucial Embarrassment in the Dry Goods World are Circulated, But Nothing De-
 finite is Announced.

NEW YORK March 5.-There air of mystery about the weakness of the stock mar fin the dry goods world were circulated, but nothing definite was announced. The direc- tion of the rumors shifted several times dur ing the day. however, which had the effect of dffusing the feeling of distrust and appre hension. This vague ft cling was the most ef- fectual factor in the days weakness of stocks. But tine money needs developed by the situa- tion had their positive influence by the with drawal of credits from the stock market in the shape of calling of loans. The prevailing lightness of money leaves little resources for placing of loans that called. The conse quence was a dribble of forced liquidation This was steady and practically uninterrupted throughout the day The downwatd course of prices was constant, but did not make wide jumps in the active stocks. the recession on the contrary being by successive small frac- tions. But the net result upon prices for the day was serious, reaching from 2 to 4 points for more active issues and over that for some dormant stocks. more notable example of the latter was Wells Fargo, which sold 26E points lower than last months sales The pro- fessional bears closed their short month con tracts at different intervals during the day with the effect of checking the downward course, but the rallies were slight and the market proved to have stamina whatever. The last covering movement of the day was no more effective than the previous ones and the ~lnsing was active and weak with some leading stocks at the lowest Of the day The selling came from all quarters. including Lon don. which sold 40, 900 50. 900 shares in This market during the day. The special weakness
 
 position that fears were aroused by the an nouncement of the incorporation of a company alleged to be under Gould auspices for the construction of a new line to the Pacific coast The heavy decrease announced yesterday in January net earnings of Union Pacific was also assigned as an influence. The Wabash la b>r dispute and strike troubles on the Cana dian Pacific gave vitalt yto the fears of com ing labor troubles which were a real influence on the market. Reports of organization of the structural steel manufacturers to contest the demands for rise in wages increased the ap- prehension this score. The further break in cotton had a disturbing sentimental effect on stocks and the calls for additional margins fin that market had the effect of increasing the pressure for money. The rate for call loans on the exchange up to per cent. in the late dealings. Time loans were prac- tically unchanged. but there was increasing disinclination to put out funds at present rates The sub treasury again took over a half mil lion from the market, bringing the loss to that institution since Friday to over S5, 0oo, GOO, but the treasury report from Washington shows revenue deficit on the days total op- erations of S2 225. 53l. due to very heavy disbursements. There continued resort to foreign lenders of money as indicated by con- tnued offering of loan bills In the foreign mar ket feature of the day the further break in United States Steel per cent. bonds (when issued) on the curb to below 89.
 Bonds were weak in sympathy with stocks. The total sales tpar value), S2 sos 900. United States bonds all unchanged on the last call.
 New York Stock List