The Montgomery advertiser., 1903-03-13
WALL STREET REVIEW
THE MARKET ABANDONED TO
 SEMI-STAGNATIoN.
Oscillation of Prices So Small That the Scalpers Had No oppor- tunity to Make Even
 Small Profit.

NEW YORK. March l2.-The stock market today started out with its recent tendency to vacillating course Is usually towards the ter imitation of a wide price movement, but the arc measuring the oscillation fell to such small proportions today that the room traders became discouraged fin their efforts to scalp a profit and in the end abandoned the market to semi-stagnation. Speculative attention revert ed to special causes affecting individual stocks and today's largest dealings and widest move ment were fin this class. Today there was no evidence of further urgent pressure of hquida- ton and call loans made on the Stock Exchange at 5h per cent. and in exceptional cases at per cent. This was partly due to the release of funds by the liquidation of stocks and partly to the decreased demand in view of the speculative dullness It is clear that such funds as have come to New York and the sources from which they have been drawn show the effect in a tightening of their own money rates as in the case of Chicago The volume of credits has been more diffused than reduced. Wall Street was obliged to ac- cept the intimation received today that the Secretary of the Treasury had decided that not require action for relief by his department The fact is beginning to be better understood that any release of treasury holdings now will increase the necessity of drawing upon Gov ernment deposits with the banks to make the Panama canal payment. In so far as the pay tually in the treasury 1t will go to increase the available cash. As to whether this cash goes abroad in the shape of gold exports or remains here must depend upon the international ex- change situation at the time It is clear that these payments will be available to foreigners. but they will nevertheless increase the supply of loanable funds and maybe an actual relief to the New York money market by borrowing today's report of the exports of domestic pro- ducts for February gave good impression of the growth of the trade balance in our favor show ing as 1t does an increase compared with Feb ruary of last year of over $2o. 900, 900. Corn exports play a considerable part in this show ing, but the increase in value of cotton ex- ports compared with February of last year amounts to the substantial figure of Sl2,- o54. 565. The continuation of the speculative clique in cotton and the heavy selling at the reaction give promise of continued repienish- ments of foreign trade by the outgo of cotton. As for the immediate money situation the sub-treasury yesterday took another half million dollars from the market. There was a deposit of $500, 900 today for transfer to New Orleans and a small sub-treasury debit balance at the clearing house foreshadowed another heavy requirement by tomorrow's statement. There is some anxiety lest the pay ment on Monday of $40. 900 900 of standard oil dividend may disarrange the money market as 1t has been that the funds collected for this purpose have been out in loans and will have to be recalled The stock market closed dull and weak. Of the days special movements the rise in Amalgamated is due to excited jump in the copper market, the stock was lifted appreciably on the declaration of the regular dividend. Union Pacific declined on the call for proxies by the Southern Pacific minority.
 Bonds were about steady. Total sales (par value). SI,7o5, GOO. United States bonds were unchanged on he last call.
 New York Stock List.