The Montgomery advertiser., 1903-03-07
WALL STREET REVIEW
MARKET CONTINUES VERY
 MUCH UNSETTLED.
Final Result Showed That the Ur- gent Pressure of Liquidation Had Spent Itself-Bears
 Seek Cover.

NEW YORK, March 6.-The stock market continued very much unsettled today and tra- versed It's range of prices several times. but the hnal result showed that the urgent pres sure Of liquidation had, spent itself and that the bear party felt themselves at the limit or saIety on the short side Probably the demand rom this element to cover their short con tracts was the principal factor h the late strong ss rally in prices There was, however, uecllnes. Support was evident at the open ing and had an important effect in relieving tne anxiety caused by yesterdays apparent abandonment of stocks to the mercy of the bears The confusing mist of uncertainties caused by yesterdays many rumors Of financial embarrassment was considerably cleared this morning with a reassuring effect upon senti- ment- The money situation. however, showed no sensible relaxation, the call loan rate run ming up to per cent. early in the day. This was the occasion of the first break in stocks; After period of dullness about the level or last nights prices drive was made at the market which carried many prominent stocks Q point or more below last night. The leaders had been as much above on the opening rise. The market seemed to have been sold to a standstill on this drive and made an irregu- lar recovery until near the close. the leaders rising rising again again from to points over faTa tass the close which irregular. Much atten- ton was paid in speculative circles to the against Union Pacincs right to vote it's holdings of Southern Pacific stock at the latter company's annual meeting The exist ence of long standing pool in Southern Pa cihc Is commonly accepted in Wall Street, Its operators and commitments being based upon the assumption of an early refunding operation for Southern Pacific accompanied by inaugu- ration of dividends on the stock. The policy of the Union Pacific control in deferring divi- dends on Southern Pacific and making heavy outlays out of other earnings had come for bitter criticism from the pool interests. These are apparently identified with the movement to contes Union Pacifc's conrol It Is the gen. eral supposition also that the manager of the pool has assumed the leadership of an az gressve bear movement in the general market UvaA hn close today was accompanied by rumors that a truce had been patched up between the con- tending inteersts in this dispute. The quieter cotton market had influence In the recov- cry in stocks. The estimates of the bank statement based the known movement of currency also seemed to have calming efrect for that reason Is not clear. The sub-treas ury yesterday took more than a million dollars from the market. again bringing it's absorp- tion for the week up to S6, 29, ooo This prob ably about measures the loss of the banks on all accounts, the interior movement was ahcut evenly balanced. But last weeks bank statement understated the cash decrease by nearly S4 00o, 900 so that the averages this week may have to make up the discrepancy. The large liquidation ir the stock market points to extensive loan contraction and 1t is known that large credits have been secured abroad during the week but the loan operations havo been to some extent mere shifting from ono borrower to another. The late recovery in stocks, however, pointed to some recovered con- hdence In the money situation; & German oanR- day and sterling exchange was weak under good offerings of loan bills.
 Wheat exports for the wek increased S34, 900 bushels and corn exports Increased 4A9.- 900 bushels. Dry goods imports fell Si .2o4 8 below those of last week! United States Steel bonds sold low S7A (when issued) or within a fraction of parity with the preferred stock. Northern Securities also was largely sold. Inactive stocks continued to show wide declines before market found.
 Bonds moved in sympathy with stocks. To tai sales (par value). S2,7Iocoo United States 2s advanced per cent on the last call
 New York Stock List.