The Montgomery advertiser., 1903-04-02
WALL STREET REVIEW
MARKET DROPS BACK INTO AP.
 ATHETIC CONDITION.
The Professionals are Left Entirely in Control-The Days Develop ments Seem of Very Little
 Importance.

NEW YORK, April i.-Stock market dropped back into an apathetic condition today. It manner throughout the day This was a dis appointment to such spectators as had hoped that yesterdays advance heralded the begin stin call money rate yesterday and the furry to lb per cent, it will remembered, were fg- nored and the buying of stocks persisted in even while the money was at the highest, but the high money rate today was evidently the deterrent influence on speculation. Yesterdays s was based upon an assumption that the corner would be turned today in the money difficulty and that easier conditions would begin with the disbursement of April dividends and i'm terest money. When the call money market was seen to be quite as stiff yesterday there was some selling of stocks by yesterdays strictly professional and the suspicion got abroad that yesterdays advances were due erins by shorts than to any other cause. The days developments were not important and seemed of little influence. The sub-treasury statement, as expected showed that the pay ment of yesterdays draft for relief purposes in the Philippines resulted in making good to the money market the previous sub-treasury drain since Friday. Some further benht to the money market is expected of the payment of Government interest. There is still eonfi- dence that the movement of money in the im- mediate future will be to the advantage of New York in the way of releaes of funds accumu- lated for dividends and interest. A season. able return flow of money from interior points is also expected. But there was perceptible today in the speculative sentiment a recurrence of a fear that heavy corporate requirements are waiting to absorb any increase in credit resources. The disturbance in the loan market today was attributed to the payment of sub- scriptions for Chicago and Northwestern's new stock. At the time money market lenders show a disposition to restrict their loans to within the six months period. the obvious pur- pose being to have the maturities come when the Fall demand from the interior for funds begins to withdraw money from New York again.
 The hearing today of the proceedings to make permanent the injunction against the voting of Union Pachc's holdings of Southern Pacific stock caused a feeling of suspense and de- sire to await the decision.
 There some renewed heavy selling also of Pennsylvania. The dissolution of the in junction in the Wabash engineers strike was the cause of some liquidation in the Wa bashes. Sugar suffered from the reduction in the price of refined grades to meet yester- days cut by competitors. There was vfo- lent and unexplained break in an effective rally. A further decline in London discount rates regarded with satisfaction. Heavy exports of grain made good supply in the exchange market and a sharp break in the cot ton market. 1t was hoped would increase the foreign demand. The market closed dull and irregular
 Bonds were dull and irregular. Total sales (par vaiue). St .s6o.o 900. United States new As registered declined h on the last call.
 New York Stock List.