The Montgomery advertiser., 1903-03-24
WALL STREET REVIEW
NUMBER OF CAUSES CoNTRI-
 BUTE TO WEAKNESS.
Belief Prevails That the Banking In- terests Will Disfavor Any Move in the Direction of
 Higher Prices.

NEW YORK, March 23.-A number of causes contributed to the general weakness and
 Chief among these was the belief that banking interests will disfayor any move in the direc- tion of higher prices. This attitude appears to be based on the belief that monetary con- ditions as a whole are not such to war rant even a moderate extension of speculative commitments. London's prices also were lower. the all-around weakness in that market being led by consols which touched the lowest point in thirty years. However, there was one nual report of the Dresdener Bank said that fears of a collapse of the industrial develop ments of this country were rapidly diminish ing Advices from the granger States reported normal March conditions, with @ restriction of the primary grain movement owing to bad country roads, The trunk lines are still able to meet the demands of shippers and the situation in this regard is little changed from that Of week ago. Relief is hardly looked Opening prices in the stock market were lower for the most part and reflected an irregular undertone. but there was little pressure to sell save in the case of Union Pacific. Reces-' sions marked the early course of Rock Island, Canadian Pacific, Arnalgamated Copper. Sugar ana several specialties. while Tennessee Coal. firm. Before the end of the first hour. the market became more nstless and prices drifted row and professional and traders used the low est London quotations as an excuse to sell. There was steadiness in the steel stocks and few other industrials in the middle of the day, but the weakness of Sugar seemed to come from unsettled trade conditions. The de- mand in Amalgamated Copper followed a ces- sation of the recent active manipulation.
 Southern Pacific was cratic throughout, sell ing at an advance of 2h points in the early dealings, but declining later to the lower level Aside from the naming of a date April 3-for tho closing of the books for the annual meeting and additional allegations of bad faith by the minority stockholders. no new phase was injected into the controversy, which is still viewed with some degree of ap- prehension. Following a slight hardening of prices in the early period of the afternoon. when abortive efforts were made to advance St. Paul, another hquidating movement set in and number of issues registered sharp de- clines, some stocks closing at he lowest prices of the day. The drive seemed to be directed chiefly against the Pacifics. some of the grang- and Readings and has the effect of un- settling the general list. London sold upwards of io ooo shares and bought very little. Ex- change was loo lower. but the demand wos light. A further ease was shown in the rate for time lohns and the days business in call money which was freely offered was only mod crate Considerable thought Is being given to the April money movement A retrospect of last years movement shows gains from the inz terior for the first two weeks of that month.
 The bond market was dull and Irregular. Total sales aggregated 2. o4o. 900. Government bonds were unchanged on the last call.
 New York Stock List.