The Montgomery advertiser., 1903-04-01
' ALL STREET REVll h
HEsITATING TENDENCY TO RE- COVER IS SHOWN.
The Movement Seemed Based on As sumption That Easier Money Conditions will Follow the
 April Settlement.

NEW YORK, March 3l.-The stock marke, showed rather hesitating and irregular ten. based upon an assumption that easier money conditions will follow the arrangement of the ket was still under the influence of the prep aratsons for these settlements and call loan rates were very stin all day. The sub-treas. ury statement showed that the banks have lost to that institution since he last bank sate- ment S2. $46, 900. and there was . small credit balance In its favor at the clearing draft for Ss 900 ooo was presented at the sub. treasury during the day by its fiscal agent and was paid out in cash for disbursement in re- lief of distressed Filipinos. The fiscal agent. through an Oriental branch. is able to dis pense with . recourse to the exchange market. mre and ss e the sub-treasury. The payment over the counter of the sub-treasury serves also to allow the reserves of the banks for one more day fhan would an ordinary sub-treasury operation The disbursement of the Government interest pay drain into the sub-treasury. Foreign money markets showed the same spirit of expectancy of easier conditions and discounts were quot ably lower in Berlin and London The pub lished opinions of leader in the financial world expressing the confidence in the dura- tion of c prosperous condition and faith in the soundness of securities which remain to be digested in the market were much d. gssted. There was no one current factor which is so potent in causing auietness and hesitation over the financial outlook as the ex- istence of this mass of apparently unsaleable matter in the market and the measures nec- essary to protect these holdings are undoubt- edly the cause of the constant liquidation of securities of the highest grade. The procla- nation of faith in the new securities by well . marked effect on sentiment. This. with oc- casional interruptions to the advance. the most notable occurring after the strong open ing when a general attack was made on the list. Sugar yielded easily by reason of the re- ductfon in price of granulated grades and amaigamated depressed of the violent break in the London copper market. The latter Wa proposed SIo 900 900 bond issue, but the weakness of this grade of securities was not as influential in shaping sentiment as the evil dence that support was offered New York Gen. tral, Pennsylvania. St. Paul and the high grade railroad stocks. Doubtless demand to cover shorts played part in the strength. but cessation of liquidation in the high grade in sentiment of depression lately prevalent in the market. The hurries. in the call money market interrupted the advance but 1t did not cause weakness. Call money rose to 10 per cent in the last hour, but the temporary check to the advance was followed by renewed strength and the closing was active and strong and at about the top level. The days gain reached 2@2h points for St. Paul, New York Central and Union Pacific. which were the most conspicuous stocks in the trading. Gains of point more were numerous.
 Bonds were steady and not very active. To- tai sales (par value), S2,690. 900. United States old As declined t and the 3s regis tered and the new As coupon h per cent on the last call.
 New York Stock List.