The Montgomery advertiser., 1903-02-11
WALL STREET REVIEW
STRENGTH AND ACTIVITY NOT
 WE'LL MAINTAINED.
Movement of the Day Strictly Tact ical and the News Had Little Effect-Call Money in New
 York Continues Easy.

NEW YORK. Feb. Io.-The spirited strength and activity with which the stock market ,I epeneo today were not maintained and the tone or the market became gradually more re- actionary and at last easy at general net de- ciines running to point or more in few or the leading active stocks. The most promi- bent of these Wabash preferred, in which so much of yesterdays strength and activity centered. This fact made the speculative sem became very obvious this morning that there was very large selling going on of Wabash preferred under cover of the new strength The suspicion got abroad that the apparent &C., tive demand for these stocks and the show of strength which this gave to them was due rather to skfllful manipulation by the specu- lauve pools having them in hand than to any sudden realization of their value at present gIlces T on the part of a widespread public tactical and was little influenced by any of the days news. The size of the individual orders in Rock Island for which the accepted unit seemed to be ,ooo shares, gave an arti- hcial appearance to the movement in that stock so that 1t had little impression sentiment eral reaction which took hold of the market during the course of the second hour. The support of Missouri Pacific had no better sue cess In restoring the tone of the market. The Atchisons were accorded their turn In the ad vance and among the specialties Amalgamated Copper, Peoples Gas. Brooklyn Transit and American Smelling were conspicuous. Sterl- ing exchange continued to advance and London to sell stocks here, but these factors were no more prominent than during yesterdays strong market Call money continued easy and an advance in sterling at Paris sufficiently offset the rise here to keep gold exports beyond prof ttable limits. The sub-treasury took nearly SI,- 500, 900 from the banks on yesterdays opera tions, washing out the previous gain from that institution and establishing net loss of S42. 900 since Friday. These figures caused some calculations to be made on another un- favorable bank statement for the weew, but call loans were made at a lower average than yesterday and there was increasing ease in securing time loans. The bill introduced yes- terday by the chairman of the Finance Com mittee of the United States Senate for liber- alizing the provisions for deposit of United States funds with national banks was consid- cred an important influence fin the opening strength of the market The acceptance of other than Government bonds by the Secretary of the Treasury last Fall security for Gov ernment deposits Is believed to have been the saving factor during the money stringency The provision allowing the proposed Panama canal construction bonds to rank with the 20 per cents. as security for deposits and cfrcu- iation will afford another important relief from possible money stringency. The coming requirement for the payment of $40. oo0. 900 to the Panama Company shareholders makes these means of relief of special importance The approach of the Thursday holiday may have had its influence upon the realizing move- ment of the day.
 The bond market continued irregular. Total sales (par value). S3. 56o. GOO. United States new As registered and the 2's declined per ent. on the last call.
 New York Stock List,