The Montgomery advertiser., 1903-02-20
WALL STREET REVIEW
TENDENCY TO CLOSE UP CON
 TRACTS WAS DEPRESSING.
Evidence of Rather Heavy Realizing in One or Two Stocks Which
 Have Recently Been Sub-
 jects of Speculative Buying.

NEW YORK. Feb I9.-The normal tendency to close up contracts preceding holiday proved a depressing influence in the market today in- dicating that such outstanding commitments as existed among the traders were on the long side of the market There was evidence of rather heavy realizing in one two stocks, which have been the subject of recent specu- latve buying. and this added to the general tone of depression. The character of the lidui- dalton and the violent decline in Metropolitan Street Railway and in Metropolitan Securities were causes of uneasiness and were accompa- nied by sensational rumors The extreme break in Metropolitan Street Railway which resulted was 3h and in the Securities Company 4 points There were sharp rallies in both stocks late in the day. going to show that short sell ing by bears had been a conspicuous element in the decline. But the depressing effect of the incident on the general market was unde- niable. The active profit takrv in Amalga- mated Copper also left the market without sustaining force. The sharp reaction in the price for the metal in London and reports of a large decline in copper exports for this coun- try for February were the only new develop ments to account for the action of the stock. Missouri Pacific was weak and It's action sug- gested Tightening of the load carried by the pool in the stock London was a seller here. but not to an important extent. The mainten- stringency of money in London have a depress- ing effect there, and some account seems to be taken in foreign financial centers of the threat ening aspect of affairs in the Balkans. The late stifening in the domestic corn market was attributed to the state of affairs in Southeast ern Europe. which serves to suggest that its
 
 ous. Sterling exchange continued to advance today and was not offset by corresponding rise at Paris. thus narrowing the margin from the gold export point. It is not expected. how ever, that gold will go out before Thursday of next week at the earliest owing to transport considerations. The progress being made by the Senate in the consideration of the Panama Canal treaty gives livelier interekt to the question of providing for remittances to pay the purchase prices for the canal A light de- mand for grain made scanty supply of ex- change. The active bull campaign in cotton Is watched with interest in the financial dis trict owing not only to the additional require ments involved for currency, but to the effect of the high price of the article upon the ex- port demand. Yesterdays currency transfers to New Orleans and large customs payment brought the requsition by the sub-treasury upon the money market up to Sl.462. 900, making the loss of the banks since Friday S2,- 436 900. New York exchange at Chicago also fell from l5 to 20c discount today The rally short covering of stocks early in the last hour was not held and the closing was dull and heavy. New York Central. the Fries and the United States Steel stocks showed quite notable resistance to the general depression.
 Bonds became weak in sympathy with stocks. Total sales (par value). s2 oeo ooo United States bonds were all unchanged on the last call.
 New York Stock Hist