The Montgomery advertiser., 1903-03-22
WALL STREET REVIEW
ANIMATION FOLLOWS APPEAR
 ANCE OF STATEMENT.
The Professional Element Indulged In Some Profit Taking in In- dustrial Group Without
 Feature.

cation of the weekly bank figures the stock
 market was very dull, but later showed some | steadlness of tone and Metropolitan Rock l Island and Mexican Central were among the
 stocks that moved upward. The activity in | metropolitan suggested 6 continuance of the at l tack upon the short interests Rumors of A | ROCK lsland-Mexican Central combination were not very generally credited and the last ma med l stock was checked in its aGyance bv offarin~s | aggresating 10000 shares The professionai
 clement indulged in some profit taking in cer- | Glh or the standard issues, these Including | St Paul. Union Pacific, Atchison Yesterdav's a | special selling of sugar was renewed The
 dHanu S,snI TOT Fennsyivania was reported to have | uisciosed considerable short interest in that l stock. Southern Pacific, which was lower in London. showed little change in this market
 a, ana was comparatively neglected. Figures | published today show a decrease in Southern
 ac paeine net earnings for January of over S3o7, C Coo, sLouiSville and Nashville was firm and oandoian racine responded only on A slight measure to the keep demand for that stock ln hondon- The report of the coal strike com
 hnSS ti'rSion seemed to have been discounted. the m aru ooaiers exhibiting marked hrmness from tne outset There was trading of any con
 seeuence in the soft coal stocks in spite of the announcement of an advance of 10 per cent. per ton in tidewater prices on April l. The
 industrial group was without feature Gains
 & re registered by Tennessee Coal and Colorado
 fuei. The closing dull and steady The
 rank statement we'll received although
 the loss of cash was somewhat in excess of
 most estimates. Comparison with last week
 nnds the stock list generally higher Eyident-
 " the forced liquidation due to the calling of
 loans has exhausted itself. The demand has
 not extended far beyond the ranks of profes-
 sional bears who were short of stocks and who
 saw no immediate prospect of much further
 decline in prices. The beginning of the week
 saw the pressure on the money market still In
 force. but this was apparently due to the special exigency of the Standard Oll 800 ooo
 900 dividend payment.
 The money market easier The Govern- ments fiscal operations a whole have shown sr,p1a N running m deficit from day to day for the whole or the current month. The fact that practically all customs duties are payable In New fork always has the effect of congesting the Governments requirements upon the New
 hork money market. But for some time mast there has been in addition the practice of in terlor banks to arrange internal revenue pay Hhents que at interior points by drafts upon their New York correspondents payable to the New 1ork sub-treasury. The result has been 10 replenish the interior circulation at the ex- pense of New York in precisely the same way as though shipments of currency were being Inade rom day to day from New York The money pinch here has checked this form of encroachment upon bank reserves along with others It is noticeable. however. that with an easing of the money rate there is a promnt check to the movement of funds to Neui Ynrb This Is especially perceptible in the foreign eexcnange market. in which the offerings of the market was flooded with this class of ex- chahge. Compared with the low point for de- ma. tnahd s.ernng on Monday of last week, there has been recovery this week of more than cent In the pound. There have ben some lnt1mations from foreign leaders that they were not disposed to rush in the condition of over-extended American credits which was the cause or uneasiness to foreign lenders and em- narrassment to the New York money market last Fall. The ratification of the Panama Ca nal treaty by the Senate. although action re- mains to be taken by the Colombian Legisla- i've body. Is believed to give sufficient basis TOT the taking of active steps to provide for the $50, 900. 900 payable by the terms of the treaty Much less apprehension is felt than tpprmerIy tp, or harm to the money situation from this operation, but the fact remains that go considerable a transaction in the exchanR Re market must be handled with great skin to prevent dslocation of the ordinary course or exchange. While opinion the money out | look is thus not entirely clear there Is a well | dehned speculative element which is watchful TOT an expected turn in money affairs as April | approaches which, with the other would uft prices. This element is coSfronted with some Iears regarding the volume of stocks possibly 1 hanging over the market and waiting for an improved demand to get out The large tie-up or capital in unmarketable securities causes tendency to Hquidate in the stocks in an active market to protect holdings less readily fnarketaole Another chilling influence on speculation Is the contest between the Keen and Hartman. Union Pacific. holdings of Southern Pacific.
 From the purely stock market standpoint operators are convinced that nothing but harm can come to the market as whole, however world would not view with equanimity the overthrow of the Union Pacific control of southern Pacific. On the other hand. there is some apprehension over the position of a pool which is commonly supposed to hold 400 900 shares of Southern Pacific at an average cost of 7l No interest attached to the report of the coal strike commission
 The bond market during the week f1uctuated Tn sympathy with the of the stock market, but displayed a better unrierc,irent of vanced A. per cent. as compared with the closing call of last week.