The Montgomery advertiser., 1903-02-27
WALL STREET REVIEW
ACTIVE SELLING MOVEMENT IN
 PROGRESS AT CLOSE.
Majority of the Active Stocks to ? Points Below the Level of the Night Before-Wabash
 Bonds Active.

NEW YORK, Feb. 2e-After a day of in- difference and neglect today's stock market closed with an active selling movement in force and with the majority of active stocks from 1 to points below last night The only man.
 fest new development to cause this sudden
 weakness the adjournment of the St. Paul directors without taking action on the issue
 of new stock. As such action had not been
 certainly expected and as there had been no
 extensive speculation based the stock issue
 the late weakness Is more plausibly explained
 as due 10 a speculative weariness with the per-
 sistent hanging back of prices. This sense. of
 disappointment was evidenced at the opening,
 when 1t was seen that the authorized reports
 St. Louis and San Francisco were without
 stimulating effect speculation. St. Louis
 and San Francisco in fact, relapsed sharply
 to 2i9c below last night on comparatively
 light offerings, and Rock Island after mere
 fractional advance, became heavy and ruled
 below last night for the rest of the day. This
 reception accorded to the most far-reaching
 project of railroad consolidation since the Lou
 tsville deal seemed to be accepted a con
 S SiuslSe demonstration that nothing was to be
 the present. The relief from the pressure of
 selling in Metropolitan Street Railway ale
 viated for a time the depressing effect on this
 conviction. There was demonstration also
 in Wabash preferred, which carried that stock
 up point in face of rumors of the issue of
 an order for strike and of the unfavorable showing of January net earnings. Some of the Iron and copper stocks made some show of resistance to the prevailing depression owing to favorable trade reports. but the whole mar ket gave way at the last moment and sold down rapidly until the weak closing. The uneasiness over the rapid depletion of New York bank ing reserves slightly relieved by today's news of the receipt of $500, 900 fin gold from San Francisco. But the market had to face an offset the news of the shipment of s75o. 900 | fin gold to Buenos Ayres. In the international exchange markets there was a relaxation of | pressure all around, the private discount rate l both at London and Paris going quickly lower and giving ground for the supposition that | the reduction in the Bank of England rate is | deferred for only week. But 1t is feared that l further shipments will be made to Argentine | from here and that Chicago will make further | ket also inclined to be discouraged about | the prospect of action at this session on the Aldrich financial bill. Time money, which is | the true index of the present money situation hardened further today and practically no business done at less than per cent | fo rperiods longer than three months Opinion | was inclined to settle down into the conviction | that extremely conservative banking must be | the rule for the rest of the year. and until | tion. One of the features of the days mar | ket was the wide concessions necessary to find | market for small offerings of some of the ex- | pensive high grade stocks. Chicago and North | western a notable example, the price de- | clnng points on quite fevertsh fluctuations. | The subscription rights to the new stocks sold
 at 3h compared with I5h on the first day | they dealt in last week.
 Wabash debenture bonds made a sharp recov- | cry and gave an irregular tone to the bond
 market, which was otherwise rather easy.
 Total sales tpar value), Sl,975. ooo United | States bonds all unchanged on the last | call
 New York 9tock List