The Montgomery advertiser., 1903-03-05
WALL STREET REVIEW
BANKS DEsIsT FROM THE CALL
 ING OF LOANS.
Apparently Satisfied with the Powers of Recuperation Shown by the Market-Bonds are Dull
 and Irregular.

NEW YORK, March 4.-The relief to the banking position afforded by yesterdays sharp
 iquida tton in the stock market was manifest @ banks apparently satisfied with the re- cuperation effected yesterday and desisted from further calling of loans. The bears started prices during the morning. but they found they dislodging little stock by offering
 down prices and they covered their short con- tracts. The result was to bring prices back to about last nights closing level. At that point
 proceedings came almost to a standstll. The
 relaxation of the selling pressure encouraged
 resumption of operations by the bull pool in
 Manhattan which lifted them 2% over last
 night and support was given Amalgamated
 Copper. The strength in other local fractions
 and Missouri Pacific seemed to be largely due
 to sympathy with the movement in Manhattan
 A rise of points in General Electric and 8 recovery of Al in Northwestern from yeeter- days wide decline had a reassuring effect upon sentiment. On the other hand there were wide
 rarely active stocks. Adjournment of Congress had very little direct influence, as the princi- pal measures of interest to the financial world were disposed of yesterday. It was argued that the failure of the Aldrich bill left affairs un- changed, and there had been no extensive speculation based on the assumption that would be enacted the bears showed hesita- tion about extending short lines on the score of its defeat It Is evident that the immediate conditions in the money marke tare more re- garded than the hope of the enactment of | this relief measure The steadying of the stock market with the cessation of the calling or l loans by banks proves the assumption that holders of stocks will not sell at the present | level unless compelled to do by contraction | of credit resources. Buyers are restrained by | the same restriction of credits. The action | taken by the United States Steel directors on | the bond issue and stock conversion plan and | the elaborate outlay projected for improve ments had the same chilling reception os | has been accorded similar projects by the rail
 roads, which promised heavy inroads upon the vanishing surplus supply of capital. The | steel stocks made little movement but the | bonds when issued were offered freely on the | curb. Syndicate support was offered for e while at o5, but the bonds were offered down to e2 Sellers argued that the privilege of con- version for forty per cent. of the preferred stocks in the bonds warranted an assumption of parity of market value for the two issues The prospect of action on the Cuban treaty at the extra session of the Senate as we'll as an advance in the price of refined sugar helped sugar. The decrease of 20 per cent. in Janu- ary net earnings reported by Union Pacific seemed to be ignored. The sub-treasury state | ment showed SAYS, 900 more taken from the money market and New York exchange at Chi cago fell back from 200 to 35c discount Call money rose to Al per cent. late in the day and rates for time loans were firmly held. but additional offerings of loan bills in the exchange market caused decline fin quota
 tions there. The market closed rather irregu- lar
 Bonds were dull and irregular Total sales tpar value) Si,76o. 900. United States bonds were all unchanged on the last call.
 New York Stock List.