The Montgomery advertiser., 1903-03-03
WALL STREET REVIEW
MARKET SOON RELEASES INTO DULLNESS.
Decrease sin the Net Earnings of St. Paul Had an Unfavorable In- fuence on Railroad
 Stocks.

NEW YORK, March 2.-The closing rally in stocks Saturday had some slight influence upon the dealings today. but the advance was insignificant and the market soon relapsed into dullness and neglect and a slow downward movement The decrease in net earnings for January reported by St. Paul unfa- explain it by the high price for fuel which had to be paid. Amalgamated Copper showed some strength owing to the further advance in the metal market both here and in London and Pennsylvania made some resistance to the de- presson Late fin the day again the unex- plained advance in Manhattan induced some recovery in prices, but the closing un- steady and very dull. The money situation con- tnues to weigh upon the market and the pro- fessional traders made the varying rumors regarding the chances of the Aldrich financial Dill, the nominal motive of their operations. against the bilrs chances and this was assigned as the cause of the declines. There was no money to loan on time at less than per cent. today and many lenders were not willing to accommodate any but their regular customers. The ruling rate for call money was 3k per cent. Some relief was afforded by large sales of bankers bills in the exchange market in the process of borrowing foreign funds. Dis counts were easier in London and there was reported expectation that the bank rate would be reduced there this week. But there was suggestive break of l centime in the sterling rate of Paris, which may mean that cheaper money in London will lead to with drawals of French capital.
 The New York banks have already lost S2,- I36 GOO to the sub-treasury since Friday and
 
 clearing house this morning of S344f, 3o5, showing the continued drain of funds there. There rather less pressure, however, upon New York from the interior exchange at Chi cago recovering to 200 discount compared with 4oc discount last week. A contraction of bank reserves is normal to this season and is ex- pected to go further. But the surplus reserve of S5. o5l 300 of the Associated Banks dis closed by Saturdays bank statement is the low est for this season since 1890. Last week s insignificant contraction in loans leaves that item of the clearing house banks still prao- tcally at the highest record in their history. 1t is estimated also that securities lately au- thorzed. but rather more remotely in prospect. run up to over S2oo, ooo. ooo Meantime under writing syndicates carrying from last year being dissolved and tho securities distributed. forcing members of the syndi- cates to resort to the banks for credit to carry them individuals. or to sacrifice their hold ings by forced sale in the market Sales of bondst for February this year in tho stock market decreased nearly S2o, 900 900 in par value over 22 per cent. from the sales of February of last year. These are the condi- tions that keep speculation from the stock market and discourage investment demand
 Bonds were dull and inclined to be easy. To- tai sales Cpar value), Sl.8e5. 900. United States bonds were all unchanged on the last call.