The Montgomery advertiser., 1903-05-01
WALL STREET REVIEW
PROFESSIONALS TAKE PROFITS
 AND PRICES RECEDE.
No Absorbnt Power is shown by the Market, Values Merely Retrace
 the Course of the Day

NEW YORK. April 3o.--some hopes were entertained that yesterdays stock market was today owing to the fact that the professional traders had refrained from taking their profits on the days rise before going home. But the hrst half hour of today's market demonstrated that that operations had been simply deferred. The effort of the professionals to take their profits made manifest that there was no ab- weakly back and showed no recuperative power for the rest of the day. The changes which prompted the buying of yesterday were not changed any essential particular today, but the trad found that buying prompted by the favorable factor. was strictly limited to themselves. The net result was that prices today practically retraced the course of yes terday and left the trading and commission house element in the street more discouraged than hn , ever; The excellent showing of earnings Jersey Central Erie and Lehigh Valley re- ports, which supplemented today by the March convincing of the present prosperity of the aEthracitc trade. owing both to its large share in the trade and the larger proportional in- Reading companies. including the railway and the coal and iron company was shown to be Sl66.4e6 larger than that for March. 1902. pression on the Erie stocks and later upon Reading itself. The March report for St. Paul showed an increase saved for net earn ings of lll.o26 out of an Increase in the gross of S255. 400 while for Union Pacific the increase sin net earnings was S26t .679 leIt rom an increase m gross or SoEZs IfS. These roads and those in similar territory were as little affected by this favorable show ing as the coalers. Missouri Pacific made some resistance, although inspired statements were current which were obviously intended as a preparation for a showing of decreased net
 arnings in March by that system. The re- action in copper and in silver had special influence in weakening Amalgamated Cooper and the Mexican Railroad stocks The wintry weather prevailing in the West and Northwest caused some apprehension of crop damage that might be construed as a depressing fac tor. The weekly review of the Iron trade was not regarded as convincing on the prospec, in that trade and especially the somewhat omnous conclusion that business is too good
 to fight, but that doei not mean that con
 sessions are to go on end1essly and there
 will have to be e tremendous wages read
 notable strength of the foreign exchange mar
 ket indicated tho possibility of further solt
 exports and the retention of the Bank o
 England rate at { per cent. was once more
 disappointment. demand upon It's re
 sources which expanded it's loan account SIP, g 0, 900 Is sufficient indication of the grount
 for retaining the discount rate. The week.! statement of the Bank of France showing al expansion in note circulation of Dearly S33, 900. 900 and a loan increase of over S36. 900, 900 shows another motive for the retention O the English bank rate. considering the larg amount of French capital at present place' in the London market.
 The bond market continued irregular. Tota sales fpar value), Sl.65o,o0o. United State 2's declined h per cent. on the last call.
 New York Stock List.