The Montgomery advertiser., 1903-03-17
WALL STREET REVIEW
SATURDAYS FEELING OF EN-
 CoURAGEMENT DISSIPATED
When Call Money Reaches 2 Per Cent. the Bulls Begin to Throw Stocks Overboard-Eviden of Considerable Liquidation
 by Tired Holders.

| NEW YORK. March Ie.-rhe feeling of en- couragement professed on Saturday over the money situation indicated by the bank statement was dsspated today When call money rose to per cent. the discouraged bulls began to throw over stocks and there was evil dence Of considerable liquidation by tired holders. Prices went down very easily and there was no appearance of effective support o,Hl Sntii t sudden upward spurt in Southern Pa up of this stock to 63 was so characteristic of the drastic speculative method of the manager or the pool in Southern Pacific that the shorts took fright and covered hastily in various parts or the market. Union Pacific shared in the Iate rally as Southern Pacific had done in the carry weakness. There was a manifest em- parrassment in the supposed efforts which were making all day to depress Union Pacific and support southern Pacific. Spectators assumed tnls purpose on the part of the pool in connec- tion with its suit to prevent the diversion of southern Pacific earnings away from dividends are unsettling influence on the speculation on account of the important questions that may arise regarding the control of competing lines oy ownership of stocks held in the treasury or railroad corporation. The progress of the young on the stock question on the part of the smpioyes Of the New Haven system served to heep aiive the labor question in the mind of the speculative public. The progress of the spring season gives constantly occasion Tor the consideration of this subject by reason Of new demands for higher wages and disputes growing out of them. This Is a wide reaching influence for depression in the present temper or speculation. The proposition for New York to provide its own street lightning plant caused further sharp losses in the local gas stocks. The selling pressure seemed particularly severe against New York Central. for what reason was not disclosed. A decline of points in New York Chicago and St. Louis preferred from the preceding sale marked the continued diff hculty of finding a market for dormant se- curities. It was hoped that the success of the banks last week in keeping within their legal reserve requirement would lead to quieter money conditions this week. The absence of violent disturbance in stocks last week in spite of the Si 900, 900 loan contraction ef- fected seemed to be regarded encouraging. There was a monetary effort, in fact, to pull up prices and some progress was made in the case of Reading. Wabash preferred. Louisville and a few other stocks. The disbursement of the Standard oil dividend today seemed to be without effect in relieving the money market London sold stocks here and sterling exchange advanced, both of which were factors in the weakness of the market. The fact that the week starts with a slight gain for the banks on sub-treasury operations afforded but mild satisfaction. The rally in the market was CO., incident with the arrival at his office of leading individual in the financial world after a vacation. Although the motive which prompted the professionals to pursue this course not disclosed.
 The bond market was weak in sympathy with stocks. Total sales (par value), $l,675, ,oSS. United States As registered advanced h per cent. on the last call
 New York Stock List.