The Montgomery advertiser., 1903-02-25
WALL STREET REVIEW
THREATENED FINANCIAL
 STRINGENCY HAS EFFECT.
Substantial Recovery of Confidence
 on Party of Wall Street on News of Consideration of Aldrich Bill.

NEW YORK; Feb. 24.-The minds of opera tors Tn stocks to-day were manifestly turned on the money maSket outlook. The significant uP"Hu movement in St Louis and San Fran CISCO and in Wabash preferred had very little sympathetio effect upon the general tone of sne market. The influence of the weak bank s.atement on Saturday and on the develop nents or to-day in money proved more than sunicient to overcome any sympathetic effect rom these manifestations of strength. But m the afternoon when 1t was announced that the senate had taken up the consideration of the Aldrich finance bill. a substantial recovery loss was recovered. The. whole movement was largely professional, but 1t raif aemonstration of the importance attached i1 the nnancial community to everything that promises relief from the threatened financial strlngency of the coming fall. In this con- hecuon any assurance as provided in the Aid rich Dill against withdrawals from the money market by the Government in the collection or surplus revenue, since which there was no session or the Stock Exchange until to-day, was regarded as a rather formidable evidence or the rapid inroads being made upon bank ing resources by large corporation require ments. The very large decrease in cash gives rise to the supposition that the local trust com panies are also beginning to anticipate their conform with clearing house requirements Much significance was attached to the develop ment to-day of quite an acute pressure for funds from Chicago. The transfer of 5000. 900 to that center through the sub-treasury is known to have been largely supplemented with direct shipments by express. It is believed
 
 on real estate operations in Western towns are responsible for this unexpected demand. The extent Of commitments in Western land specu- lation has been the subject of puzzled con1ec- ture in New York for many months. Large ventures were known to have been made in preliminary payments with the idea that fu- ture payments would be provided for by re- sale of property, but that market lost its activity as 1t has fin so many other lines. The extent of the requirements for these supple mentary payments for real estate becomes of great interest by reason of this demand for funds. The local money market hardened on account of these developments and caused a reaction in sterling exchange away from the gold export point. The exchange market was not affected by heavy sales here of stocks for Lcndon account the light seaboard grain clear ances or by the decline in the export demand for cotton.
 It was evident that exchange was affected rather by a cessation of the demand for re- mittance to repay to foreigners maturing loans owing to firmer money. The movement in St. Louis and San Francisco and in Wabash pre- ferred were shrouded In mystery, but specu- lators supposed the two movements to be con- nected. The stock market hypothesis was that a newly secured control of St. Louis and San Francisco carried a threat of competition to the Gould Southwestern system and that the Pennsylvania Railroad was availing itself of this to press for substantial property holdings in the Wabash system on account of the lat ter's trunk line aspirations. The strength of Amalgamated attributed to the further rise in the metal and sugar shares, which seemed to be connected with an advance in the price of coffee. The market closed quite ac- tive and firm.
 There was some breadth to the bond mar ket, but the largest activity was in St. Louis debenture Bs. The general tone irregu- lar.
 Total sales, par value. S46l2ooo. United States coupon As advanced A per cent on the last call.
 N9W York Stock List