The Montgomery advertiser., 1903-04-19
WALL STREET REVIEW
NET CHANGER GENERALLY ARE INSIGNIFICANT.
Rebound in Metropolitan Traction at the Opening Helped the Tone For While--Ths Market
 Dull and Marrow.

NEW YORK. April I0--Today.s stock mar ket was but dull md narrow affair and the net changes are generally insignificant A vio- Street Railway helped the tone for a whiis as the unsettling effect of such weakness as soun,sa wss ssowr n, by this stock yesterday Is dis proved to be du, to bear orders to cover and snc nisner price was maintained for only an and the sharp selling movement in Readine unsetuen prices and turned the trend down vsrd. Reading dropped about 2 points The sition thai the anthracite coal combination VII oc the next object of legal process under tne anti-trust law by the Government. Other notably affected. The professional traders who made up the market commenced to cover their snDas srgss cVh,racts h before the bank statement appsaIed. put the selling was renewed on the publication Of the statement The disappo.nt- ing thing was that of the average Ioans which severe liquidation of the week had given r,ss to hopes of large loan reduction The show Ing Is complicated by the merger of two panks and an increase in capital of another which made requirements for loans without a corresponding effect on deposits The cash Incieas' is about as expected and the surplus market rallied and closed steady and very
 Southern Pacific and Missouri Pacific showed some strength and benefit from the good re- ports pa from the earnings for the second week in
 Foreign exchange was firm under a con- tinued demand for remittance. but money was reported easier fin London. The weekly state mont of the Imperial Bank Of Germany and German loan were regarded as gratifying evi- dences of the abundance of funds at that
 This weeks stock market had turbulent and demoralizns beginning and developed a strong recovery by mid-week. It became quickly manifest on Monday that the last half tAh ks.x.. h. Stock Exchange had had no session. had failed to show the full effect of the Northern se- to violent liquidation i ail day M Monday. ''isa in, nuenced ,s by a drop of more than points in the price of Northern Securities in the curb market Great alarm was expressed on Monday as to the far-reaching consequences of this de- cision on existing arrangements, and relations in the railroad world besides the immediate consequences to flow from the dissolution of the Northern Securities corporation Itself. It was feared that dividends would have to be suspended on Northern Securities in any event and the action to be taken by lenders of money where Northern Securities stock figured as collateral was decaded. Another ground for control of the company might result of an exchange of stock for the preesnt Northern securities stock, In view of the considerable supposed to have been effected. But beyond this special application of the decision lay broad field for conjecture as to its possible bear ing on the whole question of holdings of rail- road stocks by competing railroads. The Union Pacific holdings of Southern Pacific the New York Central holdings of the subsidi- holdings of Baltimore and Ohio and Norfolk and Western and the Baltimore and Ohio holdings. jointly with the Lake Shore of Reading as we'll She condition of centralized control in the anthraclte industry and the supposed Rock Island control of St. Louis and examples which it was feared would be in- terfered with. Many other projects of combi- nation and capitalization have been understood n la afufAT tta Northern securities case to be pushed to a consummation. The first impression of the de- ground was cut from under a very large extent of existing financial arrangements. The not able causes of declines in the stock market during the week Is undoubtedly due to the perception that the long previous decline In prices has been due in part to an app.ehe sion that the Northern Securities organization would not stand the test of judicial proceed ings. There has been perceptible a growing impression in the financial world that the in part for the manipulation of stocks and helped towards the conditions of congestion in the securities market which is regarded as the leading unfayorable factor in the present stua- tion. The condition rof the money market which has resulted has operated itself as an automatic check upon new financial projects promise that future corporation and syndicate demands upon the money market win be cur tailed The policy of purchase of control of railroad properties at extraordinary prices, with issue of new securities on the collateral security of the purchased stocks is felt to have limit of safety and wisdom which there was danger of overstepping in the course which the process was taking before the check was applied. furthermore the growing diff cuity of marketing new securities has taken the edge of the formerly prevailing appetite for buying control of railway propertiea.C q
 Security for railroads left out night in the phrase of a prominent capitalist during the Burlington purchase is no longer q matter of such solicitude and even minority holdings of comparative nature felt. The culmI- hating slump on Monday following the pre- ceding long decline was felt to preparef She matter theoretically so that professional op- orators have largely covered their short con- tracts and in some cases have gone long of the market The growing ease of the money sup plies facilities for speculation, and the exten- relief of the money market. The first Govern ment reprt on the Winter wheat crop made such an encouraging showing of condition and acreage as to warrant a presumpt.Cn of large holdings and railroad earnings reported during the week have shown remarkably well. The expansion of exports and the outeo of grain continues to furnish a good supply of ex- change. With the growing ease of money here there is a good demand. however. for exchange which is obviously due to resumption of the repayments of foreign obligations, which is an Insurance against further pressure from for eign sources upon the New York money supply The upward course of prices has been pursued with some caution and with watchful atten- tion for symptoms of attempts to realize on the advance.
 Bonds have moved in sympathy with stocks and have not been notably active. United States old As declined per cent, the new cent The new As coupon and 5's coupon ad- yaEced "A per cent.