The Montgomery advertiser., 1903-03-04
WALL STREET REVIEW ACTIVE LIQUIDATION $ E
 FEATURE. | At One Time Losses of l to 3 Points for the Principal Stocks wtre
 Shown-Abandon
 of Aldrich Bill.

NEW YORK, March S.-~Aettve ifduidation set in in the stock market today, resulting in price losses at one time at from to 3 points for the principal active stocks. There were two Abortive rallies on occasional profit taking by bears but they were not well beld and the lowest prices of the day were touched during the hnal hour. There wss vety sub stantal rally then. reaching from to points for many market leaders due to the general covering of shorts to take profits on the days decline, but the market became unsettled again and closed easy. The practical abandonment of the Aldrich financial bill affected sentiment even at the opening but vigorous supporting orders were distributed in the market, and the decline was effectua1y checked. The viz orous upward movement in Manhattan helped to this end. At this point tho effect of the money situation became concrete by the call ing of loans to a large extent by the banks This forced considerable liquidation and the bears made successive drives against the rnarket to take 1t away from the sellers. The buying demand was so, insignificant even on scale down that the bear tactics were very effective and uncovered large stop orders The setting aside of the Aldrich h doubtless had it's sentimental effect upon money lenders as 1t had upon stock operators. The opera.lon of the Aldrich bill was not expected to anord much increase of money resources to wan Street. but much hoped In the way Of re- lief from depletion of money supplies by col, this source of danger to the money market was enforced by the days sub-treasury statement, showing withdrawal from the market by that institution yesterday of s ,65 900, bringing Its absorption since Friday up to SS SoS JUL There seems to have been an aWakenlng 10 the fact that last Saturdays bank statement understated the decline in cash by about halt so that the effect of last weeks decrease on this weeks bank statement will be correspondingfy aggravated The nominal decrease in loans shown by the bank statement Is also doubted as a true showing of the weeks operations and yesterdays sale of slo. 900, ooo St Louis and Iron Mountain bonds announced, with another So 900 900 supposedly taken by other inter ests Is an indication of the continued demand for credits. The report of a stock brokerage failure in Boston was given a somewhat ex- aggerated significance by the connlvance of the bears and was a material factor for a time fin the weakness. The showing made by the railroads in the January reports of net earn ings Is proving a heavy disappointment as confident hopes have been indulged that the h. crease in freight rates in January would re- suit in largely offsetting tho growth of operdt- ing exl tnses. Manhattan was well supported throughout and the declaration of the usual dividends caused a show of strength In Sugar. Reports of a strike on its lines east of St Louis made the Wabash stocks conspcuously weak but the news of the injunction aganst the labor men caused a particularly efeftiVe rally fin those stocks There were wide decline in a number of high grade seldom active stocks and the closing bid prices showed some still more notable recession in stocks which We're not dealt in.
 Bonds were weak In sympathy with the stock market. Total sales (par value). S2.7oo Ooo United States bonds were all unchanged on the last call.
 New York Stock List.