The Montgomery advertiser., 1903-03-11
WALL STREET REVIEW
WEAKNESS OF STOCKS THE NOT
 ABLE FEATURE.
FreeSellinS of Bears Led to a Rally in Closing Hours-Bonds Were
 Dull and Steady.

NEW YORK, March lo.-walI Street made smother sudden reversal of sentiment to-day snu relapsed into gloom. After yesterday s rene1 and disposition to take roseate views or the facilities at hand, for the moment but IL IL began to appear again to-day that the sweeping up of the new resources brought wtnlh reach of the local money market by the rise in interest rates was going on at too rapid a rate. and could not be indefinitely eA.ended. The very large reduction in the outstanding short interest effected by yes terdays enormous buying to cover short con important sustaining marss, 86 VeFy cordingly shifted to the bear side The con ditions were not materially altered from those o,s or .es.eraay, este out extreme sensitiveness was appareht to all suggestions of possible diff cnities: The shifting rumors regarding the a,legSo contest between the speculative peo- pie In Southern Pacific and Union Pacific holdings in that stock were made the in- strument of extensive operations
 Last nights rurnors that an agreement had tradicted and vague intimations were thrown out of coming hostilities. which would threaten Generalization to the stock market. The ahatr offers very little in the way of substantial information and does not reach beyond the realms of speculation Of more suostantial character was the resumption by the banks Of the calling loans. The violent break here and there amongst some obscure stocks suggested also a process of weeding out Of undesirable collateral The slump in the American Ice stocks was explained by the difficulties developed at the annual meeting. The break in the common reached All and the preferred io with rallies of ils raidng down of Metropolitan Street Railway points caused an unfavorable impression and led to the first violent decline after the market had fallen into dull and heavy con- dition. The weakness then became quite uni form throughout the list except that South ern Pacific and Union Pacific continued very conspicuous in the speculation. The free sell Ing of the day by the bears led to a sub stantial rally. reaching between one and two points in the last hour for the active leaders when they covered their shorts. The exhaus- tion of the demand at the higher levels, how ever. prompted renewed selling. St. Paul crumbled to about the lowest of the day and the closing was very active and weak. New York Central was also notably vulnerable to the attack made upon it. The call loan rate at the opening was 6 per cont and some loans were made above that rate, but the ruling rate was per cent. The drop to below that rate after the principal demand had been sat- ished was without special significance. The recovery in foreign exchange and the rise fin discounts at London are highly significant and conveyed an intimation of the effect to follow an undue resort to foreign credit facil- ties. Another evidence of the domination of the money situation was the sensitiveness of the speculation to Tunors regarding the man ner in which payments are to be made to the Panama Canal stock holders A formulated report of the intention of the Secretary of the Treasury to draw on Government deposits with banks to the extent of S2o 900 GOO to S25.- 900, 900 for this payment aggravated the markets weakness. The sub-treasury took from the money market nearly a million and a half dollars and 6 oo, 900 was deposited at the sub-treasury for the treasury at New Orleans Reading made a temporary advance on denial of rumors that the miners were to be put on short time. The bonds were dull and steady. United States new As advanced F and the other A. 5s and 3s advanced F. The market closed weak and cratic.
 Treasury Statement.
 u WASHINGTON. March Io-Todav's treas ury balances exclusive of the Fold reserve show: Available cash balance S22I oo3, ,36I; ; sold C 6,6I6463.
 New Y ork Stock List.