The Montgomery advertiser., 1903-04-26
WALL STREET REVIEW
PROFESSIONALS HAVE THE
 MARKET TO THEMSELVES.
The Outside Public Continues Fro foundly Indifferent to the Do-
 ings of the Stock Exchange. The Eastern Outlook.


 The Eastern Outlook.
 l NEW YORK, April 2s-Today's stock mar | Ret rave abundant evidence that the profess sional traders had 1t entirely to themselves.
 5n 5ne outside public continued proIoundiy m m | dineient to the market. The disposition Of the professional traders plainly was to get out or tneir holdings of long stock Some stress Was | iaid on the gossip of the street upor rear | that the situation created by Russa's new demands In Manchuria might develop crisis But the Government securities of the nation crisis might become acute over Sunday. l Of more immediate effect was the renewed | weakness caused in Metropolitan Street Rail way by the yelled intiinations of matter Tor investigation by the district attorneys office ! in the affairs of the corporation. Metropolitan street Railway itself dropped points Metro I poiitan securities and inc other ioca ltrac- tons point or moro In sympathy. The mar 1 pearaEce of the bank statement, which was regarded as favorable. although the cash in crease did not equal the maximum estimates oi yesterday The loan decrease of S4. 200 l contributed to raise the percentage to re- serves to deposits the surplus rising S4e77,- s2S to Sio. o.Se5.4575. As there has been con. siderable liquidation during the week of local ooltgatfons to foreigner lenders which prob ably involved rebonowing from the local banks the loan decrease gains additional significance. The strong weekly statement of the Imperial Bank of Germany today completed the record Tor the great foreign banks of effective re- cuperatfon. Prices of stocks rose on the bank statement, but rather eager desire to sell at the advance carried prices backward to the lowest and the closing active and weak with net losses of a point or over for the principal active stocks Prices have moved in halting and inconclusive manner in the stock market this week. although the level was at ono time considerably above that of last Saturday. The granting of a stay by the
 Circuit Court at st. Paul of that portion ,,. or .ies Company, which enjoined the payment to 1t Of dividends by the constituent compa- nies. was surprise to the speculative element Street, upward movement which was begun on the day after the demoralizcd trading induced by the original judgment. This upward movement has been clearly reco gnZed as technical re- covery from the excessive depression on the decline. The real test of such a market is looked for after the covering operations by bear traders are completed A violent slump in prices invariably invites large sales for the short account and also considerable unloading for the long account with the purpose of re- covering the stocks at lower level of prices. There has been a speculative party in the market which has embarked In operations for the long account since the decline on the pre- sumption that the unfavorable factors in | volved Tn the Northern Securities decision were adequately discounted by the spasmodic decline immediately after its announcement.
 This party has argued also that requisite H. | oxidation for the future security of the money market was affected at the same time. The immediate condition of the money market has come to be So easy to facilitate the opera | tions for advance As a matter Of fact the I formation of various pools by professional op- | orators and their activity in efforts to ad-
 
 ] in the price movements of the week. factor l in lifting prices which was real, although somewhat humorousy regarded by all observ- l CTS was the half sentimental and half su- | perstitious desire of the members of the Stock | Exchange to see the first business in the ex- changes new building done on rising scale | of prices. But another party amongst pro- | fessonal traders has been on the alert for l oppo ortunties to sell stocks at an advantage 1 and so commit themselves to an opinion in | favor of a renewed decline. This party pro- | fesses the conviction that the recent recovery l. 1,,a t,nG, and fc fhn | precursor of another and longer decline. As l the market has been made up almost entirely | to dwell upon this at length in considera- | tion of the essential condition of the market. It does not appear that there has been any large outside demand for stocks such as Is | looked for to take up the. large undigested mass of securities which Is the real burden | of the market. It is also evident that the easier condition of money has relieved the ne- cessity of liquidation of stocks which pressed l upon the market for time without regard | to the level of prices There some evil | dence of investment buying of stocks at the
 recent low level. but 1t seems evident that sell | ing orders overhang the market which are | reached any considerable advance. The | tide of travel away from Well Street on the l part of some of the powerful personages in | finance serves a discouraging influence upon | those who look to such quarters for oader- ship in buying movements. There can be no | doubt that an important factor In causing | ho sitaton Is the ulterior possibility of the application of the principles of the Northern | Securities decision at large. The greatest in | | show the plans of the legal development of | the Government in the further provisions of
 the antitrust law The opening of hearing | by the Interstate Commerce Commission of | charges suppressing of competition by the an | thracite coal roads has been interpreted by | Wall Street as an intimatlon that the coal
 roads would be the next object of procedure | by the Government The special heaviness | shown in that department of the stock list has | relaxation of the money market due to the | customary refiux of funds to the reserve cen- | issue of the Autumn requirements for money | and the inevitable effect of shrinking bank reserves upon stocks. The returns to the Con | trolleT of the Currency under the recent call | for condition of national banks as of April | are scanned with eager interest for tndca- tions of the banking situation in the country 1 at large So far received these returns show an average tendency for the country throughout towards lower percentage of re- serve deposits than the case either on Feb. 6 the date of the last call or on April 30. last year, tho nearest corresponding date Pa lama canal purchase Is still an undeter- mined problem in its effect tpon the money and foreign exchange markets. The excellent
 reports of thu Winter wheat crop, good reports of railroad earnings and reports from all quar- ters cf active and healthy business conditions have rnl been unconsidered but have not suf- fccd b carry prices of stocks upwards. The decision of the Interstate Commerce Com
 mission against :he reasonnbleness of present rates from Chicago to New York touches spec uiatve sentiment sharply owing to the i'm portan,e attached to advanced rates for off- settinf the increased cost or operating ex- penses.
 Bonds have fared rather better than stocks in spite of dull market. Some buying If
 bond issues and of 4 per cent. railroad bonds selling below par has been noticed. United States 2's and old 4's coupon declined < per cent. the 3s registered and old As registered II pc rcent. and the 3s coupon ai per cent. The As advanced + as compared with the closing call of last week.
 The Financier's Statement.
 NEW YORK, April 25.-The Financier this week says:
 One feature of the official statement of the
 New York Associated Banks last week decrease of S4, 592. 200 instead of gain in ioans, the latter having been looked for a the result of moro liberal offerings of money
 by the chief leading institutions this week. This loss. however. may have been re- fec;ion of the previous weeks business when there large liquidation of speculative ac- counts thc Stock Exchange while contrary to expectations the official statements of the
 bnrks that week showed an important increase
 In leans. The banks gained S5. 5o6, co in cash. of which S5 BOP 500 consisted of specie.
 Th.s gain smaller by S625. 300 than
 that which was estimated from the traceable
 movements of money during the week. The
 discrepancy may ne accounted foF In great
 part however. by the average system of tho
 banks. The average gain for the fortnight as shown by the official tatements was S4 6S. he EaWs-