The daily morning journal and courier., 1903-03-03
YESTEKDAY,S STOCK MARKET.
Oulincss, Neglect and slow Down
 ward Movement.

ward Movement
 New York, March 2.-The closing ral-
 ly in stocks on Saturday had some
 slight influence upon the opening deal | ings to-day, but the advance was insig-
 nificant and the market soon relapsed | into dullness and neglect and a slow 1 downward movement The decrease in
 net earnings for January reported by 1 St. Paul was an unfavorable influence.
 Amalgamated Copper showed some l strength owing to the further advance
 in the metal both here and in London,
 and Pennsylvania made some resist
 ance to the depression. Late in the
 day the unexplained advance again in l Manhattan induced some recovery in
 prices, but the closing was unsteady
 and very dull.
 The money situation continues to | weigh upon the market and the profess | sional traders made the varying rumors
 regarding the chances of the Aldrich | financial bill the nominal motive of their operations. The preponderance
 of the days run1ors was against the ! bills chances, and to this was attribut- ed the cause of the decline. There was l no money to loan on time in Wall street 1 at less than per cent to-day, and 1 many leaders were not willing to &C., | commodate any but their regular cus- l tomers. The ruling rate for call money l was 34 per cent. Some relief was af- | forded by large sales of bankers bills 1 in the exchange market in the process If horrOJyiro fornior1 f1yrTs were easier in London and an expecta- | tion was reported that the bank rate
 would be reduced there this week. But there was suggestive break of one centime in the sterling rate of Paris,
 which may mean that cheaper money in London will lead to withdrawals of French capital. The New York banks have already lost $2,136, 900 to the sub treasury since Friday, and that institu- tion had credit balance at the clear ing house this morning of $344,3O5, showing the continued drain of funds there.
 There was rather less pressure, how ever, upon New York from the interior. A contraction of bank reserves is nor
 mai to this season. But the surplus
 reserve of $5, 300 of the Associated
 Banks disclosed by Saturdays bank
 statement is the lowest for this season
 since 1890. Last weeks insignificant
 contraction in loans leaves that item of the clearing house banks still practi- cally at the highest record in their his
 tory. It is estimated also that securi- ties lately authorized, but as yet only partly placed, amount to over $1O0, ,0OO,- 900, while other new issues authorized, but rather more remotely in prospect, run up to over $2O0,0 900. Meantime underwriting syndicates carried over from last year are being dissolved and the securities are being distributed, forcing members of the syndicates to resort to the banks for credit to carry them as individuals, or to sacrifice their holdings by forced sale in the market. Sales of bonds for February this year in the stock market decreased nearly $2O,00O,OO0 in par value, or over 22 per cent, from the sales of February of last year. These are the conditions that keep speculation from the stock market and discourage investment de- mand.
 Bonds were dull and inclined to be