The Montgomery advertiser., 1903-03-18
WALL STREET REVIEW
MARKET LEFT IN HANDS OF
 PROFESSIONALS.
Southern Pacific the Dominant Feat ure in the Trade of the Day. The Bond Market is
 Irregular.

NEW YORK. March I7.-Today's stock mar ket was entirely in the hands of the profess sional operators and these for the most part of the smaller class. The whole market was dominated by Southern Pacifcl The manifest support for that stock and the cessation of yes terdays pressure against Union Pacific caused check to the early selling here and a grad ual recovery ensued Late in the day Southern Pacific. Union Pacific, St Paul and one or two leading speculative stocks were a point above last night The realizing at the last took the top of prices and the closing easy. During the unsettled period of the morning there was continued pressure to sell New York Central. carrying that stock down almost a point. The persistent slow liquidation on this stock has very depressing sentimental ef- feet on the whole market It is variously ex- plained as being due to sales against expect ed privileges to subscribe the stock the general conviction that with money at 6 per cent high grade railroad stocks on too high price basis. New York Central recov- cred with the rest of the list and there were SC sharp rallies from recent depression in Northwestern, the local gas stocks and num- Der of specialties. Reading was center of some possible strength which was attributed to the expectation of favorable showing in February net earnings. The renewed advance in the London copper market led to revival of the demand for Amalgamated Copper. The recovery in the Pacifcs was followed by the announcement that the speculative pool in Southern Pacific had been extended from April ], the original date of its maturity, to April 10. Speculative sentiment seemed to be as much confused as by this announcement as by the previous moves on the part of the pool It has been feared that the coming dissolu- tion of the pool would lead to the throwing over of some heavy offerings of stock On the other hand. Its continuance will involve the further tying up of large credits. The exten- sion also has the tendency to increase the weight from a stock market standpoint of the litigation instituted on behalf of the pool against the Union Pacific control of Southern Pacific. Some favorable effect was produced by the conference undertaken by the officials and employees of the New Haven System for an adjustment of labor dispute Money was somewhat easier with per cent the maxi mum rate for call loans and a decided soften ing of the market after the principal demand had been made. The sub-treasury established a gain of something over a hundred thousand dollars from the banks since Friday. thus wip- ing out its contribution of yesterdays local money supply, but the rate of absorption by the Government Is much less than 1t was last week. On the other hand, there was a very substantial rise in the foreign exchange rate. With the return of the money pressure here and a hardening of money rates in Berlin and Paris there Is said to be less interest induce ment for the placing of foreign funds here. For whatever reason the following foreign ex- change is now practically bare of loan bills so that the demand for remittance has been sufficient to cause material advance in the exchange rate.
 The bond market irregular. Sales tpar value). SI.lo4. 900. United States bonds reg istered 3Ia declined on the last call.
 New York Stock List.