The Montgomery advertiser., 1903-03-19
WALL STREET REVIEW
HOPES FOR A RISE ARE INDuLa.
 ED IN.
Believed That Advances Will Result When the Interior Begins to Send Money Back to
 New York.

NEW YORK. March Is.-stocks Lowed some hardness today and hopes were indulged ulative party which is watching the market closely for a recovery when the interior begins to send back funds to New York and money becomes easier. The few scattering indications of relaxation of the money market did not appear sufficient to induce buying much be- yond me ranks of the professional shorts. who have become uneasy over the cessation of the liquidation In stocks and show anxiety to cover their shorts The cessation of the recent per- sylvania was a particularly favorable infiu- ence in negative way. The advocates of higher prices stand in dread of obstacles to be encountered In the way of selling orders on the part of persons who are tied up in un- marketable ventures and who may desire to % realize on securities with an active market to protect themselves in possible money squeeze late in the year. It has been feared that the recent selling of Pennsylvania was for the project that has come to grief. The recovery in those two standard railroad stocks is there Tore great sentimental influence on the mar ket. Money conditions are undeniably less stringent. The doubt is how far this Is due 10 the liquidation of stocks and the lessened demand for money in the stock market and also to transfer of obligations to the foreign credi- tors whose demands for reimbursement must be met in the future. The advancing course or foreign exchange is a significant evidence of the present tnd of the borrowing from foreigners. The sub-treasury yesterday made another small contribution to the local money supply. Interior banks for some time past have arranged as far as possible for all obli- gations to the Government to be paid to the New York sub-treasury by draft on their New York correspondent banks. The lessened quirement of the Government institution may be accepted in part a more compliant atti- tude the part of interior money centres to- ward New York of todays special movements that in the coalers was due to gossip that the report of the anthracite strike commission pre- scented to the President today would prove to be favorable to the companies The Influence of Sugars advance also came largely from Washington and dealt with the Cuban reel procity treaty. Buyers of Tennessee Coal pro- fessed to have information of very large cur rent earnings.
 Corn products were bought on the declaration of it's first dividend. Southern Pacific fur nished the only sensational feature of the day There heavy buying of the stock in the last hour which carried the price up points, the net gain being only fraction under the top figures. The stock loaned at a premium of
 o8 and there were rumors of important de- velopments in connection with the controversy between the pool and Union Pacific interests Shares of the latter company moder ately active at point gain. Other strong stocks included St. Paul, Reading, Northwest ern and Tennessee Coal. Profit taking toward the end caused a shading of prices and the closing was irregular. In the special classes there 8-point decline in American Ex press.
 The bond market showed steadlness through out the day but shared only to a slight ex- tent in the strength of the stock market. To- tai sales (par value), SI,475. 900. United States bonds were all unchanged on the last call.
 Naw vnrl< SfOrR Yiaf