The Montgomery advertiser., 1904-03-22
WALL STREET. REVIEW
TEST OF CHARACTER OF LAST
 WEEKS STRENGTH.
High Monday Opening One of the Bad Signs to the srperstitious Operator of Wall Street.
 Market Languishes.

NEW YORK. March 1.-The movement of todays stock market was in large part working out of conditions estaohsneu last week rather than response 10 any events bearing on values The acton or the market today was looked to as sort or test of the character or last week strength. The opening of a weex follow ing such an advancG as that oi iast ls likely to show an accumulauon ot DuynB orders in commission houses as result or the larger intervals Of the Sunday not' iday, the special influence of weekly let ters from Wall Street houses to thelr clients and the natural disposition to sum up results with the turn of a week. Mon day morning Is, therefore. looked to Tor evidence of how far speculative move ment has interested the outside pubic: But for the very reason that stirring or public interest in the market Is likely to make itself seen first on Monday morn ing. the professional traders long or stocks are keenly awake to realize any profits accruing on their holdings by the absorptive power of tn. Monday demand. This Is so generally the case that high opening on Monday is one Of the unfa- vorable auspices in the half-superstitious creed of the professional operator in Wall Street. The rule proved itself in most details today. The bouyant stock market of Saturday seemed to have resolved the doubts of many skeptical observers, and there was sufficient demand to cause higher opening this morning and to sus- tain prices firmly, though without further advance, during the active market of the first hour. Thereafter the market lan- guished and attempts to renew the ad- vance met with indifferent success. There had been large realizing besides -con- siderable interest established on the short side. The preponderance Of the profes- slonal desire was therefore. for reac- ton. and there was not sufficient buying forthcoming to prevent. The heavy pres sure to sell United States Steel preferred was of especial influence in bringing kf.A ed for by any news of change in last weeks outlook in the trade.
 Rumors of cut in price of steel billets were denied. Further rains in the winter in the early market, but did not save them from the late reaction. There was sufficient demand for Northern Securities to lift 1t nearly three points over Satur- losses. by stockholders in the dissolution of the company. Thtsrecovery In the cot ton market was a safeguard against fur ther damage by speculative losses there. was, of good news on Saturday. but they were taken advantage of to sell today. The announcement of ten million dollar stock issue by the Cleveland and Pitts burg on the Pennsylvania's guarantee of dividends was a notice that the capital expension of the Pennsylvania system is still in progress and was of rather chin- ing effect, but not especially so upon FehnSylVdnla lCSeIT. western rallroad OLs f1cials spoke in rather cheerful terms of the traffic outlook. but their influence was overborne by the assertion of Presi- dent Mellen of the New Haven, that there had been a slump in New England to d degree that called for curtailment in rail- road service. Conditions In the money market were unchanged and were with out effect on the stocks Bonds moved in sympathy with stocks. The United States Steel second 5's were sold heavily in the late dealings, together with the preferred stocks. Total sales, par value. $2,655, ,0O0 United States Is advanced Is and the old fs 1-4 on call.
 New York Stock List.