The Montgomery advertiser., 1905-03-30
WALL STREET REVIEW
NOTABLE UPWARD PRICE TENDENCY
 ON EXCHANGE.
Was in Great Contrast to Downward Swing in Stocks Which Had Previously
 Taken Right of Way.

New York, March 2s.-Prices moved up- ward again on the Stock Exchange, ana downward swing which has been in prog ress since the first of the week.
 The average level at the iow point yes @ covery set in last week. Such renewed re- sistance at a similar price level has great significance ascribed to it demonstra. ton of fixed level where resistance be- comes effective. If a downward movement
 breaks through the level of a previous de. cline made shortly before, it involves the impairment of margins and the uncovering of stop loss orders in addition to those which were reached on the Immediately preceding decline and is therefore likely to be sharply extended.
 With the power of resistance developed anew. the professional party of reaction Is likely to conclude that their efforts at de- pression have been defeated and to desist.
 The recovery did not extend very far at first, and the animation died out of the market to a marked degree. The specu- lative demand was restrained by the imme- | is such as to threaten convenience to bor- rowers unduly extended and dependent on
 call loans The immediate influence on the scriptions for the $75.o0o.000 installment of the Japanese loan Whatever precautions may. be taken to avoid disturbance in the placing of subscriptions it is obvious that with the books held open for several days there will be necessary tieing up of the a deposit to be held until the '' awards are
 made. It was believed in the banking world | that at least $7,000,0o or $s.O00.000 would
 thus be involved. The call loan market to- day showed the effect of this preparation in the per cent rate, at which money
 loaned even early in the day It was re ported that large subscriptions are being offered here for European account and the transfers of credit in anticipation may help to explain the recent large decline in the exchange market here.
 Peace rumors were again a decided In fiuence in the worlds security market and London was a buyer here as reflection of | this influence. The same influence served | to check the advance in the exchange mar
 s ns question h IS s % tns inc volve the withdrawal of gold the de-
 mand of the Japanese Government The ment was an additional incentive to buying for London
 The Canadian Pacific group made another
 strong demonstration. although the only news bearing on them was the very favor- able statement of net earnings for Febru- ary by the parent company. Reports from the coal trade indicated large orders placed for anthracite for reduced prices that go
 into effect April I, owing 1t is said. to the | sible mining troubles.
 The announcement of the Pennsylvania | bond issue was according to expectations and the cooperation of the underwriting of the two great banking houses which are most representative of the rival lines of di- vision in the railroad world was of decided effect on sentiment as a sign of the har- monizing of interests. This consideration gave renewed force to the late suppositions | and It's consequences. Union Pacific re- bounded strongly a result and this had l a notable sympathetic effect on the whole market.
 It had been feared that there would be a | furry in the call money market late in the day; when this failed to develop the market | took on new strength and animation and went to the best prices of the day The | closing, however, was irregular and rather | dull.
 The striking advance in the Wabash de- benture bonds on the contention of a committee of bondholders for an exchange | into a fixed interest bond was the feature | of the bond market. Total sales. par value. $3. 090. 900. United States 3s coupon ad- vanced | per cent and the new 4s per cent call
 NEW YORK SHOCK LIFE