The Montgomery advertiser., 1905-04-01
WALL STREET REVIEW
PROFESSIONAL TRADERS HAD MARKET
 IN HAND.
Controlling Faction Made Little Progress, However, Very Few of the Lead ers BeinG Forced Upward.

New York, March 31.-Today's stock mar ket was in the hands of the professional traders and they made little progress in prices. Only a handful of the standard market leaders were as much as a point away from last nights level at any time. The movement. although very sluggish. was Q clear indication of the conviction on the part of the trading element that the pres ent curtailment of the money market re- sources Is the restrictive influence on speculation and that 1t Is not more than
 Today was expected to mark the end of the period of most urgent requirements April first payments. The trading element seems to be confident that & relaxation of money will follow immediately. The tone while the dread was still entertained that there might be e furry in the money mar ket with the closing day of the month. The comparative tranquility of the call loan rate, which did not get above Az per cent, calued the apprehension and prices i'm proved late in tho day. as had been the case In the same circumstances about every day this year.
 Outside of the professional circle. how ever. there was no stirring of speculative pectation of a relaxation of money after the return of the quarter had its effect on stocks. The estimates of the weeks cur rency movement Indicate that the payments to the sub-treasury which footed up St- 777,000, have been offset to the extent or several hundred thousand dollars by re-
  movement There have been some remit tances from the interior to participate in the Japanese loan subscription. Interior banks evidently continued to make drafts on their New York correspondents to pay internal revenue collections, which accounts for the large absorption by the sub-treasury. There fs nc idea that any contraction of loans has bt>an possible during the week. owing to the heavy demands which have been made in tse money market. The loss in cash will not be offset therefore by any reduction of deposits through decrease in loans. Considering the low level to which the surplus has already fallen in last weeks bank statement. it seems evident that very large supplies for the money market must have come from the trust companies and other sources to have kept the weeks money market quiet and steady has been the case. The bank statement therefore will hardly be looked to as conclusive reflec- tion of the money situation as a whole and 1t is felt that the future course of the money market will depend largely upon th@ readJustment of the volume of loans as be- tween the banks and the trust companias
 A number of industrials and specialties Southern iron merger, the lead merger and the benefit to New York traction companies from future tunnel enterprises settlement of the Montana Copper disputes were some of the specific instances of old rumors which played a new part in the days mar ket. The best prices of the day were touch ed shortly before the close, but were not fully held, the close being irregular.
 Bonds were irregular. Total sales, par value, $5.050,00 United States 3s regular and old As advanced h per cent and new As A per cent on call.
 NEW YORK STOCK LIST.