The age-herald., 1902-01-17
SELLING LIGHT
 AND SLUGGISH Positive Strength of Few Stocks
 Steadied Tone IRREGULAR AT closING Current Tendency to Increase Capital Issues Disturbed security-The Money Market Continued Easy
 and Bank Reserves Strong.
IRREGULAR AT CLOSING

New York January 16.-The strength market failed to persist today. With the urgent demand from the shorts satisfied, the buying became apathetic. The selling was very light, but was not well absorbed and the market moved In sluggish and weak way all day. The weakness which was manifest early in the week was not renewed and there was some appearance of support on the decline This and the positive strength of few stocks in the list steadied the tone after declines had made considerable figures and resulted in recoveries. The general level of prices did rot get far from last nights level on the recovery and the market became irreg-' ular again at the closing. There is an ele- ment among stock operators which holds the theory that large reserves of capital are in the hands of investors ready to flow into securities the moment the down. ward course of prices Is seen to have gone far enough This class hoped that the support afforded the market yester- day would resolve the doubts of the own CTS of this waiting capital, and that 1t would flow into the stock market, but the commission houses this morning failed to reflect notable increase in their orders for the execution.
 The opening advance quickly came to standstill. Sharp weakness in Manhattan helped the reactionary tone. that of stock dropping during the morning, to 134A. Spectators in the stock have been fed with the hope that an arrangement for an interchange of traffic with the New York Central was impending as a conse- uuenoe of the disaster in the Park av enue tunnel. As yesterdays statement by the New York Central directors of their plans for terminal improvement gave no corroboration to the reported plan for interchange with Manhattan, the stock was sold freely by the spectators.
 There was much discussion in a general way of the recent new bond and stock issues by various railroad companies and the effect of this discussion was unfavor- able to speculation. Recent heavy out lays by railroad companies from the large current profits were supposed to be a forestallment of necessary changes for bettermerts and to promise future cur tailment of expenses and the consequent maintenance of net profit in future periods of less prosperity. The current tendency tO increase cap1tdl Issues EaB QlSturDeo this feeling of security over the future. The process of piling up reserves in the New York banks which seems to have gained much headway during the week failed entirely to stimulate speculation. The money market continued easy and sterling exchange showed no advance. The maintenance by the Bank of Eng land of its per cent discount rate may be regarded as fair notice Of its in- tentton tc attempt to lift the open mar ket rate. The bank reserve is very strong and the market is practically free of in debtedness to the institution which would prompt It's governors, in their capacity as private bankers, to lower the rate and secure business, but in their semi public capacity and looking to the coming issue of a government loan, it may be incum- bent upon them to take measures to att tract foreign gold to the English money market. There was some special strength in today's market by Southwestern rail- road stocks notably in the St. Louis Southwesterns, the St. Louis and San Francisco and the Texas and Pacific stocks Sugar also showed strength
 Bonds were moderately active and firm. Total sales, par value, 8, 100000 United States bonds were all unchanged cn the last call
 New York Stock Market.
 pv Prfvate Wire to Murphy q Ca