The daily morning journal and courier., 1902-01-22
Ftmanrtal
THE STOCK III 4 RK E1,
Movement of Prices Sluggish and Nar-
 row

| movement ot EEtctS SiNASashi hsfu NuA
 row.
 New York, Jan. 21,-To- days stock
 market had the same appearance of 1n- digestion and somnolence which has
 been growing upon it of late. There
 ment. The movement of prices was ex-
 ceedingly sluggish and narrow and the
 volume of dealings fell away further
 The net changes are small and mixed. To understand the character of the | market it is necessary to look to the general conditions and to contrast them | with previous conditions. A compari- | son with this time last year is with a
 period of constantly developing pro- | jects for combinations and centraliza-
 tion of control on scale never before witnessed. There was a progressive advance from month to month in the volume of trade balance in favor of this country This and the operation of | the currency and refundng law were rapidly expanding the country's circu- lation and providing the requisite financial facilities for the vast loan eX- pansion in connection with the great projects in hand. At present the stock market misses these stimulating infiu- ences. While there is nothing positive ly unfavorable in the outlook, there is surfeited feeling from the undigested mass of last years great projects. The country'S foreign trade balance, al- though still in our favor, shows pro- gressive decline from month to month, compared with the corresponding months of last year. The national banks instead of putting out additional note issues, are retiring their circula- tion up to the monthly limit allowed by the law, and applications are al- ready on file for withdrawal of circu- lation sufficient to exhaust the legal limit into March.
 Rumors have been circulated for few days that all the great banks and trust companies in New York and even the insurance companies are crystalliz- ing into two groups along the same lines of cleavage as were involved in the financial battle of last May. It is such general considerations as these that must be looked to to gain light on the present stock market
 Even the special movements in to- days market which were few, had no obvious explanation. There was a show of strength in Sugar and Metro poitan, but the gains were subsequent- ly wiped out. Glucose continued it's re- cent advance to the extent of point, but afterwards fell 1 3-4 below last night There was an active demand for Mexican Central at an advance of i 3-8, accompanied by reports of a new bond issue and the acquisition of additional lines. National Salt was offered down over Il points below the last sale and then, rallied 5. The preferred lost 4. No explanation was offered beyond the obstruction to the plan of organization. American Tobacco was stricken from the stock exchange list, owing to the amount of the stock out and the facility thus offered for manipulation and the possible work ing of a corner. The market showed | some recovery and closed irregular.
 Consolidated Tobacco fours continued | to make up the largest part of the bond | market and were reactionary. Total l sales par value $3, ,730 000 United | States bonds were all unchanged on the last call.