The Montgomery advertiser., 1902-01-17
WALL STREET REVIEW URGENT DEMAND OF SHORTS
 SOON SATISFIED. Then the Market Became Apathetic and Moved in a Luggish and Irregular Way I'm ugh
 out the Day.

NEW YORK, Jan. I6.-The strength which developed in yesterdays stock market failed to persist today. With the urgent demand apathetic. The selling was very light. but was not well absorbed and the market moved in a sluggish and irregular way all day The rather acute weakness which was manifest earlier in the week was not renewed and there was some appearance of support on the de- stocks in tho list steadied the tone after the declines had reached considerable figures and prices did not get far from last nights level on the recovery and the market began irreg- slao again & at the closing & There t ts an n eismen that large reserves of capital are in the hands of investors ready to flow into securities the to have gone far enough. This class hoped that the support afforded the market yesterday would resolve the doubts of the owners of into the stock market. but the commission houses this morQing failed to reflect a notable increase in their orders for execution. The opening advance quickly came to a standstil sharp weakness in Manhattan helped the re- morning to is4% speculators in the stock have been fed with the hope that arrange ment for for an interchange of traffic with the sequence of the disaster in the Park Avenue tunnel. As yesterdays statement by the New terminal improvement gave no corroborative evidence to the reported plan for Interchange the specuiators. There was much discussion in a genei al way of the recent new bond and stock isues by various railroad companies, and the effect of this discussion unfavorable to speculation. Recent heavy outlays by rail road companies from the large country profits were supposed to be forestallment of neces- sary changes for betterments and to promise future curtament of expenses and the con- sequent maintenance of net profit in futu' per iods of less prosperity. The current ten dency to increase issues has disturbed this feeling of security over the future The pro- cess 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 con- tinued easy and sterling exchange showed advance The maintenance by the Bank of Eng land of its 4 per cent. discount rate may be regarded a fair notice of its intention to attempt to lift the open market rate. The banks reserve Is very strong and the market Is practically free of indebtedness to the in stitution, which would prompt its 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, 1t may be in cumbent upon them to take measures to tract foreign gold to the English money mar ket. There some special st, ,ength in to- days market by Southwestern railroad 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. To- tai sales (par value), S3.4o0. 900. United States bonds were all unchanged on the last call.