The Montgomery advertiser., 1902-01-24
WALL STREET REVIEW NO RETURN OF ANIMATION AP-
 PARENT. The Bulk of the Small Operations was Confined to Short List
 of Stocks-Bonds Are
 .. Active.

NEW YORK, Jan. 23-There was no return of animation in the stock market today and to a short list of stocks, which advanced quite strongly from the influence of special cause
 Even in these the dominant professional ele- ment was evident in the selling to take profits on the advance. There was a movement in the Vanderbilts which was apparently stimu-
 issue of the New York Central was to be ex- changed for that of the Cleveland, Cincinnati
 Chicago and St. Louis, but the movement spent
 its force in the course of the day. St. Law
 renee and Adirondack was marked up over
 points. apparently on the expectation that 1t
 would be taken over by New York Central.
 The recently prevalent strength of the local
 traction stocks led by Metropolitan Street
 Railway continued for q time today, but the
 succeeded to the leadership of the market and
 late in the day was lifted 3% points over last
 of the product and reports of an agreement at Washington looking to the free entry of Cuban raw sugar were accountable for that move ment.' The news that an agreement had been reached between the Western railroads and packing house interests to maintain rates, Commerce Commission is directed. had stim, l Southwssterns. The recommendations in the commissions annual report in avor of allow
 ing associations to maintain rates was also a helpful influence for Western railroad stocks Missouri Pacific led with rise of over 2 points. Dealings in the railroad list were on a small scale however. Amalgamated Copper shows some strength on the growth of the foreign demand for raw copper There are growing symptoms of plethora of money at | all of the great centres of capital. Todays reduction in the Bank of Engand's discount rate was contrary to expectation. large collection of taxes were expected to deplete the London money market at this time and 1t was thought to be necessary to keep up the money rate in order to prevent withdrawals of French capital. Todays statement of the Bank of France shows such accumulation there as to offer little inducement to call home capital. but Berlin seems the center of the greatest redundancy as is shown by the fact that Berlin has been buying bills in the Lon don market and easing the discount rate there while in the very act of subscribing sixty times over the proffered Government loan of $75, GOO. 900. all of which has not prevented
 a decline in the discount rate. There is a continued accumulation of money in New York | also but without the stimulating effect on speculation which is manifest at other great
 money centres. A remarkable development in
 the situation here is the fact that very large time loans, running into the millions of dol lars. are being negotiated at interior domestic points for New York account.
 There was continued activity among usually
 quiet bonds and some striking gains were re-
 corded. but the market generally irregu-
 lar Total sales (par vaiue), S4.455. 900,
 United States new 4s coupon declined A per
 cent. on the last cali,