The Birmingham age-herald., 1903-01-21
STOCK RECOVERY
 CAME ID A STOP Buying Orders Were Placed on Scale DoWnWardS ACTIVITY AT THE OPENING Soon After Midday the Market Fell Into Deeper Rut of ldleness Than
 at Any Time Since
 January 1.
ACTIVITY AT THE OPENING

New York. January 20.-The opening activity in stocks today was on the sell Ing side and seemed to be due to opera lions by room traders based on the weak ness developed at the close yesterday but supporting orders were encountered which put a stop to the efforts or pro- fessionals to force prices lower by offer ings, to which, in case of sale, they would have to borrow for delivery. On the oth- CT hand, the buying orders were placed on a scale downwards for the most part and the recovery came to a stop for lack of motive power. spurt in the stocks of the New York public utilities helped the recovery. the decision of the appellate division of the Supreme court at Albany against the constitutionality of the fran chise tax being the reason for the buy ing of the stocks. It had been clearly expected that the act would be against the tax and the effect had been dicounted for two weeks, the buying continuing on the confident assucmption that the result would be as announced today. This move ment consequently spent its force almost immediately. The market then fell back into a deeper rut of idleness than at any time since the first of the year. As few strong spots were lacking. There was realizing in Chesapeake and Ohio owing to denials of yesterdays rumors that the company would take over Hooking Val ley. The latter stock showed some strength on account. of consultations known to be in progress by its officials, presumably looking to the disposition of the road according to the authority vest ed in the Repositories of the stock.
 Amalgamated copper rose nearly point ffY,aa- hn rather vague confidence that conditions In the trade were much improved. Great North ern preferred suffered In common with Northern Securities on the curb from dis trust of yesterdays rumors of a coming increase in the dividend rate. There was much discussion of the action of the sec retary of the treasury to the re-subsu- tute of government bonds for the state and municipal bonds accepted as security for government deposits during the money stringency last fall Bankers were in- clined to view 1t as a suggestion rather than as an order and as designed to fa- cilitate the contraction of currency, now that funds are flowing back to the resetye centers, just as his avowed purpose last fall was to encourage expansion. of bank note circulation while the demand for cir culation was growing; the advance in prices of government bonds was evidence of purpose, in some quarters, at least, to procure bonds from the open market in order to be able both to keep out note issues and to retain government deposits. The prospect of gold exports was con- tinuing influence on speculation in stocks.
 The market closed weak and at the low est in the midst of the largest activity Of the day.
 Bonds were dull and irregular. Total sales par value, $2,o45,0O0. United States 2s registered. the 3s registered and the old As registered advanced B and the old 4s coupon and 5s A per cent on the call