The Montgomery advertiser., 1903-01-21
WALL STREET REVIEW
OPENING ACTIVITY ON THE
 SELLING SIDE.
Supporting Orders Were Encountered Which Put a Stop to Efforts of Professionals to Force
 Prices Lower.

NEW YORK. Jan. 2o.-The opening activity m stocks today was the selling side and seemed to be due to operations by room trad CTS based on the weakness developed at the close yesterday. but supporting ordrs were encountered which put a stop to the efforts of professionals to force p-ces lower by offer ing stocks which In case of sale they would have to borrow for delivery. On the other hand the buying orders were placed on a scale downwards for the most part and the recov- cry came to a stop for lack of motive power. A spurt in the stocks of the New York pub lie utilities helped the recovery. the cec sion or the appellate divis on of the Supreme Court at Albany against the conssitutionality of the New Yos k fl Ianchise tax being the reason for the buying of the stocks. It had been clearly expected that the decision would be against the tax and the effect had been d scountei for two weeks past by buying on the confident assumption that the result would be as an- nounced today. This movement consequently spent its folce almost immediately. The mar ket then fell back into deeper slough Of idleness than at any time since the first of the year Yesterdays few strong spots were lacking. There realiz ng in Chesapeake and Ohio. owing to denials of yesterdays ru- mors that the company would take over Hook ing Valley. The latter stock showed some strength on account Of consultations known to be in progress hy its officials, presumably look ing to the a sposition of the road, according to the authority vested in the Repositories of the stock. The Amalsamated Copper rose nea.ly a point at one time on the ground of a rather vague confidence that conditions in the trade were much improved. Great Northern pre- ferred suffered In common W tn Northern &c., curities on the curb from distrust of yester- days rumors of coming increase in the d. vidend rate. There was much discussion of the action of the Secretary of the Treasury look ing to the re-substitute of Government bonds for the State and municipal bonds accepted as security for Government deposits during tho money stringency last Fall. Bankers were inclined to view it as suggestion rather than as an order, and as designed to fac Ii ate the contraction of currency. now that funds are flowing back to the reserve centers, just as his avowed purpose last Fall was to en- courage expansion of bank note circu ation while the demand for circulation was growing The advance in pr ces of Government bonds was evidence of purpose in some quarters at least to procure bonds from the open mar ket in order to be able both to keep out note issues and to retain Government deposits The prospect of gold exports was a continuing influence against speculation Tn stocks. The persistent apathy of the demand for stocks led to a late selling movement. as was the case yesterday and the market closed weak and at the lowest in the midst of the largest ac- tivity of the day. Bonds were dull and Irregular. Total sales (par vaiue). were g o45 100 United States 2s registered. the 3's reg'stered and the old As registered advanced # and the old As coupon and 5's A' per cent on the call.
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