The Montgomery advertiser., 1903-01-16
WALL STREET REVIEW.
LITTLE CHARACTER SHOWN aN
 STOCK MARKET.
Subsistence in Recent Furious Activ- ity in Erie Left Little Specuia- tion--Volume of Deal
 ings is Small.

NEW YORK. Jan. I5.-There was very little character to today's stock market as Is suf- hciently indicated by the volume of the deai- ings which fell to about the half million share mark. The subsistence of the recent fu ious activity in the trading in E ie left little to the market This sudden subsistence had a good deal to do with the feeling of suspicion which repressed the dealings in stocks. Yes terday's transactions, in Erie of over 200 900 shares at a net change for the day of half a point struck the traders as not consistent with the idea of competitive buying of the stock for control. This suspicion reinforced by the action of the stock this morning. After momentary advance of a small fraction the pr ce fell back to below last night in a way that suggested the realizing of speculative profits Explanation for the shifting of the buying to the preferred stocks which were both strong, sought in statements that acquired through the preferred stockT, but the higher pr in comparison of these stocks total outstanding issue did not commend this view to the aders. The continued nqufda- tion in Reading also created n bad imp ession upon speculative sentiment and tb's imp. es- Sion was not dissipated by the marking up to1ay of Ontario and Western in the antha a- cite group and the advance Chesape ake and Rock Island and St. Paul continued heavy, with important sentimental effect upon the rest Of the list. The result was a narrow and sluggish market with only few ocks in- huenced by spec al causes. Sugar sufre ed oni fear that effective .oppositioP was develop ing to the Cuban reciprocity treaty. Anna ga-
 lated Copper moved on the dividend declara- ton and was in sympathy with the rally In the market for the metal. The. in Missouri Pacific was accompanied by rumors that the plan for financial adjustment of the Gould railEoa properties was about ready to put into operation. There disquieting ele- ment in the money si.uat on, unless ii might be the indication that the Bank of England is disposed to build up It's reserve and main tain the money rate. The considerable de- crease in it's holding of Government secu Ties seems to point to, borrowing from the market to decrsase supplies. Whether this Is meas of protection against the demand for gold from Paris is eliminary to an et- tempt to attract foreign gold to ts own vaults does not appear yet The advance in the ot- ncial discount rates of the Banks of Bombay and Bengal were significant of the ha deninS tendency of the English money markets The Bank of France also continues to lose gold. while demands upon 1t for credt,S cont nue heavy. both by note expansion and increase of loans. New York banks continue to gain cash, but the gains from the sub-treasury are due to heavy payments Government contracts and for pensions, which are made in bulk in New York. but wh oh are now about c7mpieted. Time money rates were reported rather hrmer. None of the upward movement was well main- tained and the closing was dull and easy at about the low level of the day.
 Bonds were dd'l and irregular. Total sales (par value). S2 435. 900. United States 2's advanced r and the new As coupon per cent. on the last call.
 Maw Ynrk lstock Tiak