The Birmingham age-herald., 1903-01-17
STOCK MARKET
 IS BEW|LDERED Dealings Fall Away and Trad
 ing ia Apathetic PROFESSIONALS ARE WARY The Few Stocks Which Deveiopeo a Show of Strength Had Very Little Sympathetic Effect Upon the
 List In General.
PROFESSIONALS ARE WARY

New York. January 16.-Packing ana e1,ing was the favorite term to express the condition of todays stock ma ~ which reflected the same state or DeWi'' derment that has been evident III the speculative mind for several days past rbe dealings fell away further and the trading was quite apathetic. The lew stocks which developed show Of strength had very little sympathetic effect upon tbe list in general and their own gains were hut poorly held. The most promi- rent of these was Missouri Pacific, which seemed to be affected by prevailing gossip that the great Missouri project was to be announced at an early day. Reading was advanced, and Southern railway, Atchi- son, sugar and a few less conspicuous stocks had their periods of strength Al though the earlier events of the week were considered to demonstrate that there was no immediate prospect of at tracting public interest to the market, the professionals show themselves ex- ceedingly wary of venturing to go short of the market. Covering of some of the short lines put out early in the week was an effective factor in holding prices firm in today's exceedingly dull market The mystery attaching to Erie served to in- timidate the bears The enormous vol- ume of dealings in this stock at the high CT levels was believed to point to manipu- lation and realizing. But its frmness since and the continued rumors regard- ing 1t point to some development going on. The apparent policy to parcel out tie anthracite coal properties among the great trunk line powers, as in the case of Reading, would point to some plan re- garding Erie.
 There is faith in the rumors also of desire on the part of Wabash or Rock Island, or both, to secure an Atlantic out let by the Erie. J. P. Morgans testi- mony yesterday in the inquiry into the Louisville transfer was seen to express a severe prejudice against the practice of buying up railroads over night and to show a partiality for the extension of voting trusts for the insurance of con- trol. But MT. Morgan has demonstrated in the case of Northern Pacific that he will adopt extreme measures to prevent the wrestling of control from him of proper ty by the overnight class of purchasers. Whether the recent great activity in Erie represented a contest against such sud- den passing of control from the dominant Morgan interest, or whether the progress of parcelling out the property as in the case of Reading, are two possible contin- gencies that present themselves to the conjecturers of Wall street. There is every probability of a very strong bank state- ment tomorrow, as the yield to the banks on sub-treasury operations of $30S1, 900 has been supplemented by currency from the interior estimated at $5,0V0,0O0 or over The strength of St. Paul and of Chicago Greatwestern seemed to be due to ru- mors that the former had acquired con- troi of the latter
 The bond market was generally firm, but some few issues slightly lower.
 Total sales, par value, $1,965, ,OOO
 United States new 4s, coupon, declined F per cent on the last call.