The Birmingham age-herald., 1903-02-18
STOCK MOVEMENT BADLY CONFUSED : Business Was Restricted to the
 Room Trade WIRE SERVICE INTERRUPTED Industrial Stocks Had Rather More Prominent Place In the Trading Yesterday Than In Some
 Time.
 
WIRE SERVICE INTERRUPTED

New York, February 1.-The move ment of prices of stocks today was con- fused and irregular. and accurately re- 1iected in that way the state of mind of those who were trading This element was pretty closely restricted to the room trader. The interruption to the wire ser vice by the storm was given as one cause for the dearth of outside orders, but business from commission houses was at a level from any source. The general approval accorded to the petition of the governors of the stock exchange to make Saturday a holiday, in addition to the regular Monday holiday, is a suf- ticient indication of the small propor- tions of commission house business at this time, as members of that class of busi- ness houses are generally supposed to op- pose holiday on account of the loss of business entailed. The industrial stocks had rather more prominent place in the trading today than they did yester- day, but this price movement was very spotty. The spectators who inaugurated the movement in those stocks yesterday were inclined to take profits. This was conspicuously evident in the United States Steel stocks and in sugar. The operators seemed to have been prompted by the new antitrust measures in con- gress. This indicates that yesterdays concerted movement to put up the in- dustrial- stocks was probably based upon the assumption that the programme for antitrust legislation by the present ses- sion of congress had been completed. The bull campaign in Amalgamated Copper was continued this morning, and that stock was lifted an additional 1s4, but the later reaction of the market left only a small fraction of this gain.
 The rise of 29s in Tennessee Coal was based on the increased earnings disclosed by the annual report and the expendi- ture Of these earnings on the property without any intimation of early dividend dlspursements did not seem to detraet from the favorable influence. The T points rise in Anaconda, with a reaction or IA was in sympathy with Amalga- mated. There was a notable demand for American Locomotive late in the day. but its rise was not fully maintained. Metropolitan Street Railway led fur ther advance in the local fractions which was not held. The rather active sell Ing movement which developed midway Of the session was prompted by the well defined rumors that exports of gold were
 
 No official acknowledgment of the truth Of these rumors could be secured, but the refusal to disclaim them by one or two prominent international banking houses gave color to the report. Sterl- ing exchange advanced several points here but lost a fraction of a centime in Paris. The rates of time money here operated as an obstacle to the outgo of gold. London was a light buyer of stocks here today, and the fact that part of the Erie convertible bond issue is to go abroad, promises a supply of ex- change. On the other hanG the buying of grain for export today was rather light, thus restricting tie supply of ex- change. The question of engagements of gold tomorrow fof export on Thursday is still open. Damags to property by the great storm was of some influence in prompting the light selling. The market closed heavy at about the lowest Ther. was heavy selling of St. Louis and San Francisco funding bonds. The market generally was irregular. Total sales, Tar value, $2,290,000. United States old As de- clined A per cent on the last call.