The Montgomery advertiser., 1903-02-19
WALL STREET REVIEW
THE TENDENCY IS STILL TO-
 WARD STAGNATIoN.
Professional Traders Decline to Take Commitments on the Eve of Holiday-Amalgamated Cop
 per a Feature.

NEW YORK, Feb I8-The decision of the governors of the New York Stock Exchange ns as until the following Tuesday morning con III med the tendency towards stagnation in the Sis.It. a.ket. The professional traders are always uisinciined to undertake commitments on the eVe ol a holiday. With the curtailment of the sHouviy prices moved suggishly and in an suar nraIa,, way. But the downward tendency prevailed and the market closed easy at gen erai net declines. running to a point or more rnatas rev E or the prominent stocks Amalga- n'a.eo copper continued to be a feature of the h,s huns and made further progress upwards n1t without maintaining its highest price. Emch reached "A. This, compared with 79 in f freoruary of last year. which was the highest Lo! that year. To-day's price the high est mus far touched this year. There was notnLng t new to explain the continued advance ln Inese stocks beyond the current comment on the favorable outlook for the trade, a further rise in price of metal. rumors of agree lnsnt s Dy contending interests and the univer s@i a ,acuVity and strength of copper stocks as class. both here and abroad. The sustain lns influence of this movement supple en.ea tha early in the day by the conclusion on the part ofIinternational exchange houses not .o snip gold by to-morrows steamer. Money vent ven. higher in London to-day but the ad- vance Tn the sterling rate at Paris showed that French capital was ready to respond to the additional news in London. The low rate .or money In Berlin indicates also that Lon uoh borrowers may continue to resort to that center The fact that these resources open 70 London Is evidently the explanation of the postponement or prevention of the expected gold outgo from New York. Some interest attaches to the action of the Bank of England govern ors on the discount rate tomorrow. London auVlces indicate some expectation that the rate Will Dc reduced, but the known large depend ence or London at this time on continental capital and to-day's advance in the private discount rate in London make 1t questionable whether the rate will be reduced. The local time money market frner again to-day. The deposit of S40o. 900 at the sub-treasury for transfer to New Orleans brings the total for that destination up to s6oo. 900 for the week. Customs collections also continue very large, so that the sub treasury has taken from the banks Se54 900 before to-day transfers 10 New Orleans. The movement to New Or leans is evidently due to the speculative tvity in the cotton market. With New York exchange at a discount at Chicago 1t is not probable that there is any large movement of currency from the west to New York. Sterl- ing exchange continued strong in this ket. These various departments in the money curities. The probability of reductions in railroad earnings on account of storm danger was another factor. A new divisional bond is- sue by the Atchison and rumors Of a largo issue by the Louisville and Nashville served as admonitions for the large corporate The special heaviness of New York Central was attributed to doubt of the productive results of some of the heavy outlay contem- plated by that company. There sales of subscription rights to the new Chicago and Northwestern stocks issue at I5A sold at decline of l 5 points from last months preceding sale. The only other features of the market were amongst minor stocks.
 The bond market dull and irregular. Total sales. par value SI,eloooo
 United States bonds all unchanged on the last call.
 Qnr~ y0rh