The Birmingham age-herald., 1903-01-29
By Midday There Was Little or
 No Power Left.
WHEAT INTERESTS UNLOAD
An Attempt to Put Up Prices This Morning Met With Active Selling
 In PennsyIvania--Bonds still : Dull and irregular.

New York, January 2s.-Today's stock market dattened out entirely, ana by midday there was little or no more power left in the market Traders displayed in- genuity in trying to explain the late reaction of yesterday which nullified the early gains. 1t was argued that the long interests in wheat were forced to unload some stocks to protect their holdings in the sharp slump. This aroused some hopes that the decline in stocks was only tenn porary, and that the advance would be renewed this morning, but an attempt to put up prices this morning met with ac- tive selling in Pennsylvania, which caused that stock point loss and was unex- plained by any news. Amalgamated Cop per made some show of strength on rather vague supposition that conditions in the tre de were adjusted to basis that would prove profitable for the company. One or two other stocks moved feebly from time to time, but not long main- tained their new position. There was re- ported hardening tendency in the money market. but sterling exchange moved downward here. Our own money market was appreciably f1rmer. The sub-treasury has reserved it's recent tendency to con- tribute to the money market, and has commenced to take a small sum each day. The currency redemption of national bank notes has been very heavy, but deposits of legal tenders for the retirement of the bank notes will soon be in order Banks throughout the country are in the habit of doing this through the New York cor respondents Meantime the government continues to collect a daily surplus of revenue which will make itself more felt with the retirement of bank notes The Wabash net earnings for December showed the gain in gross practically all wiped out by the increase in operating expenses, conforming to the showing of other railroads except the anthracite coal CTS, and failing to show results of in- crease in freight rates which went into effect in December, and from which ben efits to earnings were hoped for. The failure of yesterdays slump in wheat to develop buying orders for export was considered unsatisfactory In its relation to the exchange market, but confidence is felt that a cessation of the bull campaign in wheat will be for the advantage of the export trade The declaration of an extra dividend on pressed steel car did not result In any animated demand for the stock. General electric made a smart advance in the late trading, due presum- ably to reports of deal with a rival com pany. St. Louis and San Francisco com mon recovered part of It's loss of the early afternoon, but elsewhere the list was de- void of interest. The days operations were the smallest thus far this year, and the closing was dull and steady, with many fractional gains over the previous day. The increased ease of sterling ex- change was in some quarters based on the belief that a large part of ,.4e recent Pennsyvania loan has been placed abroad but this is denied by interested parties London's part in today's market was altogether unimportant.
 The bond market was dull and generally heavy. Total sales. par value, $2, ,196 900.
 United States bonds were unchanged on the last call.