The Birmingham age-herald., 1903-01-19
STOCK MARKET
 VERY APATHETIC Public Seems to Show Little
 Interest in Trading MONEY MARKET IS EASY Traders Bought Few Stocks In An ticipation of Good Showing or me
 Banks, But Attempts to
 Take Profits Failed.
MONEY MARKET IS EASY

New York. January 1.-The pubic apa- .h,, +oxvard the stock market was indi- catad today by the effect of the publi- cation of the very favorable pank seate ment, Traders had bought lew stocAs in anticipation of the good showing py the banks, but their attempt to take profits after the publication caused melting away of gains and in some cases their total wiping out. The known movement of currency from the state ment of banks themselves indicated gain of $S, 100000 to $9,OO0,OOO in the casn item, but the actual gain by the average system of computation shows rise or upward of sl2,0O0000. Last weeks state ment understated the amount of the ac- tual cash gain by about the amount that today's statement overstates it, whlch IS not unusual where heavy movement comes late in tne week. Todays large loan increase is nominal to the season but this has been no evidence ot the employment of so large sum as $l4'- 00OOO0 in the market this week, ana IL is supposed that syndicate operations un- known to the people have figured m tiis item. The increase of the surplus amounts to S406,S25. The comparative ease which has been reached in the money market left only 8 languid interest In the bank statement Only Missouri Pacifc' Atchison, St. Paul, Chicago Great west ern, Louisville, Great Northern preferred and American Car made any notieeaDle show of strength and their gains were not we'll maintained. International power was run up points but dropped pack B. The market closed irregular. lhe stock market has shown reactionary tendency this week without any oistihce- ly unfavorable developments in the DUST ness situation to account for the cnange in sentiment of the week when before onerators seemed to feel great confi- dence in a higher range of prices anu III the usual January boom
 The action of the market Is seemingly due to the technical causes. Ine spec uative pools have desisted from their efforts to boom prices or have found that such further efforts are made do not attract a large outside following.
 The money situation seems clear, but the consideration have averted to invest ment values with a result Of causing some cessation in the buying. There seems to be some divergence of agree ment also among the so-called pools them- selves. The make up of the pools is never a matter of well defined knowledge, but the dominant elements in them are known to be capitalists and wealthy men of ann ple resources The most influential class is made up of financiers whose connec- tions include not only railroad and cor poration ownership, but influential own ership also in the great banks and trust companies upon which the country s money market is largely dependant An te,x 1a If mi wealth without such widespread connections in affairs, whose stock market operations are singly designed for the profit of a change in the price level whether up or down. The pools made up of the latter class were under considerable pressure during the money scarcity last fall by the banks and large money lending inst- tutions and were admonished in effect that the money situation made 1t dan gerous to make large speculative com mitments and that the time was not pro- pitious for pushing fotations or project involving new capital issues. The dis closure of the purchase of control of the Reading by the Pennsylvania and Vanderbilt interests indicated that the purchase of new aims had not been sus- pended by large capitalists even during the period when the activity of the stock market cliques was sought to be repress- ed. The renewed activity of this class following the announcement of the Read ing deal, is believed to be tinctured with some resentment over the time lost for themselves in disposing of holdings while available money supplies were employed by more powerful interests for furtherng their progress.
 The upward course of sterling exchange during the week has fixed attention on the probability of an outgo of gold. It is known that an outgo in December was averted only by extension of obligations then maturing with foreign bankers. It was even suggested that foreign bankers were cooperating with the bankers pro- tective pool here, which subscribed $50,- 100000 for emergency in the stock mar ket, by agreeing to defer their demands for repayments. The present heavy out go of grain and some buying here of stocks for London account serves to ease the exchange situation. But 1t is be- 1eved the coming requirements of the foreign money markets for the flotations of government loans will demand some shipments of gold from New York. The heavy government disbursements at New York on contracts are believed to be about completed. so that the New York money market is not expected to bene- fit the same extent from sub-treasury operations as it has since the first of the year. There have been some demand for lower grade and speculative bonds
 United States 2s have advanced # and the old As and 5s A per cent, while the 3s coupon and new As coupon have declined L per cent on call during the week.