The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-01-21
SELLERS OF STOCKS HAVE
ADVANTAGE IN WALL STREET,
PRICES TEND
REACTIONS ARE WEAK.
Inactivity More Pronounced Than
on Any Day Since the Begin
ming of the Year.

New York, Jan. N.-The opening activity
in stocks to-day was on the selling side and
seemed to be due to operations by room
traders, based on the weakness developed
at the close yesterday. but supporting or
ders were encountered. which put 4 stop to
the efforts of professionals to force prices
lower by Offering stocks which. in case of
sale, they would have to borrow for deliv-
cry. On the other hand, the buying orders
were placed on a scale downward for the
most part, and the recovery came to a stop
for lack of motive power. A squirt in the
stock Of New York Public Utilities helped
the recovery. the decision of the appellate
division of the Supreme Court at Albany
against the constitutionality OF the New
York franchise tax being the reason for the
buying OF these stocks. 1t had been clear
ly expected that the decision would be
against the tax, and the effect haq been
discounted for two weeks past by buying
on the confident assumption that the result
would be as announced to-day.
QUICKLY SPENT.
This movement, consequently, spent its
force almost Immediately. The market
then fell back into a deeper rut OF idleness
than at any time since the first of the year.
Yesterdays few strong spots were lacking.
There was realizing in Chesapeake and
Ohio. owing to denials OF Yesterdays ru-
Hooking Valley. The latter stock showed
some strength on account OF consultations
KNOWN 10 ne III progress Dy It's OilClalS,
presumably looking to the disposition of
the road. according to the authority vested
In the depositors of the stock. Amalgamat-
ed Copper rose nearly a point at one time
on the ground OF a rather vague confidence
that conditions in the trade We're much i'm
proved. Great Northern preferred suffered
in common with Northern Securities on the
curb from distrust of yesterdays rumors
of a coming increase in the dividend. There
was much discussion of the action of. the
Secretary of the Treasury looking to the
reconstruction of Government bonds for the
State and municipal bonds accepted as Sc
curity for Government deposits during the
money stringency last fail.
BANKERS OPINION.
Banks were inclined to view II as a s,y-
gestfon rather than as an order, and as de-
signed to facilitate the contraction of cur
rency, now that funds are flowing back to
the reserve centers. just as his avowed pur-
Of bank-note circulation while the demand
for circulation was growing. The advance
In prices OF Government bonds was evil
dence of a purpose, in some quarters at
least, to procure bonds from the open mar
ket in order to be able both to keen ont
note Issues and to retain Government de-
posts. The prospect of gold exports was a
continuing influence against speculation in
stocks. TIL persistent apathy of the de-
Uand for stock led TO a late selling move
ment, as was the case yesterday, and the
market. closed weak and at the lowest in
the midst of the largest activity of the day
Bonds were dull and irregular. Total
sales, par value. s2.0i5. 900. United States Is
registered. the IS registered. and the old As
registered advanced u and the old IS COM
mon and the 5s Il per cent on call,