The Birmingham age-herald., 1903-02-19
LONG HOLIDAY FOR THE STOCK MARKET News of Three Days Rest
 Caused Stagnation. DECLINES WERE GENERAL With the curtaIIment of Activity Prices Moved slugsishly and In an
 Irregular Way-copper
 Stocks Advanced.
DECLINES WERE GENERAL

New York, February 1S.-The decision of the governors of the New 1orK stock exchange today to suspend operations from Friday evening until the following Tuesday morning, confirmed the ten dency towards stagnation in the market. The professionals are always disinclirSd to undertake commitments on the eve of a holiday and a tbree-day interval in the trading is sufficient to induce an almost universal closing up of the ac- counts and practical desertion of the board room With the curtailment of the activity, prices moved sluggishly and in an irregular way. But the downward tendency prevailed and the market closed easy at general net declines running to a point or more in a few of the promi- nent stocks Amalgamated copper con- tinued to be a feature of the trading and made further progress upwards, but without maintaining it's highest price, which reached "A. This compared with 79 in February of last year, which was the highest for that year. Today's price was the highest thus far touched this year There was nothing new to explain the continued advance in these stocks be- yond .t.o current comment on the favor able outlook for the trade, further rise in the riioe>of metal. rumors of agree ment by contendlng interests and the universal activity and strength of cop per socks as class both here and abroad. The sustaining influence of this movement was supplemented early in the day by the conclusion on the part of irte 1nfional axohanpa hauSas ship gold by tomorrows steamer Money went higher in London today, but the ad- vance in the sterling rate at Paris showed that French capital was ready to respond to the additional needs in London. The low rate for money in Berlin indicates also that London borrowers may con- tinue to resort to that center. The fact that these resources are open to London Is evidently the explanation of the post ponement or prevention of the expected gold outgo from New York. Some in- terest attaches to the ae Ion of the Bank
 .rs nd governors on the discount rate tomorrow. London advices indi- cate some expectation that the rate will be reduced, but the known large de- pendence of London at this time on conti- mental capital and today's advance in the private discount rate in London make 1t questionable whether the rate
 
 market was firmer again today. The de- posit of $400,000 at the sub-treasury for transfer to New Orleans brings the total for that destination up to $600,00O for the week. Customs collections also con- tinue very large, so that the sub-treasury has taken from the banks $954,0O0 before today's transfers to New Orleans. The movement to New Orleans Is evidently due to the speculative activity in the cotton market. With New York ex- change at a discount at Chicago, it is not probable there Is any large move ment of currency from the west to New York Sterling exchange continued strong in this market. These various developments in the money situation have helped to depress prices of securi- ties The probability of reductions Tn railroad earnings on account Of storm damage was another factor. A new di- visional bond issue by the Atchison and rumors of a large issue by the LoulsVllle and Nashville served as admonitions for the large corporate requirements over banging the money market. The special heayiness of New York Central was at tributed to a doubt of the productive results of some of the heavy outlay con templated by that company. There were sales of subscription rights to the new Chicago and Northwestern stocks issue at 15A to 14ss Chicago and Northwestern preferred sold at a decline of 10 points from last months preceding sale. The only other features of the market were amongst minor stocks.
 Tho bond market was dull and irregu- lar. Total sales par value, $1,91o,OOO
 United States bonds all unchanged on the last call.