The Birmingham age-herald., 1903-01-16
LITTLE CHARACTER ID STOCK MARKET Fries SIuggiShnesS Left Noth-
 ing to a Slow Trade SHARE DEALINGS FELL OFF Not an Upward Movement Was Nam talned and the Close Was Dull and
 Ease at the Low Level
 of the Day.
SHARE DEALINGS FELL OFF

New York. January 15.-There was very little character to today's stock market' as Is sufficiently indicated by the volume oy dealings. which fell to about the half miIlion-share mark. The subsistence or the recent furious activity Tn the traolhg in Erie left little to the market rms sudden subsistence had good deal to oo with the feeling of suspicion which re- pressed the dealings in stocks yesterday. Transactions in Erie of over 100000 shares at A net change for the day of half point struck the traders as not consistent with the idea of competitive buying of the stock for control This suspicion was reinforced by the action of the stock this morning. After a momentary advance Of a small fraction the price fell back to be- low last night in a way that suggested the realizing of speculative profits. FIX planation for the shifting and buying of the preferred stock, which was strong, was sought in statements that the con trol of the property was really being ac- quired through the preferred stock, but the higher prices in comparison with these stocks and the comparatively small
  did not commend this view to the traders. The continued liquidation in Reading also created a bad impression upon specula- tive sentiment and this impression was not dissipated by the marking up today of Ontario and Western in the anthracite group and the advance in Chesapeake and Ohio and Hooking Valley in the soft coal CTS. Rock Island and St. Paul continued heavy, with important sentimental effect upon the rest of the list The result was a narrow and sluggist market with only a few stocks influenced by special causes. Sugar suffered from a fear that effective opposition was developing to the Cuban reciprocity treaty.
 Amalgamated copper moved on the div idend declaration and was in sympathy with the rally in the market for the metal The rise in Missouri Pacific was accompanied by rumors that the plan for financial adjustment of the Gould railroad properties was about ready to be put into operation There was no disquieting ele- ment in the money situation unless it might be the indication that the Bank of England is disposed to build up its reserves and maintain the money rate. The considerable decrease in its holdings of government securities seems to point to borrowing from the market to decrease supplies. Whether this is a measure of
 
 from Paris or is preliminary to an at- tempt to attract foreign gold to its own vaults, does not appear yet. The advance In the official discount rates of the banks of Bombay and Bengal were significant of the hardening tendency of the English money markets. The Bank of France also continues to lose gold, while de- mands upon 1t for credits continue heavy both by note expansion and increase of Vo, l.a cash, but the gains from the sub-treasury are due to heavy payments on govern ment contracts and for pensions, which are made in bulk in New York, but which are now about completed. Time money rates were reported rather firmer. None of the upward movement was we'll maintained and the closing was dull and easy at about the low level of the day.
 Bonds were dull and irregular; total par value $2,43500O. United States 2s ad- vaneed A and the new 4s coupon 1 per cent on the last call.