The Birmingham age-herald., 1903-01-14
STOCK MARKET
 HAS A. REACTION little Attention Seemed to be Paid to Money Situation SOME RECOVERY AT CLOSE Trading Was Dull and the Market Heavy for Most of the Session,
 But Activity at the End
 Saved the Day.
SOME RECOVERY AT CLOSE

New York. January 13.-The stock mar ket made a further reaction today and was heavy to weak during most of the session, but made some recovery during the last hour and closed irregular. The heaviness of the market had no better explanation than yesterday. Money ad- vanced from 4ik per cent at the opening to per cent, but no difficulty was ex- rerienced in getting it and little atten- tion seemed to be paid to the money sit uation by the operators in stocks. This was not true, however, of the foreign ex- change market and the anxiety felt in re- gard to that development was due, of course, to the probable effect oI money. Sterling was in quite strong demand to- day in spite of yesterdays heavy cn. agreements of gold for export and good hopes of a continuance of the movement.
 London's operations in stocks here were not on a large scale and did not influence exchange. It is believed that some bills are about maturing that represent bor- rowings abroad for New York discount during the money stringency nere last
 
 there is said to be some present demand on account of the American m nsurance companies. The effect in Berlin yester- day of the foreshadowing of a German loan was duplicated in London today by the expectation of an early announce ment of Transvaal loan.
 The government operations are prob- ably the true explanation of the harden ing of foreign money rates, and it is be- lieved that our obligations to foreign money centers are still sufficient to per init them to draw gold from us in case of need. This prospect would have a nat ural tendency to check wholesale commit ments in speculation for a rise in New York But yesterdays disappointing re- sponse from the general public to last weeks credit and inviting rise served to admonish the managers of the advance that little was to be hoped for yet from the public in the way of absorbing secu- rites which still remains in the hands of syndieates and promoters Renewed strength in Erie and St. Paul this morn ing and vigorous support of Reading seemed to be designed to re-assure, but when it was perceived that advantage was being taken of this sustaining in- nuence to effect large selling of Rock Island, the selling was renewed through out the list and there was no important recovery until the last hour when Man. haitian was lifted two points over last night and the price was run up again to the top level of the morning. Con- tributory causes to the heaviness were the steps taken in congress to inves- tigate the coal supply; fears of damage to earnings of railroads by snow block ades and broad intimations that no i'm mediate dividends fO he pXnpptP6 or Colorado fuel. Practically all leading stocks were a point or more below last night at one time, and not all of them fully recovered on the late rally.
 Bonds were moderately active but were irregular. Total sales par value $2, 000 United States 2s old and As and 5s ad- vanced A per cent, while the 3s coupon declined A and the new As coupon % per cent in the last hour.