The Birmingham age-herald., 1903-01-20
EAGER ID SELL
 BUT DIDN'T BUY Indifference of the Public to
 Enter Stock Market SPECULATIVE POOLS HALT Reports of Car Shortage and Inability to Move Freely Freight Offered Was an UnfavorabIe Influence.
 Bonds Were Irregular.
SPECULATIVE POOLS HALT

New York. January 19.-The country or ders to buy stocks which were round In brokers offices confirmed the impression of the indifference of the public to the present stock market. In periods of active speculations the Monday morning market is the most animated of the week as re- suit of the intervening period of likeness and accumulation of mail orders, and also because of the national tendency to enter upon new activities with the turn of a week. While today's opening dealings failed to show any buying demand from outside sources, there was no eagerness to sell stocks. The opening was the same listless and indetermnate movement that was increasingly manifest last week. The speculative pools also desisted from ac- tivity since last weeks transactions had pretty well demonstrated the futility of their efforts to attract a general demand for stocks. The Saturday bank statement, while favorable on it's face, gave evil dence of the requirements upon the money market resulting from the Reading deal, and was accepted as a warning that the resources of the money market as they become replenished, are likely to be drawn upon by the syndicates for the pushing of projects held in abeyance. The realiza- tion of these deferred projects overhang- ing the market had depressing influ- ence in contrast to their highly stimulat- ing influence few months ago. This pro- ject of syndicate requirements for money was enforced from it's influence by a somewhat weak tone in the money market and an advance in sterling exchange to- ward the gold export point. The rise in sterling at par served to neutralize the advance here, but the conviction Is gen. eral that an outward movement of gold this winter is probable.
 The announcement of the terms of the coming Transvaal loan and the probable requirement. for the Panama canal pur- chase are confirmatory of this view. Of immediate developments, the reports of car shortage and the inability to move freely freight offered were not a favor able influence. The resulting delay in the grain movement is likely to affect the re- turn flow of currency. The shutting down of works on account of coal shortage was also accepted as unfavorable. Secretary Shaw's order requiring the resubstitution of government bonds for other security deposits against deposits was regarded as making necessary a contraction in note circulation by the banks. Amongst the few movements of stocks worthy of men, ton that Tn chesapeake and Ohio was most conspicuous. The buying was based on an assumption that part of Pennsyvania's new capital will be de- voted to adding to it's holdings of Chesa- peake and Ohio. Amalgamated copper was effected by surmise of new steps of contending interests in the copper trade The rise in Great Northern preferred was supposed to be connected with the return to the cast of the present road. Missouri Pacific was helped by an increase in her earnings for December The whole mar ket gave way in the latter selling move- ment and closed easy. Rock Island led the decline, but losses of to 1sf were made by many of the leading stocks
 Bonds were irregular. Total sales, par value, S2,S30,0O0. United States 2s regis tered advanced ls. the 3s registered A and the old is registered E per cent on the last call.