The Birmingham age-herald., 1903-09-04
LACK OF INTEREST VERY PRONOUNCED Upward Movement of Prices is
 Promptly Halted COAL DISCUSSION RIFE Drain Upon Bank of England Has Be- come Alarming and Market Is
 Depressed in Consequence
 of Rate Advance.

New York, September S.-Today's vol ume of dealings was not greatly below those of yesterday, but the dearth of in- terest in the market and the dead leVel of dullness was more pronounced than at any time heretofore. Yesterdays up- ward movement of prices was pretty promptly halted after the market got started and there was quite liberal profit taking by yesterdays buyers. The de- cline was not far extended and only few of the principal active stocks were depressed as much as a point. Reading was notably under pressure. The selling was supposed to be the unloading or some pool holdings taken on in anticipa- tion of a rise as result of the favora- ble annual showing by the company.
 At matter of fact the consideration of the past heavy earnings by the an- thracite carriers has generally given way to the discussion of the accumuia- tion of steam sizes of Ycoal, followed oy the shutting down of some of the coi- leries and some suggestions or cur tailment of production. The principal event of the day in the financial world
 
 was the advance in the Bank of England discount rate by full one per cent from 3 to 4 per cent. This is one of the GUS tomary measures to oppose an outward movement of gold. The advance Is not unusual in the fall months. but IS gen orally delayed later than this. But the drain upon the Bank of Englands goio supply has become so considerable as to suggest the interposing of some obstacle. Over s4OO0,0OO was taken from the bank today and of this $3,500,000 went to Ger many, which Is the principal source or the drain.
 The London market was decidedly de- pressed in consequence of the advance Tn the rate the price of consols failing lower than during the Boer war The depres- sion reflected in New York rom pnat source, however, was but slight and sales for London account were small. This may have been due to the fact that New York Is likely to join in the demand on London for gold before long. Our foreign exchange market responded to the in creased bank rate in London, but our money market was partially unaffected.
 The heavy liquidation in the cotton mar ket was due to the complete surprise at the condition of that crop reported by the agricultural department and this was naturally favorable influence on stocks. The effect, however, was scarcely percept- ible The continued firmness in the Iron market attracted more notice Tne stump in Colorado Fuel was the consequence or passing of the dividend on preferred stock and heavy requirements for addltlonai capital which are impending over the corporation Metropolitan Street railway reflected continued unfavorable view or the significance of turning back by .un- derwrting syndicate managers Of thelr holdings of stock to the dominant in- terests in the property The market clos ed heavy about the low level.
 The bond market was very dull and IT, regular. Total sales, par value, s1,O6o,oO
 limited States 2s advanced # and the new 4s A of cent on the last call.