The Montgomery advertiser., 1903-01-28
WALL STREET REVIEW TRADING AT A LOW FEB OF
 ACTIVITY. Difficult to Analyze the Movement of the Market Buying of Ger tain Stocks Owing to Special
 Developments.

{ NEW YORK. Jan. 27.-Yesterday's improve ment Tn speculative sentiment seemed to be malntained today. but the trading at such low ebb of activity that it was futile 10 try 10 measure the significance of the change. it IS clear that some of the professional trad CTS sold stocks on Saturday and bought back yesterday when they found their fears of an outbreak of trouble the Venezueian situa- tion had not been realized and so far as in- ternational dispute was a depressing influence on the market it had been pretty thoroughly eliminated The result does not prove that there was any speculative enthus astn held in check by this influence. Today's total sales of stocks were little changed from yesterday. In few cases there was buying of stocks on the strength of special developments. but this demand did not follow rise in prices far and had very little sympathetic effect upon the general list. The fir1nness of the coalers was based upon the report of net eas n ngs for New Jersey Central in December. show ng an increase over those of last December of S6l2.- O0O Confident predictions were made that the Forthcoming December report If Erie would show even better results. On Ahe other hand the Atchison December reports showed all but SIoll Of the increase in gross ca nings taken up by the enlarged export account. The rise in American Smelt ng based upon as- sertions of very large current earnings and a heavy surplus accumulation. Louisville rose on the rumor that 1t would benefit in a largely increased degree hereafter from the earnings Of the Nashville. Chattanooga and St. Louis. Amalgamated was bought on reports of the acquisition by the company of mines in Scan- dinavia and on the rise in the price of copper in London number of low-priced railroad stocks were lifted. It has been argued that prices of dividend paying stocks are at q level where the investment return is less at. tractive than for other uses of capital. Ap- parently the traders led to conclude that with stocks that pay no dividend this obJec- tion to higher price may not apply. These are fair examples of the influences which were allowed to affect the market Manhattan was under pressure of realizing by those who had bought the stock for the privilege of subscrib- ing to the stock, the right for which came of the stock today. The situation in the money and exchange markets was without appreciable change. Yesterdays decline in export buying Of wheat as a result of the higher price was q subject of comment and there was keen Interest to learn whether today's reaction in wheat would lead to renewal of the export demand. The character of the early advance fin stocks was defined by the readiness of the traders to realize. The selling of the last hour was a proclamation of weariness with the at tempt to get prices up The market closed dull and heavy.
 The bond market was moderately active and the movement of prices was irregular. To- tai sales (par valuel. S2.2io.ooo, United States bonds were unchanged on call.