The Montgomery advertiser., 1904-01-17
WALL STREET REVIEW
MARKET IS RAGGio AND uN-
 CERTAIN.
Handful of Room Traders Left in Charge Have Difficulty in Nov ing Prices in Either
 Direction.

NEW YORK, Jan. I6.-within narrow limits both as to price movement and volume of dealings today's stock market was ragged and
 uncertain. The handful of room tradsrs who made up the market had difficulty tn moving prices at all The undertone was on the whole firm. although there was some yielding In spots. The further advances in minor spsciai- ties were not impressive. The downward course of prices in foreign markets on the
 semi-stsgnation was attributed to uncer-
 tainty over the matter. A rurnor gained some
 currency also that an early decision will be probably on Monday. But the stock market was disposed to look . little aslzance at the loan expansion of eie. .4os. 4oo. Another week item of the banks to above any figure on fec- ord. Reports were current of the repayment of large loans of iong-standing to one of the transfer of loan obligations to the clearing house banks The market closed steady. but inanimate. There has been no apprsciativs de- % sna ss Tss sd sss ss. sss sss Operations by speculative spots in minor prevailing monotony. The iron and stsei, ins dustry Is field of conjecture and of uncar- tainty. Reports of increased demand for some poets of even better demand are believed to be good. especially in the held of foreign trade. There has been clear evidence of good ab- fered and the second bonds Believed T to be % due to well-informed belief in better trade prospects, The statistics of production and the idea of any substsntiai Improvements in conditions as yet. The weekly rate of produc- tion of pig iron. on Dec. sl has fallen to the lowest figure for six years and tendency to-
 wards the working oft of accunauiated stocks was yet in evidence These figures, however
 are for the same period covered by the quar-
 Steel Corporation which may be supposed to
 have had its due influence upon the specula-. tive markets already. Reductions in wages m and ,,1s other economies are are looked to for esct
 the cotton crop continued to be the subject of furious speculation and violent recovery and
 its nnal decision will be to cenfrrn opinion on an important element of the country's pros pertty. The feature of railroad earnings is by
 no means clear. Gross earnings for the fourth
 ovs tSe psqoa Ts s the roads 50 far reporting for the first week
 in' January fall to sustain the good record. The coalers are not include din this showing
 and the earnings cannot be expected to hold at the high level of last year following the
 settlement of the great anthracite strike. Flu
 to show the beneft of extensive Economies in reduction of working forces and cutting down of expenditures for improvemnts which have
 time: The extreme ease which has dveloped in the money market seems to. leave little
 room for fear of trouble on that ground. The payment of &25. .ooo. 900 of Lake Shore notes and the calling of 67M per cent instaliment of subscriptions to the $40. GOO. 900 of new Lake Shore bonds failed to create e ripple in the money market It was large railroad bor- rowings of this character which were feared for their effect on the money market. The l inflow of funds to New York has stopped the import movement of gold, or the need for it. The bond market has suffered throughout the week from the same oppressive influences as that for stocks and has shown no impor- l tant movement United States 2s have de- clined # and the 3s have advanced X per cent | on call during the week.
 l Treasury Statement.
 WASHINGTON, Jan. l6.-Treasury balances l S226, ,254, ool; gold, Se5,il2e74.
 New York Stock List.