The age-herald., 1902-01-24
MARKET CONFINED ,. ID SHORT STOCKS Professional Element Selling to
 Fake Profits on Advance SUGAR LEAD THE MARKET Dealings In the Railroad List Were On
 Small scale--oontinued Ac-
 cumulation of Money In New York.
SUGAR LEAD THE MARKET

New York, January 29.-There was no return of animation on the stock market today and the bulk of the stock opera tions was confined to a short list of stocks, which advanced quite strongly from the influence of special causes Even in these the dominant professional ele- ment was evident in the selling to take profits on the advance. There was & movement in the Vanderbilts which was apparently stimulated by assertions that part of the new stock issue of the New York Central was to be exchanged for that of the Cleveland, Cincinnati Chica- go and St. Louis, but the movement spent its force in the course of the day. St. Lawrence and Adirondack was marked up over 4 points apparently on the ex- pectation that it would be taken over by New York Central The recently pre- valent strength of the local traction stocks led by Metropolitan Street Rail- way coptinued for time today but the whole group succumbed to realizing Sugar succeeded to the leadership of the market and late in the day was lifted S% points over last night. An advance of ID points in the price of the product and re- ports of an agreement at Washington looking to the free entry of Cuban raw sugar were accountable Tor that move ment.
 The news that an agreement had been reached between the Western railroads and packing house interests to maintain rates thus reliving the objectionable con ditions against which the inquiry by the Interstate Commerce Commission is di- rected had a stimulating effect on the Pacifics, grangers and southwesterns.
 The recommendations in the Commits sons annual report in favor of allowing associat. sns to maintain rates was also A helpfuf influence for Western railroad stocks Missouri Pacific led with rise of over points. Dealings in the railroad list was on a small scale, however. Amal- gamated copper showed some strength on the growth of foreign demand for raw copper. There are growing symptoms Of a plethora of money at all of the great centers of capital. Today's reduction in the Bank of England's discount rate was contrary to expectation, as large col lections of taxes were expected to deplete the London money market at this time, and it was thought to be necessary to keep up the money rate in order to pre- vent withdrawals of French capital To- days statement of the Bank of France shows such an accumulation there as to offer little inducement to call home cap ital, but Berlin seems the center of great est redundancy as is shown by the fact that Berlin has been buying bills in the London market and easing the discount rate there while in the very act of sub scribng sixty times over the preferred government loans of $75000,000, all of which has not prevented a decline in the discount rate.
 There is a continued accumulation of money in New York also, but without the stim ulating effect on speculation which Is manifest at other great money ctnters. A remarkable development in the situation here is the fact that very large time loans, running into the millions of dollars, are being negotiated at in terior domestic points for New York account.
 There was continued activity among usually quiet bonds and some striking gains were recorded, but the market gem orally was irregular. Total sales par value, $4, 455, ,000. United States new As coupon declined A per cent. on the last call.
 New York Stock Market.
 By Private Wire to Murphy & ca