The sun., 1903-01-11
FINANCIAL AND COMMERCIAL.
SATURDAY, Jan. 10.

Business on the Stock Exchange again
began to-day with u wlirl Of manipulated
buying. which practically centred upon the
Atchison common stock, Public sentiment
had been prepared for the event by the
circulation Of stories that the Atchison
was about TO obtain control Of the Rock
Islend lad at prices which would make
the pres-nt Rock Island shares look veiy
cheap; S,at the Rock !a.pnd was about to
buy the Atcl,sor road in tho Same manner
that the Delaware and Lacknwanna r.tl-
road, in addition TO leasing the Hackcn-
sack Meadows property, he'd bought OF
~as about to buy tho Erie Railroad; and
that the Erie Railroads. common stock
vas the objecl Of bitter competitive buying
5y Interests variouiy hGil TO be the Goulds
the Vanderbilt and the Rock Island and
Penr.ylvs'ia Rai'r,al companies. mass
OF sirulcr inventiprn. cssly traced back
to ono CT two sourroo. filled the air of the
street. But som I' icse tales were nc
received with or m. Atchisor wrs
foroct. up . pai,ts h,n the whole mar
Es. ,aet n DOWN OF i,,iidation. Efforts
70 C.7c the trading .i'cr tone by bidding
up Ncw RI, c n'r ,,.l Pennsylvania
wcrc friti,s~. m" rs!irs for London
ACCOUNT NnS cs'l!Iit'rU ~ OWN cO,oDN siiuiVS,
or extraordinarily large amount of stock
for London operators 20 dispose OF on
Saturday. Tho conservative feeling was
incrcase, by tho general study given over
night to the remarkable record OF yester-
days trading. The discovery that 1ts.-
400 shares Of Rock Island, T,G00 shares of
Missouri Pacific and Al 800 shares Of 81.
Paul had bcen dealt in without change In
price, and tina. 2Oi 700 shares OF Eric had
ostensibly changed their ownership with
an advance in price Of but 4 OF a point,
raised the question whether some ono
was not taking profits on pretty extended
scale. and also directed attention to the
obvious and flagitious washing Of stocks
that has lately been carried on. The cal'-
tious temper OF the general speculative
community was assisted by the heavy
and continuous decline in tho Reading COM
mon shares. for the reason, now patent to
everybody. that these shares represent n
minority interest in the property and that
dividends upon them are far away.
The bank statement. when 1t appeared
was on it's face n good one. Loans de-
creased 81, ,7iO. 900, bringing the loan account
below the net deposits Of the Clearing House
institutions The cash held by the banks
Increased A,74O,1OO. much less than yester-
days estimates made 1t. This resulted In q
substantial increase in the surplus reserve.
The statement however, failed to stimu-
late purchases. az it was generally recos-
nized that the excited speculation Of the
week must have increased the liabilities
Of Stock Exchange borrowers, and so have
enlarg rged bank loans somewhere. even IL
81 n,t, all hal "a
money for the speculation Of the week has
been furnished by the trust companies and
by out -of-town institutions. No news Of
any importance developed during the
day. The Chicago ard Great Western
road made a very good showing OF
earnings for November ard for the last
five months. The record Of weekly i'm
ports Of merchandise at the Custom House
was again enormous, amounting to Sl3 $751;
2st, as against 81? ,?4e,2G2 last week and
81 ,sas, sol last year. The feeling in the
Street at the close of business regarding
the probable marke outcome in the com
ing week was not ono OF entire confidence
that the advance in prices would be imme-
diately continued. Bearish feeling ap-
pears to be gaining ground upon the theory
that the recent manipulation for the rise
has been very crudely conducted. and
that 1t has allowed great many market
pools to reduce their holdings with great
satisfaction to themselves. 1t Is more
than probable that the recent buying Of
the Erie common has had a substantial
basis in the efforts OF those who are at
present in control OF the company through
q voting trust to strengthen this control
by the actual ownership Of a majority Of
shares, or, at least. Of SO large a block Of
stock, 80 that their future control OF the
company will be undisputed. The chances
seern 70 favor the fact. however that IL
such buying has taken place. its purpose
has been accomplished and It has now
ceased.
New York Stock Exchange Sales. Ian. 10.
UNITED srArrs AND STATE BONDS TN q. .ooos,.