Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-01-10
Irregularity Was the Feature
in Stocks.
Squirt IN ATCHISON
READING WAS OBJECT OF BEAR
ATTACKS.
Heavy Realizing Sales Followed the
Publication Of the Bank
Statement
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star
NEW YORK. January 10. American
shares in the London stock market today
were rather dull and prices showed declines
of from y to II per cent.
In the local stock market the opening
was very active with some irregularity IN
price movements. London had selling
ders here. and the traders we're disposed
to play for a reaction. and there was a
continuation of the liquidation in Reading.
causing over two-point break in the first
half hours trading.
The steel stocks lost fractionally. Sugar
lost 7-S. and there were fractional losses In
st. Paul. Rock Island and Missouri Pacific.
but the market was quickly turned TO an
advancing one on enormous buying of
Atchison common. the stock quickly going
~ per cent on transactions that footed up
over $1,000 shares in the first thirty mir
utes. The pace. however. was too rapid to
last. and before the first hour another reac-
ton set in. In which Reading was again
the weakest feature, the stock not meeting
with very much support and the liquidation
being very heavy.
In this decline the general list lost from
" to Y per cent, and the trading on the
long side OF the market was rather eau
tious. Atchison lost l per cent from its
SucSt, Out supporting ORDERS kept II pretty
firm in tone. The r4mors in regard to the
early strength in this stock were to the
effect that 1t and the Rock Island were to
combine. but this story has been heard Of
before and the latter stock did not act as
II there was much truth In the report. In
fact. to close observers 1t looked as Il the
pool in Rock Island had about gotten
through with its manipulation Of those
stocks and had endeavored to work I'D an
advance in Atchison
Good judges of the latter stock did not
advise its purchase on this bulge.
Just before the publication Of the bank
statement an effort was made to rally the
market, but only fractional gains were
ma 4. and the appearance Of the st. -u. Mt
the general list. Declines followed extend
ing to over 1 per cent In the active stocks,
and there was again special weakness in
Reading, its decline extending to per cent
on the days transactions closing at about
the lowest price Of the day.
The closing tendency was very irregular.
as had been the opening. and there were
declines of 1 3-S in Sugar. Atchison lost
II from its highest, St. Paul about I
per cent. Rock Island scored sharp de-
cline. General Electric was materially
Fries fractionally lower. the second pre-
ferred losing the most, and there were
losses in the traction shares amounting to
per cent in Brookland Rapid Transit and
over 1 per cent in Manhattan, but the lat
ter recovered most of it's loss near the
close In the final dealings slight recov-
cries occurred, but the trading was irregu-
lar and confused with extensive profit
taking.
Government bonds were unchanged: rail-
road bonds somewhat easier. Sales of
stocks, GA. 400 shares; OF bonds 81. 800 600
Good conservative houses still advise cau-
ton in the market, and are still of the opin-
ion that the present advance is not likely
to last much longer. They call attention
to the fact that while call money is at
present cheaper, time money remains firm.
and think the monetary situation is by no
means cleared up.
The weekly bank statement follows: Re
serve on all deposits, increase, $3.50. 40:
| reserve other than United States, increase.
81. $50. $50; loans. decrease. s. 10 100: specie
increase. 81. $40. 300; legal tenders 81 1s9 800:
deposits. increase. s494, 600; circulation. de-
crease $50. 100.
The increase of $4.74O, 100 in lawful money
by the above statement is nearly consistent
with the decrease In the loan item and tho
increase in deposits. although the cash item
shows only about hall the Increase indi-
Gated by yesterdays statement OF the
known movements Of cash. The deere ase
in loans. however. Is a surprise. In view Of
the recent heavy speculation. The net re-
suit leaves the surplus reserve at 81, S1O. 800.