The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1903-01-11
London Sells Extraordinarily
Large Amount Of Stock
Conservative Feeling IN
Creasing-Bear Sentiment
Gains Ground.
Bank Statement, on the Face,
Acceptabie-Falls, How
ever, to Stimulate Pur-
chases- Enlarged Bank
Loans Anticipated.


common stock
Public sentiment had been prepared
for the event by the circulation o.
stories that The Atcbison was about TO
OBTAIN control of the Rock Island Road
81 prices which would make the present
Rock Island shares look very cheap. that
the Rock Island was ABOUT TO buy the
Atchison Road il the same manner; thar
the Delaware and Lackawanna Railroad,
in addition to leasing The HackensacE
Meadows property. had bought, or was
about 10 buy. the Erie Railroad. and that
the Erie Railroad common stock was the
object of bitter competitive buying by
interests variousIy said to be the Goulds,
the EauderbiIts, and the Rock Island
and Pennsylvania Railroad companies.
A mass Of similar invention easily
traced back TO one or two sources filled
the air OF the street. But somehow these
tales were not received with enthusiasm
Atchison was forced up points but
then the whole market met a dowupour
Of liquidation
Efforts to give the trading a better
tone by bidding up New York Central
SAAL NA+A2ss- u c+-ilel FfSlE Al lA-tlt-aH
London Selling Large
The selling for London account was es-
tfmated at over 10000 shares. an extra
ordinarily large amount of stock for
London operators TO dispose CT on a Sat
urdav.
The conservative feeling was increased
by the general study, given overnight,
70 The remarkable record OF yesterdays
trading The discovery that lis 400
shares Of Rock Island. Il 900 shares of
Missouri Pacific. and 41.S0G shares Of St.
Paul had been dealt in without change
IN price. and that 20l. 100 shares Of Erie
had ostensibly changed ownership with
an advance in price Of but Is OF a point
raised The question whether some one
was not taking profits on pretty ex-
tended scale, and also directed attention
10 the obvious and dagiuous washing
Of stocks that has lately been carried on.
The cautious temper OF the general
speculative community was assisted by
the heavy and continuous decline in the
Heading common shares. for the reason,
now patent 10 everybody, that these
shares represent minority interest IN
the property and that dividends upon
them are far away.
The Bank Statement.
The bank statement, when it appeared |
vas on its face a good one. Loans
decreased $3.710, 900, bringing the loan
account below the net deposits or the
clearing house institutions. The cash
held by the banks increased S4,740, 100,
much less than yesterdays estimates
made 1t. This resulted in a substantial
Increase in the surplus reserve.
The statement. however. failed to
stimulate purchases, as it vas generally
recognized that the excited speculation
OF the week must have increased the /
liabilities Of stock exchange borrowers, +
and so have enlarged bank loans some /
where. even if not in this city In all
probability the money for the specula- /
ton OF the week has been furnished by /
the trust companies and by out-of- /
town institutions.
No news OF any Importance developed
in the day. The Chicago and Great
Western road made a very good show
ing Of earnings for November and for
the last FIVE months. The record OF
weekly imports Of merchandise at the
custom house was again enormous
amounting to SO. 5S5.2 84, as against S12,-
246- 2G2 last week, and 81, s2g sol last
year.
Bear Sentiment Gains Ground.
The feeling in the street at the close
OF business regarding the probable mar
ket outcome in the coming week was not
vance IN prices would be Immediately
continued. Bearish feeling appears to
be gaining ground upon the theory that
the recent manipulation for the rise
hiss been very crudely conducted. and
that it has allowed a great many mar
ket pools TO reduce their holdings with
great satisfaction &c themselves
Il IS more than probable that the re-
cent buying OF the Erie common has had
& substantial basis IN the efforts Of those
who are al present in control OF the
company through a voting trust 70
strengthen this control by the actual
ownership OF q majority Of shares. or. .
al least Of so large q block Of srock. .
50 that their future control or the COM (
panE VIII Ice UudisDuted. The chances
Eeeu 10 favor 1hr Iac-. however. rEal .
Il such buying has faEeu place. Irs par
pose has been accomplished and ed las
now ceased.
New York Stock Exchange, Jan 70.
Ilaa Loss. last. Ca-e, .
Anal Copper &C.,. 65Ss 64l 6f1s
Ana. Car 4 &c. 80 34is 1855
an Mating -.--. - - -