The evening world., 1903-01-02
Optimism Rules in the Market,
and Trading Broadens with
Inflow of Money and General
Good Prospects.
ALL ISSUES FEEL EFFECT.
Money Pool viii Prevent Gold Ex.
ports Until After january Dis.
Observation-Disclosures Pacific and
CopPers up-vanderbilt Buys Eric

ness day OF the new year with a boom
IN the stock market and IA display of
optimism among leaders in strong con-
trast with the speculative depression Of
the last three months,
All stocks We're higher In market of
much activity and broadening tenden-
cies. Railroad stocks led the active list,
but the inductrial issues were also dealt
in In greater volume than for weeks.
Every development of the day was IA
vonable to the market. A most encourage
Ing feature was the movement OF grain
to the senboard which means an imme-
diate increase in exports of grain.
Money rates for call money, which
reached as high as 10 per cent. were
also considered favorable. because those
rates for call money will hasten the re-
turn OF currency from the interior.
semi-official announcement OF much
weight was the statement that there Is
practically an agreement among bankers
that the $4,000 600 money pool shall he
utilized to prevent gold exports until
the January disbursements are all over
and the money has again found its way
into investment channels.
"A month or five weeks hence gold ex-
ports will be looked upon as a matter
Of course, whereas II gold should go out
now 1t would cause grave concern.
Wall street is not worrying over the
problem of currency legislation. The
report that Congress will not pass any
currency measure at this session has In
a way been discounted temporarily.
There will be no further money strin-
gency until next fail. From now until
June money will flow to New York In
stead of away from 1t.
That is all that Wall street cares
about. 1t Is disposed to let next falls
money, squeeze take care OF itself.
circles and surface indica tions point 10
higher stock prices.
Under the active manipulation of the
from Wednesdays close, while Ana
conda jumped points.
movement Is that 1t il understood to
represent the market feeling of the
Rockefeller Rogers -Stillman combna-
tion. and for this reason Is given due
consideration by the tape crimpers.
] Profit taking In St. Paul and Erie.
which resulted in heavy sales checked
other railroad Issues. but later in the
day the advances were continued and
strong. ~ .
tlvity of the Erie shares 1t was reported
that the company was negotiating with
the Panama Canal Company for Its
SSshs %Sad se a s os eny srss tc Ss% Ss
York. 1t was also said that the directors |
would soon retire the second preferred |
Stock -
Wall street brokers used London to-
day To sell It's stocks for profit taking. |
New York openei higher than the, Lob |
and fST s a time s hcndon paeq put in heavy heavy
selling orders. Later 1t bought Just as
heavily, but 1t had to pay more than a |
point advance for Its stocks. and even |
vigorous demand sccnnd 10 come from |
InVestment quarters largely.
William *. Vanderbilt, through the
brokers usually acting for hIm. was a
heavy purchaser OF the Erie shares, and |
IT was part OF the gossip In connection
With Erie that James y: Hill and tho
which, mean in the near future o. 1e-
cided increase In Its earnings and an
afiiiiation with a larger system.
In activity II gained. dividend included.
over ponts In the forenoon, hut lost
oyer a poirt ON realizing sales later In
the day. With the rest of the market.
common and preferred Texas
e. Pacihc and 81. Louis Southwestern
gained from q point TO i-2 points.
The Gould-Vanderblit pool was active
In its sprcialtics. broadening the volume
OF dealings and enlare Ing It's commit
ments for the new year,
Rock Island. Atchison. Reading and
Pennsylvania were four railroad stocks
which scored advances aud held them
In spite Of profit taking. Their average
Increase exceeded a point and they were
all strongly supported by insiders.
Rock Islands earnings are'"so large
that dividends on the common stock are
assured at an early date. while Read
ng's increase In the freigh. rate for
,oIl alone insures II more than Its losses
sustained during the coal strike
Up TO Wednesday night the banks had
yalned In cash from the interior S94l2,-
40. but had lost 81 100 600 to tho Sub
Treasury, This gives the banks an
apparent net gain In cash OF 81 2,0le.00O on
The weeks business.
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