The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1903-01-10
Ft1ta1rcta1.
YESTERDAT'S STOCK MARKET.
More Business Than Amy Day Since
Semi-Panio Of December.

| Semi-PRnfc Of Decs m5er.
New York, Jan. 9-More business
was transacted on the stock exchange
to-day than any day since the semi
panic conditions of the middle of De-
cember last. Although the market be-
came extremely irregular and one time
generally reactionary, there was a free
broad market the whole day, and the
; closing was firm and active at rally
details OF the division of the control of
! Reading between the Pennsylvania and
line Vanderbilt interests caused the
speculative Imagination to conclude
/ that further projects would be pushed
! for harmoni2inS control Of the whole
eastern trunk line railroad and anthra-
! cite field with subsequent projects in
! the soft coal field through the medium
If the proposed distribution of control
Of Hooking Valley among the same i'll
: tpreStS which are to share the Reading
: control. There seemed to be an as
sumption that this heralded resulnp-
! ton Of a large number of the plans of
| consolidation and merger which We're
| Interrupted by the stringency in the
money market The prospect that this
would multiply new securities again
and involve heavy syndicate require
ments caused new buying orders to
pour into the market this morning
/ cable from London. 1t was obvious at
! the outset that this demand was very
! literally fed by sales to take profits
by the large buyers OF yesterday and
! the preceding days, but the buying
I was sufficient to absorb this realizing
! for q time and to initiate fresh ad-
vanCes here and there, Reports that
the dispute between the Pennsylvania
and the Gould interests has been settled
caused bu0yancy In the Wabashes.
! There were subsequent tons
/ of strength in other Gould stocks, nota-
bly, Missouri Pacific and Manhattan,
which started movements respectively
in the Pacifics and the local ira actions,
which were not explained by any news
of the day. Money continued quite
easy, in spite of heavy new demands
! resulting from the speculation, and a
strong bank statement was forecasted
both by the large movement of cur
rency from the interior and by the
gain on sub-treasury operations result
ing from the payments of government
1 interest and the transfers of currency
from San Francisco. Late in the day,
when the market had become reaction
airy, q belief gained currency that
that large exports of gold were in con-
! temptation at an early day. The rising
money market in London, the sharp
rise in sterling at Paris and the indica-
tons that the Bank Of England is dis
posed to maintain the open market rate
of discounts, were adduced as evidence
Of the likelihood OF such movement ut
an early day A more reasonable ex-
PLANTATION of the reaction, aside from
the natural profit taking, was the per-
sistent and heavy liquidation in Read
ing, due to the fears of holders that as
! u minority interest they would have
little to hope for in the new position Of
the stock. The failures of the Louis
willie directors to advance it's dividend
! rate as had Deen hoped by the holders
Of the minority stock who followed the
advance in price when the control was
passing. served to emphasize this i'm
preston and the break In Louisville ac-
c0mpanied that in Reading. The mar
ket was supported at the decline and
the closing was firm at the rally.
The bond market was broad but ir-
regular. Total sales par value SO, 76O,-
0OO
United States new tours coupon adj
vanced ! per cent on call.