The San Francisco call., 1903-01-10
EASTERN MARKETS.
Ae1y York Stock Market.

NEW YORK. Jan s.-More business
transacted to-day on the Stock Exchange than
Oh any day since the semi-panic conditions Of
the middle Of December last Although the
market became extremely irregular and at
one time generally reactiOnary. there was a
free. broad market during the whole day and
the closing was firm and active at a rally from
The low point. The report Of the details Of
the arrangements Of control Of Reading be
tween the Pennsylvania and the Vanderbilt in
terests caused the speculative imagination 10
catch dre and operations We're hastily resumed,
seemingly on the assumption that all the re-
cent Ills resulting from an overplus Of new
securities and adequate supply Of capital to
take them UD had been cleared away. The
conclusion was arrived at by inference that
further projects would be pushed for the har-
m0nizing OF control ol the whole Eastern
trunk line railroad and anthracite field, with
subsequent designs upon the soft-c0al field
through the medium OF the distribu Of con
troI OF Hooking Valley among the same inter
eSts that 10 share the Reading control
There seemed 10 be an impression that this
would herald an assumption Of q large num-
Der ~ projects OF consolidation and merger
which were interrupted BY the stringency IN
would multiply new securities again and in
yolye heavy syndicate requirements seemed TO
have none Of the recent terrors and buy
ing orders were poured into the market this
morning from every quarter. including some by
cable from London. Il was obvious from the
start mat THIS demand was literally fed BIZ
sales o. take profits by the large buyers OF
yesterday and the preceding days but the buy
sufficient TO absorb this realizing for
time and then Initiate fresh advances here
and there Reports that the dispute between
the Pennsylvania and Gould interests had
been settled caused buCysncy in the Wabashes
There were subsequent demonstrations OF
strength in other Gould stocks. notably Mis-
sour Pacihc and Manhattan, which Initiated
movements respectively I'm the Paciics and the
local fractions. and which were not explained
By sny news Of the day Money continued
go -te easy in spite of the heavy demands
resulting from the speculation and a strong
bank statement was forecasted both BY the
large movement of currency from the interior
ano By the gain in sub-treasury operations re
sultine from the payments OF Government in
Frandsco. Late in the day. when the market
had become reactionary. a belief gained cur
rency that large exports Of geld were in con
ms- izet in London. the sharp rise in sterling at
Paris and the indications that the Bank of
England IS disposed TO maintain the open mar
het rate 81 discounts. We're sdduced as evidence
n the likelihood OF such movement a. an
early date A more reasonable explanation Of
the reaction. aside from the natural rroft-
taking was the persistent and heavy liquida-
uOn in Reading due 20 the fears Of holders
hat as minority interest they would have
little TO hope Tor in the position OF the
stock The market supported AZ the de-
cline and the closing was firm al the rally
The bond market was broad but irregular
Total sales, par value, 50 T60 0CO
TC-day's tr2nsa ctions on the New York
Exchange rose 10 1851, 10 shares. the highest
seoord since last April