The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-01-16
SUBSIDENCE IN ERIE
VERY LITTLE CHARACTER TO
THE STOCK MARKET
Erie Drops Out, or Rather Retires
From the Front Rank, Which Leaves
but Little of Interest-Continued
Liquidation in Reading Causes Bad
Impression.

NEW YORK, Jan. 15.-There was
very little character, to today's stock
trading, as is sufficiently Indicated by
the volume of dealings, which fell to
ABOUT the 500,000-Share mark. The sub
sldence of the recent furious activity
IN the trading in Erie left little to the
market. This sudden subsistence had a
good deal to do with the feeling of
suspicion which depressed the dealings
IN stocks. Yesterdays transactions in
Erie or over 100000 shares at a net
change for the day of half a point
Struck the traders as inconsistent with
the idea of competitive buying of the
stock for control. This suspicion was
reinforced by the action of the stock
this morning. After a momentary ad-
vance of small fraction the price
fell back to below last night in a way
that suggested the realizing of specn-
lative profits.
Explanation for the shifting of the
buying to the preferred stocks, which
were both strong. was sought in state
mentS that the control of the property
was really being acquired through the
preferred stocks, but the higher prices
in comparison, of these stocks and the
comparatively small volume of their
total outstanding issue did not COM
mand this view to the traders.
Reading Also.
The continued liquidation in Read
Ing also created a bad impression upon
speculative sentiment, and this impress
sion was not dissipated by the mark
ing up today of Ontario & Western
IN the anthracite group and the adj
vance in Chesapeake X Ohio and Hook
Ing Valley in the soft coalers. Rock
Island and st. Paul continued heavy,
With important sentimental effect upon
the rest of the list. The result was
narrow and sluggish market, with only
a few stocks influenced by special
causes. Sugar suffered from a fear
that effective opposition was develop
ing to the Cuban reciprocity treaty.
Amalgamated Copper moved on the
dividend declaration and in sympathy
with the rally in the market for the
metal. The rise in Missouri Pacific
was accompanied by rumors that the
plan for financial adjustment Of the
Gould railroad properties was about
ready to be put into operation.
There were no disquieting elements
in the money situation unless it might
be the indication that the Bank Of
England is disposed to build up it's re-
serves and maintain the money rate.
Borrowing From the Markets.
Considerable decrease in it's holdings
of government securities seems to in
dictate the borrowing from the markets
to decrease supplies. Whether this is
a measure of protection from demand
for gold from Paris, or preliminary to
a demand to attract foreign gold to its
own vault, does not appear yet. The
advance in the official discount rates
of the banks Of Bombay and Bengal
were significant of the hardening ten
dency of the English money markets.
The Bank of France also continues to
lose gold, while demands upon it for
credits continue heavy, both by note
expansion and increase of loans. New
York banks continue to gain cash, but
the gains from the subtreasury are
due to heavy payments on government
contracts and for pensions, which are
made in bulk in New York. but which
are now about completed. Time money
rates were reported rather firn1er. None
of the upward movements was we'll
maintained and the closing was dull
and easy at about the low level Of
the day.
Bonds were dull and irregular. Total
sales, par value, $2,425,000. United
States Is advance IA and the new As
coupon 1 per cent on the last call.
Stocks