The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1903-01-03
Eiua ucia1.
yesterdays STOCK MARKET.
Bulge I'm Prices Causes selling Move-
ment-cioae frrrguIar.

Bnige I'm Prices Causes selling Movs-
ment-cinae IrrrguIar.
New York, Jan. 2.-Trading on the
stock exchange started off with great
animation this morning and with some
thing like bulge in prices. This was
taken advantage of by Tuesdays and
Wednesdays buyers to sell stocks and
take profits. Prices ran off under this
and the market became dull. The ad-
vance was renewed at some points. but
the snap seemed to have been taken out
of the market and fairly general SELL
ing movement developed In the after
noon when call money rates stiffened to
Is per cent. Reading was vigorously
advanced to above 50 and served to
steady prices. The selling was renewed
before the close, which was highly IT.
regular Sugar running off point be-
low Wednesday at the last. The open
ing call loan rate of 10 per cent. re-
vealed stiff demand for funds. but
caused little uneasiness. Other devolp-
ments pointed to relaxation in the loan
market and loans for sixty and ninety
days were reported as being made by
the trust companies at Is 1-2 per cent
The sterling exchange market broke
sharply on the cessation of demand for
cables to meet the year-end settlements
in London, which was a feature last
week. The London market showed a
prompt response to the turn Of the year
and money and discounts made wide
declines under the abundant offerings
in the market. This was accepted as a
hopeful indication of a light demand
for the future from that center upon
New York. 1t has been feared that
gold would go from New York prompt
ly after the firfist of the year. The
maintenance of the call loan rate here,
however, and the sudden abundance Of
money in London were calculated to
affect the exchange market. The stiff
ening of the call loan rate late in the
day indicates that there will be the
usual delay in the return of funds to
the channels of the New York money
market, following disbursement pc
Rod. The action Of the days market
gave rise to conjectures as to whether
the advance in prices simply halts up
on the expected easing Of the money
rate or whether the doubts Of last
month over the general situation have
required To-day's statement of Read
ing's earnings for November proved
disappointing and the late advance in
this stock was unexplained Other
statements Of November earnings
showed gross increases more than WHIP
ed out by increased operating ex-
penses. Louisville and St Paul. how
ever, showed moderate net gains re-
naming. But these stocks were rather
more affected by realizing than others.
The announcement of the profit sharing
plan of the United States Steel Cor
poration caused a sharp rise in the pre-
ferred stock. Amalgamated Copper
continued to advance on the rise i'll
copper but reacted sharply. Brooklyn
Transit was somewhat depressed and
affecteQ the OLner local LrdCllOliS. MIS-
souri, Pacific selling eX-dividend was
notably strong and helped the South
westerns generally.
The early firmness in the bond mar
get gave way to an irregular tone in
sympathy with stocks. Total sales par
value SO, 100000.
United States bonds were all un-
changed on the last call.
NEW YORK STOCK MARKET.