The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-01-15
STOCK MARKET UNSTEADY
AND TRADING IS LIMITED.
PROFESSIONALS TRY HARD
TO FIND PURCHASERS.
Erie and the Other Anthracite.
Carrying Roads Led in the
Days Business.

New York. Jan. 1L.-To-day's unsteady
and spotty stock market seemed to repre-
sent nothing more than the efforts of pro-
fessionai traders to find purchasers for
shares. The constant fluctuations over 4
narrow range were n testimony to the diff
Guilty they found. The volume of transact
lions fell off to little more than 100, 900
shares. or about one-half the business of
last Frit lay. when the activity of the pres
ent movement reached it's elimination. OF
to-day's dealings no less than o0o,0O0 shares
were of Erie. The continued activity in
that stock Is the subject of the greatest in
terest in Wall street at present, and sur
mise eXhausts itself to account for it. Fail
rTe of Rock Island to move with il to-day
discredited previous rumors that Erie was
being sought TOR an Eastern outlet of the
Rock Island system.
The other. coaiers were inclined to move
witt the Fries to-day, and there was a dis
position to attach Importance to the forma-
ton of the so-called Eastern Securities Com
pany as probably concerned with further
Developments in the consolidation of the
anthracite industry.
MANHATTAN is STRONG.
Manhattan was strong for a time. sup
posediy on account of the coming operation
Company. but the stock reacted with some
violence to a point below last night. West
ern Union was held by the injunction
pennsylvania. Sugar was first strong and
then weak after the report of the annual
IneetlnS OF STOCKHOLDERS showed the higher
dividends were not TO be expected at pres
ent. An incident of the day was sales of
Canada Southern and Michigan Central,
the former at a decline of 7la points and the
latter 1T a decline Of 4sA from the last pre-
cedinS sales. some TIME ago. Aside from
these special movements the market was
dull and sluggish throughout and offered
little of interest
BREAK IN AFTERNOON.
Thu fact that realizing sales met advances
IN an cases served to discourage the pro-
fesstonal element and led to the sharp break
age level of prices well below last night.
This was particularly evident In Rock Is-
land. and the large part attributed to the
ROCK Island interests in the recent specula-
ton for the. rise gave the movements in
stock special influence on the whole lists.
The closing was steady at some rally after
the break. The failure of the market to ad-
vance was considered the more significant
in view of relief from some of the depress-
ing factors. Sterling exchange eased off
materially to-day and rose at Paris. thus
widening the margin from the gold export
point. Cau money was appreciabIy easier
ana some time loans maturing to-day were
renewed by the largest bank in the city at
5 per cent Money continues to flow into
the local banks. both from the Subtreasury
and from the interior. This seemed to af-
ford some encouragement TO stock opera
tors during the morning, but did not pre-
vent the later reaction.
Bonds were quite active and were firm
early. but became irregular when the stock
market turned weak. Total sales, par value.
&.2o,oW. United States bonds were un-
changed on the last call.