The San Francisco call., 1903-01-16
EASTERN MARKETS.
Ne5U York Stock Market.

NEW YORK. Jan. 15.-There was very little
character TO to-days stock market, as is suf-
hciently indicated by the volume of dealings
which fell 10 about the half-million share
mark The subsistence 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
repressed the dealings in stocks. Yesterday $
transactions in Erie Of over 200, 600 shares at
a net change for the day of a half point
struck the traders as not consistent 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 advance of a small fraction the
price fell back TO below last night in a way
that suggested the realization of speculative
profits Explanation for the shifting of the
buying 10 the preferred stocks. which were
both strong, was sought in statements 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 comparative small volume of their
total outstanding issue did not command this
view to the traders. The continued realizing
in Reading also created a bad impression upon
speculative sentiment and this impression was
not dissipated by the marking to-day of
and the advance in Chesapeake and Ohio and
Hooking Valley IN the soft coalers. Rock
Island and ST Paul continued heavy, with i'm
portant sentimental effect upon the rest of the
list. The result was a narrow and sluggish
market, with only few stocks influenced by
special causes Sugar suffered from a fear
that effective onnosiffon Uas develoDfnq 70 tbe
Cuban reciprocity treaty.
Amalgamated Copper moved up 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 the financial adjustment Of the Gould
railroad properties was about ready TO be put
into operation.
There disquieting element in the
money situation, unless IL might be taken that
the Bank of England is disposed TO build up its
reserves and maintain the money rate. The
considerable decrease in its holdings Of Gov
ernment securities seems to point TO borrowing
from the market TO decrease supuIIes- Whether
this is measure Of protection against the de
mand for gold from Paris is preliminary to
an attempt to attract foreign gold to its own
vaults does not appear yet The advance in
the official discount rates of the banks of Bonn
bay and Bengal is significant of the hardening
tendency of the English money markets. The
Bank of France also continues TO lose gold.
while demands upon IL for credits continue
heavy, both by note expansion and increase OF
loans. New York banks continue to gain cash
but the gains from the Sub-Treasury are due
TO heavy payments on Government contracts
and for pensions which made in bulk IN
New York, but which now about complete.
Time money rates were reported rather firmer.
None Of the upward movements were well
maintained and the closing was dull and easy
at about the low level of the day.
Bonds dull and irregular. Total sales,
par value, 81. 435, 600. United States twos ad-
vanced 4 and the new fours l per cent on the
last call.