The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-01-11
CONFUSION OF SENTIMENT
APPARENT ON STOCK MARKET.
LIOTIDATION OF READING
PROVES DISTI RBING
Twenty Thousand Shares of Atciii
son Change Hands Quickly ut
Opening of Session.

NV % 'H''- go 49,
of some confusion OF sentiment III tte
movement Of prices Of stock t'-da|- me
persistent liqu!dation in Reading mao 81"
unscttllng eject. III" strength ~ Atom
son was in strong contrast. ne p"i'HaS
of a0.pn shares of this stock within thf
ti,.s, few minutes of the trading lifted II
strongly, and had a stimulating effect else
where. There was some show OF pnsll'Ns
strength also in New YORK Seht'"i anu
Pennsylvania. on the Ei"utu NJ, and
81 strengthen the whole trunk-llnr system
Am~aigamated Copper reflected the ri'IN III
the metal mrakct. after a $h'tp ~ ~,
the market was inclined 10 ~
and fluctuations Were mario" uitI -
appearance of the bank SIatenletl'- IHs
c4 sh item WAS a disappointment. In riaCf
of the predicted increase OF $b.oJV.Wn l" jill
0G0. ga. the weeks gain amounted 10 '.liS
81 7io.lO 90. The only plausible eNpianatIo o
the heavy flow of cash into CHICAGO inc
latter part of the week had been lrreStei
there and not forwarded to New hofh. az
had been supposed. Sterling exchange was
inclined to harden. and discounts again adj
vanced in London. The market closed
weak. The only explanation OF the move
ment in AtChison was an uncannrhled ru-
NOR Of a plan for a combination with Rock
Island.
RACKS AND FILLS.
The stock market. after backing ana MI
ing to some extent during the early part OF
the week. burst into great animation ana
hIC-ancg after the middle of the week. The
breaking of the money rates was the pre-
lin mary to the movement and the disI!os-
ure of the Reading deal was the special IN.
element to the speculation. The course OF
the money market on Monday. was prompt
to confirm the confidence of those VINO
looked for an early return to ease ana wh"
bought stocks last week with that conf
dence unirlraired in the maintenanc OF
stiff rates IN the call loan market. burtfiE
Mondays session one large firm marked
down it's rate for outstanding loans to =
per cert. and the whole market was gulCk
III, "TIA rnfA fnlf EYlnuF Ih1f ty1IIts
during the weel. :. fact of further aSsur-
anCs over the money situation was the con
tin I"d Suftnes:' ri the foreign eXcnaiSe
market. which continued 4 downward
course. with floods of money returning 10
thu channels OF the London market, The
January Developments in foreign exchange
have been looked to with some anxiety.
cver ty those who professed the least fear
about the WORKING cut OF ihr 'HlheS $50
of credits outstanding abroad and the sup,
position tina; they were largely extended
during the latter part OF p9cemG S hIo
ua"v relaxation of the local money market
might be followed by a heavy downward
movement of gold.
DISSOLUTION OF pool.
The announcement of the dis solution OF
the bankers protective pool. which '.ad sub
scrihed $Jo.0,0.~0 for the protection -. the
money market against possible emergency,
was in effect a proclamation that the ne
cessity for its existence had aassed. This
action and the large lending in the money
Ilitl hfl IN Sblll' III III ain - l''' l''i
was also regarded as an animation mat
the attitude of disapprovHl of cfto.ts TO ai-
vance prices of stocks had been nl"dirHi
by the large financial interests. WIKI the
money situation effectually cleared up there
has been revival of oil sorts Of I'm 1rS oi
deals. and she speculative idea sowarla this
development has undergone "A marked alter
alton. For some time the runor OF a new
project or combination promising 4 large
issue of new securities has had a chilling
effect upon speculation. Even sarly this
week news that the projected combination
Of the mall"an!e iron interests has been
abandoned for the present was rnceIved
with satisfaction. The project Cor practi-
cally doubling tn" stock of the tennsylva-
MIA Railroad when first announced this
week was greeted with a decline n that
stock. hut the announcement Of the Read
ing deal caused an outburst of speculative
enthusiasm.
PURCHASE IS MADE.
This is true. although the actual purchase
of the securities involved in the plan of con-
troll of the anthracite industry has been &C
compl:shed. while the part remaining to he
presumably by the issue of new securities.
The proposed plan of selling the Hooking
Valley Is now regarded as involving an ca
by the same powers which have thus con-
the control of the anthracite
trade. The heavy absorption of Erie has
not been clearly explained, but Is generally
believed to be connected with the further
working out of the Capitalization of the
control of the Eastern coal and trunk line
"'iichI '". vi NV "tth : Sl'Aldi
nents may be mentioned a decline in Wa
bash. owing to Il Judicial decision against
its right to enter Pittsburg. which gave
place to strength upon the announcement
that the dispute between Pennsylvania and
Wabash had been settled. The rise in the
price of copper lifted Amalsamated. and its
subsequent reaction depressed that stock.
Sugar was the subject of the usual active
Speculation preceding a dividend period.
The United States Steel stocks were mod
erately helped by the statement of the OK
traordinary earnings for the year. The TAX
i'll Congress was the cause of some dcpres-
sion here and there in the market. but il
was slight. and was not general among the
industrial securities.
There was some increased demand for
honds, hut mostly for those of lower grade.
United states IS and As advanced 4 per
cent. and the new Is. coupon. ] per cent, as
compared with the closing call of last week.
Trensur. statement.