The San Francisco call., 1903-01-18
EASTERN MARKETS.
Ne10 York Stock Market.

NEW YORK. Jan. 1.-THE public apathy
toward the stock market was indicated to-day
b. the publication Of the very favorable bank
s-etemcnt Traders had bought a few stocks
r anticipation of the good showing by the
banks. lut their attempt 70 take profits after
rla publication caused melting away Of gains
and in some cases their total wiping out The
known movements OF currency from the state
u-euts of the banks themselves ind~ted a
saia of from eight 70 nine millions in the cash
item. but The actual gain by the averaging
system Of computation shows 4 rise OF up
ward ~ So 0OO. GO. Last weeks statement
lr. i-Islated the amount Of the actual cash
safn by about the amount that to-day's state
meut 0verstates IT, which is not unusual where
heavy movement comes late in the week.
rc-lay's large loan Increase is normal 10 the
season but there has been no evidence Of the
elllllog-ulent OF 50 large sum as $1,000 COO in
lre stock market this week, and IL is sup
posed that syndicate operations unknown 10
ti.e people have figured In this item. The in
crease of the surplus amounts 70 s., ,456 425.
r'I fe cornIa ratiVe ease which has been reached
in the money market lett only languid inter
est ln fhe bank statement. Only Missouri Pa
cine Atchinson. ST. Paul Chicago and Great
Western. Louisville d Nashville. Great North
preferred and American Car made any
notable show of strength, and their gains were
not well maintained. international Power was
run W nine points. but reacted three. The
market closed irregular
tendency this week without any distinctly un-
favorable developments IN the business situa-
uon no. account fer The change in sentiment
from The week before when operators IN stocks
range of prices and in the usual January
en- The speculative pools have oesisted
- lnef euorls so boo4 prices OF have found
rhat such further enortg as are made do not
attIact large outside following The money
las reverted t0 Investment values. with re
sut ~ causing some cessation iu the buying
There seems no be some divergence Of opinion
among the so-called pools themselves The
defined rovie5e l,,,f ~ 5,I-s,t ie,ss5,ts
Nc tall frrf sIrIff
wealthy men of ample resources. The most
Influential class d. made up OF nnanciers
and corporation opnerslir. but infiuenfiai
ownership also in tho rreat bank and trust
eonpaihes upon which tie country's money
market d lhfeel1 lfnenoeut
2 ne disclosure ~ tle purchase q control Of
ihe heaal1s Dy nc tennzs itania and Wander
ply interests inaiea,ed that the purpose Of
pew aims had not been SUSPENDED nv large
capitalists. even during The period when the
FctiNity Of the stock market cliques was souzht
fe deal Is believed to have been tfrcftrs5 ,t,iti,
-one resentment over the time lost for them,
selves in dispOsing of holdings while available
money supplies were employed by more DOVER
With easier money market facilities they have
ucCn prompt n enter upon operations for a
.'sc. employing al The eXpedients known 10
1illful market operators to lift the prices and
aftract an outside demand The suspicion has
crown that much OF the appearance Of sctfvfty
and strength II the recent market has been
he a. tho use OF such eXpecients rather than
q competitive buying 10 secure control Of rail-
road systems or maturing financial projects
Dloinising attractive profits in the market for
=ecurities. some Of the pools. in attempting
Foo sell their holdings al the higher level 0f
IriceE. have demonstrated the feebleness Of the
general demand and have made inrosds on
l-lces There are very few prominent railroad
stocks in The country whose rate OF return is
Der cent, or even 4i3 per cent Of ruling
prices
From time 10 time there are sales on tho
e,chsnge a. wide declines Of so-called invest
rIcrt stocks. which closely held TO
r in the market not more than once or