Show WEEK IN WALL STREET Market Has Moved in Very Irregular I I Manner OPERATIVES MOVES CLOUDED I Confusion is Largely Due to Fact that Professional Operators arc Closing Up Contracts to Which They Committed Themselves in Expectation of the Weeks Event3 Lines of Short Contracts Heavy Line Shor were Put Out the Last Week of tho Year Changes in Railroad List SILVER Now York Q Sun Francisco WSc > Frnclsco 37M London Z7JSd LEAD Nov York brokers W43 COPPER New York brokers flC50 Silver and Drafts Now York Jnn 6SIlver certificates 6 5 c Bar silver BOc slver 6 Mexican dollars 17c San dlnn Jan 6Sliver bars G 1c Mexican dollars 4ySSAe DraflsSlglit l23 telegraph 15 Money and Exchange Now York Jan C Money on call easier at 3 per cent Primp mrrcantllo paper G per cent Sterling exchange steady with actual business in bankers bills at IStyf for demand and at MWMSSVi for sixty days < posted rates lrPm4NI l and SY commercial com-mercial bills flSl tStSf2 X New York Metals Nov fork Jan GThe brokers prlco for lead Is 5415 and for copper 1CCO San Francisco Mining Stocks San Francisco Jan 0 ThC official closing clos-ing quotations for mining stocky today wore an follows Alta t Oil I Andes 1 Belcher 10 1loan m Dlt B 21 Occidental Con 1 Rulllnn 03 Ophlr 70 CnlUxlnnla 1C Ovonnan I W Challenge Con 11 Potosl 21 Cholhir l SLa o 00 Con Ihtlco 6 Scorpion I C Va 11 Seg Bclher 1 Crown Point 1 SIerra XC 13 Gould C 2 1 Silver Hi U Halo N 1 < St1Ibnl 260 Justco 01 Union Con pnluclc Con 01 Utah Con t11 LalY rash O Y < tow JUcket 22 NEWYORK MINING STOCKS Jmn S 1 3150 BulwCI S lt preferred SO Ontario 73 e hoi inc 1 Ophlr 01 1 Crown I Point 10 Ply mouth oS l C VL 15 QuIcksilver 175 Deadwood 5 preferred 80 lould C l IS Sierra Nov Al Hale N Standwl IO < Homsla G5r Union Con 21 lon cxicun Silver 2 1 chow Jacket 18 BOSTON MINING STOCKS Adventure 4 100 I Allouez 5 O Atlanll 23C01 Osccola 7300 Boston M 200 Parrot 4250 Butte Bos ROOO Santa Fo GBO c S Jlecla 752C Tamarack 18300 Cenlennlal 18 50 Wlnona 4CO Franklin 14 50 Wolverines 4000 Humholdt 100 Utah 200 RIBUg SPECIAL Boston jam Jan C Coppor oponed < iilei and continued BO up to tho eloso which however vaa generally higher Liqulmlattomis continued In Arcadian this stock yelling down to 206 Utah was off at 2SV leln limited transactions whllo Amalgamated was strong at Siy bid Money continues to work easier Horn eonthus blower and Weeks 5 Slato street Boston furnish these < quotations Stock Share High Low Closo Amalgamated 245 WJ7V4 SSV 31 1JIf Ulngham Jir 1173 1100 Il3J Cochin 20 13 W Eureka 3 2 1 CO Utah 200 Z W 2S 25 2S25 CurbBoston 1506550 Navaho 7503860 I Weekly Bank Statement Now York Jan GThe weekly bank statement shows tho following changes Surplus reserve increase VQGriO Loans Increase 1107OX 1 I Specie Increase ROLSD Legal I tenders Increase 2311iOO 80IVJ200 Deposits Increase J I Circulation Increase 191SOO The banks now hold 11757725 In excess of the requirements of tho 2opcrcent rlil I Tho Finance says The New York banks continue to gain slowly In cash holding and surplus reserves despite the drain mado upon thftn I In tho way of gold exports Tho clciirlnghouso Institutions report at tho end of the week just closed s ro excess ca abovo the amount held at tIme opening of tho year tho surplus reserve re-serve standing at 11757723 Tho expansion for tho six days ending Saturday IK I of more than ordinary Interest Inter-est since It was mado In tho face of an Increase of nearly nine millions of deposits de-posits which of course tied up about two and onefourth millions of money In additional reserve requirements The gain In cash was 52S1C2CO of which the greater part was In tho form of legal tenders due to receipts from tho Interior Loans are fl107COO hIgher The annual dividend disbursements at this center have doubtless affected tho statement and a detailed analysis shows that there have been some unusually heavy changes In the totals of largo banks but viewed In all lights the exhibit i ex-hibit Is to bo considered very satisfactory satisfac-tory The Interior movement In particular particu-lar Is assuming larger proportions than had been expected During January of last year the banks gained weekly something like seven millions mil-lions In cash tho surplus reserve rising between tho opening and the close of the month about twenty millions The wino win-o far thin year has been proportionately lnavy but the exports of gold of comi operate to kelp the excess cash at a low fgure Still tho banks arc moro than I holding their own and are demonstrating nn element of strength which must bo looked upon as gratifying Under tho circumstances the outlook Javors n rue for fuiuhi not materially I different from that now prevailing How long exports are to continue 11 an uncertain uncer-tain problem but as conditions governing tho outltow of gold are entirely favorable to tho United States both In Inception and I results accruing the Incident ot exports Is not viewed with any degree af apprehension appre-hension Present operations are In tho I nature of loans to Europe If thC return statement Is made In tho form of an American security the United States has only added to Us wealth and canceled a certain nercentagn of yearly Interest now remitted abroad Grain and Provisions Chicago January 6May wluat opened at CSTM < Gc a shade over yesterdays close the steadiness which was lost almost Immediately Im-mediately being accounted for by unseasonably un-seasonably moist weather In tho Middle I West and the fact thut Liverpool decline was lo = s than the loss here yesterday I Longs however discouraged by the poor I export business and tho largo stocks particularly in the Northwest began sellIng sell-Ing at tho opening and kept It up throughout through-out the session with their ranks reinforced rein-forced by most of the scalping fraternity frater-nity The buying was nearly all against nuts Dullness characterized tho session May sunk to 63c but near the close advanced cm vanced on buying against provisions and closed weak Vi ti Hc under yesterday at ½ Q5c Yt7 Corn wns easy with wheat but closed a shade under yesterday for May Tho usual Saturday dullness was shown In tho oat market Fluctuations were very narrow May closed rather easy c lower < Provisions after a period of despondency despond-ency over receipts of hogs which were Somewhat larger than expected steadied later and held to time close May pork closed TXAO over yesterday May lard a shads under yesterday and May ribs unchanged un-changed RANGE OF THE LEADING FUTURES Articles Open High Low Close Wheat No Z January oyt < 0514 133i < 3V May Kl ro t CS GS July C9V6 GStt GS CO Corn No Z January COit > O0i 30 May KS M fcs bzvK July 33 33 C3 33 Oats No 2 January 22 22 22 22 May 23 23jj 23i 23i Mess Pork I Jniniary 1065 May 1075 1083 1070 10S3 I Lard i January 6SO May r92V8 CM 6S7 Y 695 I Short Ribs January 6G2 1f SC2i fi qu BGO May 370 675 iG 575 CASH QUOTATIONS Cash ouolatlons were as follows No 3 spring wheat G25ifrGc No 2 red IML I 1D R > lhl No 2 corn SOtic No 2 oats 22Vff 2TWc No 2 white 234f2VAc No 3 white 21Viu25ie No J rye 52ic No2 barley TST42e No 1 fiaxsecd SlSUi prime timothy I tim-othy seed 2r mess pork pr barrel C02V5rlOW lard per ICO pounds 3Cvy I RWIA abort ribs sides loose JorKiS73 dry salted shoulders boxed l1 c short clear sides boxed 5i5fr15 SO whls ky l distillers finished goods per gallon v 1 < t tRECEIPTS RECEIPTS AND SHIPMENTS Articles Rccpt Shpls Flour barrels 203000 33000 Welmt bushels filOOO 130000 Corn bushels IIWOOO t 910CO Oats bushels 231000 11100 Rye bushels 300 4000 Barley bushels 52000 38000 PRODUCE EXCHANGE I On tho Produto Exchange today tho butter market was firm Creamery 22j 20c dairy 1jli 25c Cheese linn 121H 7LO Eggs firm fresh 20c Coast Grain San Francisco Jan C Wheat easy May SlOUb cash 3100 j No 1 shipping 9Slc milling lOOWlOZlk Barley quiet May 70c cash TlVlc Stocks and Bonds Now York Jan GThe stock market suffered today from a continuation of tho liquidation for Berlin account The vol urns of this sotllmrln Now York was formidable for-midable hut vtenllmental effect of It was decisive In driving prices downward throughout t LImo list and 1iscoii ragIng buy Ing of stocks Tho furJior sharp decline In Interest rates In Berlin and London precluded tho explanatlcn oJ money stringency strin-gency to account for the selling and mado It appear that is motive nLS political Tho friction between Great Britain and German mall sieajners was not left alono as an explanation the reported movements of Russian troops toward tho frontiers of Afghanistan frontier arousing tho appre sonslon of further embarrassments for Great Britain A leading authority on the sterling market mar-ket recorded his opposition that SIM long as tho Transvaal war continued gold would continue to go out from New York The board of trades returns of Great Britains foreign trade for December allowing a decrease of over 23000000 In Imports and an Increase ot 5300000 In exports taken In connection with tho heavy selling of securities In New York for Londan account goes to explain Lon dons continued control over tho International Inter-national exchanges and ability to draw gold at will Tho lightness of tho outwnrd movement of cotton from this country also keeps up the rato of sterling exchange ex-change While tho selling for foreign account was being executed there was no disposition to keep abovo tho London parltv and pressure against some leadIng lead-Ing Industrials especially Sugar was added With tho cessation of the London selling sell-ing and the appearance of tho bank statement there was an Improvement In sentiment Lossci were partly recovered and tho closing was llrm on u good volume vol-ume of business the fact that tilL surplus reserve was maintained and even slightly Increased In face of tho gold export movement move-ment and a loan expansion of 1407400 afforded much encouragement over tho domestic money situation The stock market moved In an Irregular manner nil week and tho motives of ho operations have not been by any means clear The confusion Is I largely due to tho fact that professional operators were closing up contracts to which they had committed themselves In exnectatlon of the weeks events Such a movement now usually tends to nullify tho influence of I the actual event when It occurs Thus i none of the rules In slock exchange speculation specu-lation Is to buy In anticipation of the early I January demand caused by released dividends divi-dends and Interest money seeking Investment Invest-ment Last weeks strength In stocks was duo very largely to this anticipate buying anti the corollary of this buying would be selling to tako prollls this week when tho dividend money began to be disbursed But while one set of professional specu lators Is EccIUng to profit by the buying of what Wall street regards as tho outside out-side public there Is always another set aiming to make prollt out of the first sot themselves This weeks events prove that very heavy lines of short contracts were putout put-out last week on the theory that anticipatory antici-patory demand for stocks would prove to havo outrun the real demand this week and the attempts to realize would break the market and offer opportunity to cover at profit This element has on their aldo tho argument that the recovery in prices from the level of the December panic had already outrun the usual rebound afttr stick disturbance and that a reaction reac-tion was due from the selling of stock bought In time panic The short sellers argued also that tho money market would I not show Immediate relief after January 1st and that tho return of disbursements to tho market will bo retarded Such speculative commitments must bo taken into account to explain the apparent contradictions con-tradictions In rico l movements on new developments The event proved that the shorts miscalculated mis-calculated tho extent of the new Investment Invest-ment demand and the relief already af fordtl to tho money market by lust months drastic liquidations Their operations oper-ations were mostly in the mercurial Industrial In-dustrial specialties notably Sugar and the demand to cover shorts has caused some excited advances and feverish fluctuations fluc-tuations this week In that department of time list In tho railroad list business was active I and well distributed There was considerable consid-erable selling to take profits by lust weeks professional buyers and there was a steady stream of liquidation for foreign account until the latter part of the week This was attributed to Berlin account and was not fully explained This Berlin money quotations had not shown a condition condi-tion of stringency sufficient to force largo I liquidation and alarming rumors of political po-litical complications between Great Britain Bri-tain and Germany wero deprecated at official sources but the home demands for securities proved sufficient to absorb offerings of-ferings and sustain th < level 1 of prices The trunk line group was notably strong led by New York Central Speculative sentiment is not very clearly formulated as to the prospect for values Investment Invest-ment considerations rule for tho most part and buying orders of this character como In on any reaction and servo as a support On any considerable advance in prices they show a falling off Tho high prices ruling throughout the Industrial and commercial world causes I I some questioning in Wall street where tho recent sharp lesson from the consequences conse-quences of prlco Inflation has been taken to heart The growth of tho proportions of operating expenses of railroads by reason rea-son of highpriced material In the monthly month-ly l returns published are Impressive Tho effects lo ensue from tho advances In railroad rates now going Into force on tho volume of railroad traffic will be keenly studied in tim light of complaints by shipping Interest The wellfilled order books In tho departments of tho Iron Industry In-dustry give confidence In the existence of continued prosperous conditions but the future demonslrallon of lh < possibility of I profitable consumption of highpriced primary Index of mary products Is awaited as an the duration of tho period of prosperity The bond market has been less active than stocks tho hovel of prices on present returns offering oWN attractions than in stocks United States 3s old 4s I now Is and the Cc advanced > In he bid price CLOSING STOCKS Atcimisoum 19 nJ preferred 7lfh preferred tjlH Vahush B Ohio sj proferrcod 2L Cnn Pacific 91 W I Ban B-an So 4i 2nd preferred 2i C Ohio 20544 Vis Central 19i C G W 12Y r Express come com-e B Q 12171 panics C I I IG AClams 111 preferred 11 American 111 C g I 00 United States 45 C N r 162 Wells Fargo 120 C R I P 100 Mlscolianu5 CCCStL63ACotOil 337L Cob So rif preferred W 1st preferred to Am MalllnJ 7 2nd preforrcd 1PL preferred 20 I Del Bud 114 Am S R D L V lij preferred 58 I D 8 R G 17A Am Spirits J preferred Gi preferred 17 Erie 11 Am Steel Hoop 2 1st preferred 32 preferred Sli Gl Not pfd 170 Am Steel 1Y IG Hocking Coal 15 preferred 92 Hocking 11 32 Am Tin Plato 31 Illinois Cent 1111 preferred SO lown Central 2V Am Tobacco l12 = preferred 61 preferred 135 K C P G S4 Ana Mining Co I LEV 22BitT n preferred 8 Colo P 1 12 I J ru10 Shoro Z Con TobaccO tr J to N i814 preferred Rri lunhattnn La lli Federal Steel 62 Met SlRy 1751 procrrcll 73I Iex Cent J Gen ElectrIc I2S i Sl r w Glucose Sugar WI preferred 891 ½ prefcrred I Mo Pacll1c 10J Tnt Paper I M Ohio 35 preferred Iii M K 1 9 Laelcdc Gas 1 preferred 32V1 Nat Biscuit v 1 J Central 115 preferred J N Y Ccntral 121 Nat Lead 21 Nor Western 23 prefclr Hii preferred 6 < National Steel 12 No Pacll1c 52 1 preferred 92 preferred 7W1 N Y A B 122 Ont West 21 No American Ht o R N 12 PacIfic Coast ii1f preferred 76 hit preferred Penmwlnmla 13l ½ nd preCerred tW Reading 17 Pacific Mall WA 1st preCorred 51 ½ Peoples Gas J 2nd preferred 271 P Steel Car wI R G W r 3j preferred f I preferred 81 Pull Pal Car 1ST Sl L S Ii lI Stand n r 9 1st preferred 6S Sugar 13 1 I 2nd rccrred 32 preferred nG St L I S V 1o 1 Coal lron SPi preferred 24A U S Leather l St Paul 117 I preffrred 7P4 preferred 172 U S Rubber J2 Sl P 0 118 preferred 101 So PacIfic t1f Viest Union 8i So Railway 1T R Iron Steel l3 1 preforrcll ri lrefrrel Tex Pacific 15 P C C Sl L 21ti Union Pacific IG BOND LIST U S 25 reg 102A No Pacific stsUQ U S 3M reg 1llil No Pndllc 3 651 U S Js COUll Il04 Ko Pacillc Is I111l US new 4s reg13J1 Ore NIL st3 lIO US noWts couPlU 1 Ore Nay Is 101 I li Sold Is rgJll 0 S L Gs 120 U S old fJcoup1H 0 S L con 59 1lO 1 U R Os reg 1131A R G W Itcts 9 I U S 59 coup 11P4 Union Pacific lsIOlk D R G 1atg 1Q1 So Pacific is 81 Iii Oi DItG4s Foreign Market Now York Jan Grho Commercial Advertisers Ad-vertisers London financial cablegram says There was hcavj renewal today of the Berlin liquidation accompanied by political rumors In connection with tho I capturo of German vessels bound for Del slan movement of agoa bay and the Russian troops In Afghanistan Nothing authentic was given out Americans suffered most but other continental centora sold specialties spe-cialties The London market was dead simply allowing foreign sales to depress < I prices Tho Bank of Engand bought j 130000 gold In eagles and 11000 In German n coin Money was superabundant and bills wore Idle The board of trade returns for December show imports down 102 but an Increase for Iho year of 311 Exports for hC month are up 2 nnd for the year Increased 04 the latter figure excluding shipbuilding shipbuild-ing Live Stock CHICAGO Chicago Jan liCntlhWHh i a gain of K1CO In weokH recoipis prices averaged higher Good to choice i35Crt > GO poor to medium J420fj520 mixed stockers 30010 373 selected feeder 120fj > IJO good to choice cows SnrtttfJSO heifers 35 500 canners 225ii300 bulls 2flY iIJfi calves 100M70 fed Texas beeves 110 1 t r50 Hogs Market steady closing a shade stronger top l52Vi good clearances Mixed and butchers J125 M50 good to choice heavy I4M3152Ai rough heavy l20fM35 light J2ri42 l Ti built of sales 01 I 37 > 1I5 Sheep arid lams steady good clearance clear-ance Native wethers l4005 lamR lfI1G2 Western wethers t I254Jt i5 lambs 50i6Z8 clptsCaltlc 4000 hogs 2CCCO sheep 20CO KANSAS CITY Kansas City Jan G Cattle Receipts 2CO Market steady Unchanged from yesterday lIOgSReeeipts iOOO Market stead huH of sales 35i1IO heavy i32Iij i45 packers l33t4 15 mixed Z4440 light ftl5iH40 yorkers i30440 piSs 1001 ro 1 Sheep No market OMAHA Omaha Jan G Cattle Receipts coO Market steady Native beef steers 20i1 600 Western steers MOMtWSO Texas steers 37u3M40 cows and heifers 310f 440 canners l75fi3 < stockers and feeders feed-ers 3COft4X > calves 35070 bulls stags etc J2S05T423 Hogs Receipts SOlO Market shade to 5c lower Heavy Sl25ff437te mixed S432Aff 1S3 lights 43T 3440 pig 1 l ij4 453 bulk of sales JI3SfM37Vi Sheep Uccelpts JCOO Market firm Na tIc multoni I40HCO Western muttons I 5400ft lCO stock sheep SJSOJNCO lambs 15063SO DENVER Denver Jan C Cattle Receipts 130 Market steady to strong Beef steers 53W445 cows 2EO 3iC0 feeders freight paid to river JCOT4GO stockors freight I I paid to river S4COfilC5 bulls stags etc XygSOO Hogs Receipts 330 Market shade high I er Light packers 5l2SJT425 mixed and heavy J437teil42 Sheep Receipts none I London Wool Auctions Landon Jan Grho arrivals ot wool t for the series of tho wool auction sales amount to 17GK bales Including G10GO 1 I forwarded direct Cablen from Buenos i Are stale that the seasons clip will I probably bo 40000 short Butter and Eggs New York Jan C Butter Market ftrong Western creamery 25fiCOo Eggs Weak Western 2lij25c Western ungraded at mark I6j23c |