| Show J Stoc and 1onds sentiment York Jan 3SpeculatIve sentment w Jan 3Spccuotve transi severLl rather abrupt tronsl Ld rwent rothcr Ldcrwent sevela apparentlY was in ins today Trading apparenlY al e1 hands or profcssIoIIi operators The first distinct move entirelY oat cat eutrely I 1ho market after a period ot IUess fluctuations followed the pub folowcd fuctuatons the ot atlon at the November earnings mnsylvania railroad The rate at whlch mnsylvanlC ralroad Te 6 rise In the operating expenses In this presentativo railway system wan sCn presentnlvo outstrip the gains In gross earnings outtrip gnus by a ryed to enforce doubts caused red tendency which has become gen at throughout the railroad world The mnsylvanla lines directly operated lowed an Increase In gross earnings for au gOtS ovembcr of 69l610 but expenses In ase1 I203100 60 that net earnings do cased ilG 3010 On the lines west 01 Erie increase or gross Lo l was reported a groB rnings WU 93C00 with the growth ot llnla oS 3f In eratlng expenses ot 3503200 resulting exunses Cratng decrease In net earnings of 4G The whole railroad list weakened sharp under the Influence of this showing rlccB In some Important 5tocks Includ Lg I Pennsylvania receded to u point or lore below It night There was an nnlnatcd recovery upon ie appearance WW of tho bank statement 4th Its unexpected recuperation or 33644 f In th surplus reserves ot the banks cob a showing Is almost unprecedented Ir the first week In January That the nks should hove been able to get Uugh the January settlement which 1e utred resources In excess of all previous cord with A merely nominal Increase loans was In Itself 0 pleasant surprise tthOS6 who had elt nervous about the loney situation siuaton The recovery In priceS met with renewed eavy selling and the market closed easy rUh cmnG changes mbed Amulnam fed Copper and United States Steel were tobly FIrm throughout Manhata was r akcned by the requirements made upon no company by the State railroad com sslon for Increased equipment here was n slight tremor ot uneasiness 1anlCeatin Mondays stock market when he mOD rate went to 1 per cent bu Iter that the tone became strong ant onildent and the vapors whIch had been fnglng over the street seemed to be dle fpal The year closed with a fairly xultant spirit among operators In stocks pio dominant Infuoucu In causIng this lnswlo the sense oC danger escaped The end ot the yea was looked forward owith keen nnxlet for several months td It was not untIl this week that nsur fd became strong that the preparations Sr the emergency hd been adcquute and ccesstul although the fears or a money dais had been reduced by the nnnounc ent oJ to formation or the bankers tool to s Plly 5O or funds to tho tl bun market In cascof urgent need 1A I sPecial cause of discouragement was be small Impreslon made upon the loan tcount or the banks by tho forced rQulcuton In the HtuCl market Holder stoclc had ample reason lo know that rmous repayments of loans had been foetcd to thc banks while the weekly EeclCd ot tho New York Clearing ouae association shoved no cOI pond ltX reduction or loans The last statement or the condition or Honal banks issued I by the Comptroller ftIe Currency showed that loans actu m h had been increasing the country over luring the 1101loll o drastic liquidation or ocics on the echangc chanre it Mnn important StOCks in the market puehed the highest price of the par dur ng the first two weeks of September and Knce that time 11o fallen to the lowest It f the Cn Yet 1 comparison ot last I 4oeks bank statement with that of Sep mbel 13th HlOWOl that the clearing louse banks had contracted their loans In at tnl lens than 00 I Is now Paved lhat the funds recalled from the Int market were used to a very largo tent Lot the payment or foreign loans n turing tAuthO1cs hero and abroad agree that erc has been 1 reduction of bnnltcrs cleotetiness to Europe to the extent ot ousands ur miions of dollars In the last cv months The W1CnthH repayment or those ans nppurenty has re 11el In greater sc In securhjg accommodation abroad 1ccurhu nccommotnton ring the last week or two hem was I mo large bun ot slockM hv lhnt nor on o till spcthativo commthiity i which 18 malntalnerl that tightness oC money astho only factor makIng for the de ession ot securities ConfIdence that n rmnl relaxation or money conditions Iilfollow In Tnnuat serves aD un addl nat 1cOH3UrtlCC for this clement A nsftcrublc important Interest which hn ext awaiting a money squeeze to cover 80 wro urgent buyers There has bean cvidcncc besides of an proved sentiment on the part of other ccuIrt contingents which hail enter med mIMlns 1hnt the country hall 4 ched thJ culmination or the rave of 01 lC I asperity and that a period ot reaction ncLon t be faced The ll9 In the 1rlccM oC ppcr and petroleum wero cited as ololt tho contention that the rise In ceo or cOJlodlUC haH culminated ro conOdn was professed ubo that n advances In freight rates to 0 into crt with the nr CI will be effective Jrecupcrntnr the net earnings ot rail ow tar this revision or sentiment has tended beyond tim professional oper rs In stocks who wero the principal AfS h week wL bQ demonstrated when the professionals como to make the their new holdings anti take their 11Tofa The problem or toe extent 01 suspended syndicate operations and the volume ot their holdIngs still awaiting II market Is another item for the future to disclose How em foreign obligations that have forelg obllnons been ordered but not yt discharged will affect the tutule market for foreign cx chano Is yet undetermined Bonds have shown strength In sympathy with stock but the prlncllll activity has been In tho speculnte contingent In payIng pay-Ing issues United States 29 oW 4s and neW 4s coupon adancel per cent as acancet week eompatcd with tho closing cal ot last eetNW YORK BOND LIST U S ret 2s rog10 1 L Nunl oslo U S ref 2 coupl0S Mex Cent 4q 7G U S 3s rcg1009 1st Inc 2 U S 3s coup1O Mina 8 St L 4s102 3 1 S I 4a rgl3 Mq K T 48 9 U 8n 45 coapi33 2nI8 83 U 8 48 48 C0l113 rogl0 N Y C gen 319103 NJ C 65133 U Sold 4s coup1iXiV gon U S1s couplol Not Pac 4s103 Sfs U S Ss rS1031 coup10 Nor Pac 3s 2V Atchison g 491 4 N 1V cop 4s10 adJustment 4s Dl = 1 ReadinG gen 4 15 B 0 at L I M c 5913 BO3s 931 StLSF4s97 i B 0 con Is 104 St Li Swest lsl 9 Can So 2nds104 2nd9 81 Cent ot Ga sl0 S A A P is 8 1st Inc f So Pac 42 D1 Chi A 3is 79 ½ So Ry 71 CD Q 3Ys s 914 Tex P stslG 4 CMStPg4s11OTSLLW4876 C N con I 7813 4s10 Union Pac 4s 10H C n I P 1510 Up cony s10 C C C StL g 45100 Wabash Jsw 167 Chi Terra Is SG Vrbn9h 2nds 108 Cob So Is 93 Wabash deb D 77 D R G 49 99 West Shore 411 r Ere prior I 4 9 w L E Is 92 Erie gen 4s 8 WJs Cent Is91 F W D C ltl1 Cont Tob 49 6 Hock Val hslo CLOSING STOCKS Sales High Low Close Atchison 11100 84 S3 8 prerorred 110 101 100 10 110 lO 1 I00 BaIt Ohio 10400 101 10 10 100 94 94 90 preferred 10M 9 Olh Canadian Pac 0 13Zi 11 133 Canada 80 77 Cites Ohio 110 48 481 ¼ 18f Chi Alton lGo 25 d S5 35 1 preferred 0 Chi lad Louis 75 LuIs 71 preferred M Chi E Illinois 19 Chi Great Vest 1280 29 2 2r A SOn SO-n preferred preferred 30 417t n 41 Chi Northwest 100 220 22 220 2 10 Cht Term T 1S 1Sh 18 preferred 20 3 3 g 3 CCCStL 95 z Cob Southern l o 29 2 29 1 let preferred 10 694 G l9 ml preferred 400 41 ii 45 Del Hudson 10 173 173 172 Del L Vest 260 Den RIo G 40 100 88 88 88 preferred 10 SY 8H1 Erie 3700 3 31 Sm Ero preferred 10 GI 614 6 2nd 200 51 51 Gl preferred 30 51 GratNorth pfd r Hocking Valley 30 9GY 9 preferred 9 Illinois Central 1300 1i7 16 H7 Ccntro 11 Ilinois 10 Iowa Central 100 H n 10v preferred 20 7 7 72 L Erie West 20 61 6 61 113 preferred LouIs Nash 1800 12 1Z 12i1J 180 Manhattan L 12900 149 141 18 MnhnUnn lO 197 Met Street Ry 30 141 1 Q1 1iQ lcx Central 8400 125 12i 1 Mex National 10 840 181 ¼ 17 lSY 1cx Sl L A 20 9 10 107 1C Missouri iac LbW ua U V 1rssourl Texa loc J11W 440 2 2 zn preferred 10 G1 r G N J Central 100 18 181 17D NY Central 130 1f1 151Y1 151 Norfolk West 200 73 i31 7 lortoU rred M 90 Ontario West 480 32 32 ¼ 32 Pennsylvania 12o 155 15 15 ReadIng 529 69 68 em Rradlng 1st preferred 5 88 8 8 2nd preferred 20 7O4 79 19 ¼ St proterrl 20 74 4 74 7 = 4 78 1st preferred 2nd preferred 10 71 7 7o St L Southwest 2 2C ¼ Z W I 70 61 62 GY preferred St Paul 2300 178 17 17 Pnul 2300 preferred 192 Southern Pac 1620 G f 654 Southern Ry 50 37 31 31r 93 preferred 4 Texas Pao 3500 41 4Gj 41 1 35 4Gi Pa HM Texn TStLWcst 20 2 2 Z preferred j M Union Faa 20r 10P4 10 101 preferred 20 9314 131 03 abash 170 30 30 3 preferred 2000 451 4 451 2O Vv heel 8 L E 10 26 2G 2 21d preferred 3 Wig Central 5 2 2 2 preferred r 5 53 y 53 Express Companies Comtanlc Adams 20 American 23 United States 40 19 19 Hi Wells 280 c15 Fargo 20 Miscellaneous Amalgd Copper 170 wI 64 Gi6 Amer Car 8 F 90 3G 3G 4 36 preferred 911 Amer Linseed Oil 10 17 17 16 preferred 41 Amcr Sm Ret O 4 42 42 preferred 93 Anaconda Co DG Brooklyn It 1 0500 G i8 GG GG Cob F Iron 8ti Cons Gas 30 2lW 171 217 6 Cont rrob pfd 3 19 1181 1S General ElectrIc 20 lS 181J 181 Hocking Coal 20 2 ln 191 lntrn1 Paper 400 19 18Y 18 I nrctQrled 71 Li Cli1o Gas 81 National Biscuit 11 45 45 45X National Lead 100 2S 2S4 1S North American 2 4 117 Pc Coast 2 Gf f r Pan Mail 200 39 39 20 a M1 1 1 39Y Peoples Gas 00 103 103 103 103Y Press cd Steel Car 10 Gm G tz preferred 200 93 93 93 Pullman 11 Car 22 Republic Sttl 120 201i 20 ¼ 20 ¼ preferred 0 7i mi 77 Sugar 120 12 lZ 12 ronn C Iron 120 62 60 61 Union D P Co 10 1 134I 13 JHCrCrre 1G U S IcILlher < 620 13 12 12 preferred 3 SY w U S Rubber 10 17 17 ¼ 17 prerretl u 67 U S Steel 101 3 M o 3 preferred 1000 sa 813 o ester Union 2 S 8 Ampr Loco 20 2 2 29 preferred 10 91 11 93 K C Southern 10 31 3i1 34 1 preferred l11 Rock Island 30800 4 o8 49 3030 9 prefcrrett 0 3jl 8i 14 SZ |
