Evening star. [volume] (Washington, D.C.) 1854-1972, 1894-12-31
Speculation in Railway Stock With
out Significance.
qHE VOLUME OF BUSINESS DECREASED
Selling St. Paul for London Ac.
count.
GENERAL MARKET REPORTS
Special Dispatch TO The Evening Star.


NEW YORK, December 31.-Speculat:on
In railway shares was practically lackin.,
in significance this morning. the decreased
volume OF business preventing any import
ant NOV ement in values. Stagnation was
aVertod only by the spasmod,e Interchange
ing Of securities by the room element. The
sO-called active stocks were confined within
the extremes OF Ia and 81 Ger cent, the
smaller fraction being the more prominent
representative OF the days fluctuations.
London sold st. Paul all morning result
ing M 5-S OF a point reduction from in
ltial Lgures, and the room sold Burlington
an moderate amounts for decline of "a
per cent. The movement WAS based on the
published report OF November earnings.
which reflects decrease of SJUi,93i in
gross, and decrease in surplus after
ueducting fixed charges OF $I5S,0iS.
The covering OF last weeks safes In Bal
timore ana ohio resulted in a sharp adj
varCo or IL per cent in the price of the
stock. Rumors calculated to influence adj
Nelseiy the market GSle of this property
have been quietly circulated for several
days past, but thus star short selling has
not been attended with more than ordin-
airy success Unless liquidation of long
hoialhSS becomes more apparent than il
mas been on the recent decline, the cover
ing OF even moderate proportion of the
short sales Will force the price Up TO the
starting point.
The extent CT the short interest in Je--
sey Cehtral was partially reflected by the
premium of LILO per cent demand for the
use OF the stock. The scarcity OF the bor-
rowabie supply naturally forced some COW
erlng OF outstanding contracts, the price
OF the stock gaining 81 per cent in conse-
Quence OF The demand.
Reading was steady around opening
prices on the reported success of the re-
organization scheme as indie ated by the
amount OF securities Icing deposited In
Of
Earle committee. Elsewhere the railway
list vas neglected ara without feature.
Chicago Gas and the Cordage issues were
strcng on limited amount of business.
Inc buying of the former is still OF the
Test character. and the larger commission
houses have adopted the opinion which
, has been steadily gaining ground In the
street and express belief in higher prices
In the near future. The strong financial
interests comprising the bull pool in this
property are not lacking i'm experience and
nave an enviable record of past successes
Sugar was dull and steady around last
weeks final sales. The trading element As
not willing to venture far i'm either dfrec-
ticn until the inside interest in the stock
becomes more pronounced. The evident de-
sire OF the manipulating party to with.
draw the stock as far as possible from
PUBIC notice for the present is practically
! all that is generally known OF the wishes
OF this powerful clique. Bear rumors have
been circulated, the source Of which has
|
Is Weli-eStabiished precedent for either
taking the long side of the market or clos
Ing out all interest in the stock when the
preponderance OF advice is of the above
character and from the source named
Inc market for sterling and continental
blIiS opened dull and steady rates being
about on parity with those reported at
the close OF last week. The receipts of
COTTON bills from interior points were very
lght. Gold shipments will continue during
the week, interest due at the first of the
year being III the main responsible for the
increased loss OF the yellow metal
The reinyestment of January interest and
the profits of merchants for the old year
ending today relied upon by the bulls
10 insure substantial profits in the long ac-
count The bear element, on the other
hand, are confident that decreased earn
ihgs, especially in the west will force con-
SESSIONS favorable to the short side. All
Things considered the sentiment OF the
street is decidedly mixed on the financial
outlook, with the weight of argument ap-
parentiy in favor of the more optimistic
element.