Evening star. [volume] (Washington, D.C.) 1854-1972, 1894-01-03
FINANCE AND TRADE.
Prices of Stocks Opened Lower, but
Rallied.
ROOM TRADES COMBINED FOR A RISE
Lack of News to Influence
Values.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star.
NEW YORK, Jan. 3-As the result Of a
continuation of yesterdays selling move
ment, Introductory prices this morning were
generally lower. London prices showed a
fractional falling off overnight, but the vol
ume OF foreign business was not sufficiently
large to be factor in the local trading.
The depression was not permitted to run
far. however, as a majority Of the room ele-
ment enlisted in an effort to force a rally
and were rewarded by a rise all along the
line, ranging from 1-2 to 1-2 per cent.
There was no special news to influence
the action of the market, and as usual. CT
late, manipulation was resorted to in order
to supply the lack Of more legitimate in
centive.
Western Union advanced 1 Is per cent
to 81 IL on considerable buying. presum-
"a per cent to 43 1-2 on moderate transac-
TONS 1t is said that prominent interests
in this property favor the passing of the
next dividend in order to apply all available
funds to the company's floating debt.
Rumors of a new bull pool in New Eng
land caused quick rally of per cent in
that property to 9 -S.
The Changers were all improved in price.
st. Paul holding well in the neighborhood
of 80; Northwest gained 1 per cent to
9S Ia, Rock Island gained "a to e. 3-s,
Burlington gained 1 per cent to "a 3-s and
Missouri racific gained to 20 3-4
The industrials were irregular and re-
sponded easily to the tenor Of the latest
rumor. General Electric sold OF / 5-s to
80 3-S and then rallied for a gain of 2 per
cent Chicago Gas lost 1 Ia per cent on
early trading and regained IL all and an
extra 1-2 per cent on subsequent transac-
lions. Sugar was depressed ga per cent to
IS 81 from which price it rallied Ia per
cent to IS.
The market for startling and continental
bills was firm at slight reduction for short
time bills. The demand from remitters in
creased slightly and the floating supply
has been pretty thoroughly absorbed at the
present decline in price. Posted rates were
4.S4a4. SO L.
Call money was freely offered at 1 per
cent and some loans a trifie under that rate
were reported. Time accommodations are
obtainable at 2 1-2 and per cent. but the
market for this commodity is slow and Dor
rowers scarce.
The clearing house statement reports ex-
changes. $142 1SS. rs; balances. sl2,0S4, S6S,
TBS.
Rock Island earnings for the month of
December show a decrease Of $4,000 over
corresponding period in 1892
Trading during the last hour was dull,
but prices held well at slight gains from
opening figures and closed steady.
By United Press.
Proposed Legislation Had No Eject.
NEW YORK. Jan. 3.-If the course Of
prices at the stock exchange this afternoon
be any criterion, holders Of securities are
paying but little attention to the recon-
mendations of the ways and means COM
mittee, so far as the imposition of a per
cent tax on the earnings of corporations
is concerned. Everything on the list was
higher and any number of the active issues
commanded a premium for use.
The London Market.
LONDON, Jan. 3-The stock market
opened steady. American railroad securf-
ties became weaker after the opening, but
at this hour are better. A raid was made
on Chicago, Milwaukee and St. Paul. There
was a decline N New York Central There
were rumors OF liquidations in different
quarters. though there have been no an
nouncements of failures.
At go the market relapsed. The firm for
whose account sales of American railroad
securities were made yesterday, which had
the effect of depressing the market, was
Satterthwaite & Company, stock and share
brokers, of No. 6. Austinfrisrs. 1t is re-
ported that the firm has fully paid up its
obligations.
Throughout the day the market was
nervous in most directions. There was a
little disposition manifested to speculate for
q rise. English railway securities were low
er on unfavorable traffic reports. Foreign
securities were generally irregular. Argen-
tine bonds were firm. Italian securities
opened lower, but closed better. Colonial
securities were fairly buoyant,, and scored
small advances.
American railroad securities were irregu-
lar and most OF them were fat The re-
organization scheme of the Erie company
did not appear to be liked. 1t had no effect
upon the price Of the second consolidated
mortgage bonds. Union Pacific securities
were steady.
The other American railroad securities
showed an undecided tendency and con-
siderable fluctuations. Central Pacific Sc
crrities closed lower on arbitrage selling
orders from New York. Northern Pacific
preferred fell i per cent: Louisville and
Nashville and Denver preferred were each
down Ia at the close. The other declines
were Union Pacific. 1-2. and Lake Shore
and Michigan Southern, 2 Grand Trunk
of Canada, first preferred, rose 1-2.