Evening star. [volume] (Washington, D.C.) 1854-1972, 1900-01-06
Berlin and London Both Sold Stocks
in New York.
SHORTS JOINED IN TEE MOVEMENT
Offerings Absorbed Without Low
ering Prices Materially.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star.
NEW YORK. January G.-Encouraged by
lower London market and believing an
attack upon some of the hlgher-priced
stocks imminent, traders were disposed TO
risk further commitments in the short ac-
count this morning. The foreign markets
were disturbed by rumors Of Russis's ac-
tivity on the frontier Of Afghanistan. tho
American department participating in the
decline to the extent of full point in some
Instances. The heaviness in london result
ed IN Berlin selling directly In this market.
as on previous days of the week The local
market has taken about IJoJo1 shares of
foreign holdings during the week. and
when the achievement is considered In CON-
hection with an adverse gold movement
the net result is most encourasing
The most important development of the
week has been the patent intention of the
larger interests to carry out certain welI-con-
sidered plans which have been Temporarily
held in allegiance. The Standard Oh PARTY
has become a factor of secondary consIi-
Grafton to degree because of the activity
IN Vanderbilt circles. New York Central
VIII make an important announcement OF
Its New England operations within a few
days and it is already known that the
settlement of a few details will give the
control Of Lake Erie and Western to the
Lake shore Items of this character are
slowly coming to the front and serve ad-
mirably TO impress the street with the DOS
sibility OF having Big Four and Chesapeake
and Ohio become factors In the market
about the time these more fully developed
schemes are waning In Significance.
There can be no doubt of an approaching
era OF consolidation and unprecedented
economies. The physical condition OF
American railroads has never been superior
to the present standard. and it now re-
mains TO moiernize the administration ma
chinery in a way similar TO that of the
rolling stock and roadbed. Traffic associa-
tons being impossible. railroads must
achieve a harmonious relationship In other
ways Absorption is the process likely to
become fashionable.
Much favorable comment on the coal
stocks has been heard during the week. but
in the matter of dividends there is some
disappC fntment- The directors of Delaware
and Hudson have decided upon ; per cent
ate for the year, instead of g. as predicted,
Jersey Central directors will meet during
the coming week and will declare the pres
emit rate of dividend.
Reading issues fail to respond to mysteri-
GUS intfmations that the first preferred is
much nearer dividends than Is generally
supposed. 1t is not necessary that they
should be close in order TO fulfill this pre-
diction.
The various Industrial shares particularly
the common stocks. are reaching a doubtful
stage in the matter of dividends At the
present time Federal Steel alone seems to
n'h'e d ueHIute pian IN view In order to
nave these dividends meet with any success
as market influences it is important that
the announcements should be made during
an advancing period.
The bank statement was better than ex-
pected A gain of s., S16 zoo in lawful money
Is reported and the loans have Increased
s4.101. 500. These changes require an in
crease OF S.Voo,oo0 in deposits whereas the
actual increase in the latter item is s. pod-
200. The net result of all changes is re-
tected by an increase Of $3.50 $50 in the re-
serve, bringing the total surplus over legal
requirements up to S11, 157 ,125.-.i~- r.-f..