Evening star., 1901-02-13
Stocks Opened Strong, but Weakened
Later in the Day.
WESTERN UNION 4 BULL FAVORITE
American Sugar the Weak Spot in
the List.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK, February 13-In the Lon
don market this morning American rail-
way shares were generally strong, with
gains over New York's final prices extend
ing from 1-2 to 2 3-S, the latter gain being
scored in Atchison common stock. Senu-
ment in that market was favorably infiu-
enced by the closing of the exchequer bond
loan successfully. The loan was more than
doubly subscribed for. Settlements, too
had something to do with the strength in
that market, as there was a noticeable
scarcity of American shares for settlement
purposes.
In the local stock market prices opened
with full head of steam on. A number of
stocks showed exceptional net gains over
Mondays closing prices, in sympathy with
the strong and active market for Amer-
cans in London. Western Union, with open
ing sales of 1000 shares, at S9lsa9O. showed
net gain of 1l2 per cent; Atchison, COM
mon, opened with sales Of 10000 shares at
5Sa51ls. an advance of per cent.
Reading seconds scored an advance of
2ls in the first few minutes of speculation.
while Southern Railway Preferred and
Sugar opened L per cent higher. Chicago,
Burlington and Quincy and St Paul were
prominent features in the Granger group.
each gaining about 1 per cent. The feature
of the railroad list, however. was Chicago
and Eastern Illinois-up 5 per cent
The internationally listed stocks, aside
from those mentioned above, scored i'm
prOvementS of from ] to III per cent. The
Iron and Steel issues were steady at the
opening, bit weakened considerably little
later on. Smelters declined IL per cent
from Mondays closing, but held very well
IN the subsequent reaction.
The market generally sold off after the
first half hours trading and 1t was said
that there was good deal of realizing on
the early bulge in prices. This selling.
however, was not much more than would
naturally take place on such a strong
opening.
The weakness in sugar after the initial
dealings was attributed to a manipulative
move on the part of the bulls to shake out
some of the following on the long side or
that speciality, as Secretary Cages decision
that Russian sugars must pay a counter
valling duty and the notice of the with
drawal of the guarantee on the price or
sugars. issued by the refining companies,
are both looked upon as favorable to the
sugar industry.
The weakness In sugar in the afternoon
speculation was attributed to Mr.. Keene,
who, it was stated. was trying to upset the
plans of Boston operator who has lately
figured conspicuously on the long side of
that speciality. The stock was about the
weakest feature Of the market In the late
trading, selling off per cent from its
opening price.
Western Union was on the other hand
the strongest thing on the list and the
buying of it was said to be very good.
1t was reported that the several steel
companies will go into the new combine on
the basis of their inventory valuation. This
arrangement. it was agreed, would be more
beneficial to Federal Steel issues than the
other companies some Of its ore proper
ties are extremely valuable
Arbitrage houses estimated London's pur-
chases today at about 100000 shares.
quarter of this amount, it was stated, was
in Atchison common stock.
The market in the late trading did not
snow much disposition to recover its loss
es The trading was not spirited when
rallies were started and good many peo-
pie look for another sharp break before
the market starts up again. A good many
stop orders were caught in the market to-
day on the reaction, and this is likely to
make spectators a little more cautious
for the next day or two