Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-12-30
London Prices for American
Railway Shares
SHOWED A DECLINE
LOCAL MARKET WAS IRREGULAR
AT THE OPENING.
Traders Inclined to Sell, Believing
Call Money Rates Would Again
Rule High.

Special DISPATCH to The Evening Star
NEW YORK. Dec mber 3O.-London prices
Tor American railway shares showed frac-
tionai declines. and consols for both ac-
counts were lie lower
Inc local stock market showed some ir-
regularity at the opening, with traders in
cilned to sell on the idea that call money
rates would again rule high.
The initial quotations were from II to 4
lower than yesterdays closing prices. with
mere and there declines of from IL to q.
the latter In Canadian Pacific while Mis-
souri, Pacific and Brooklyn Rapid Transit
were Off ".
Amalgama Led Copper opened off y per
cent. Sugar was up g. Ice preferred, y:
Union Pacific, Atchison and Rock Island
were unchanged
After fifteen minutes Of trading the mar
ket showed f1rmer tone and prices gen.
orally improved fractionally. Sugar and
Brooklyn Rapid Transit led the rally, the
former gaining full point and the latter
gained Ias.
Toward the end OF the first hour a strong
rally occurred In Erie, and the coalers gem
orally. Reading being well bought
The sharp advance in Erie was occasion
ed by the publication Of the November
earnings which showed a net increase of
$341 $40 for that month
In this rally there were improvements OF
from y to y in most of the active stocks
and some covering Of shorts by the traders
Bonds at the start were fairly active and
firm. Commission houses did not have MANY
outside orders, but the western crowd were
a little more active on the long side of the
market and prices advanced rather easily
on this buying.
Money on call opened 10 and Is per cent.
with first loan at IL per cent
London was very light trader In this
market.
There were 2s2. 300 shares traded In n,
to noon. and at that hour the market con-
tinued to show good strength. especially
IN the anthracite shares. Erie, st. Paul.
pennsylvania. Baltimore and Ohio, LOUIS
vile and Nashville and some of the in
dustrfals. notably Amalgamated Copper,
which gained ~ per cent over the opening
figures.
In the local traction shares BROOKLYN
Rapid Transit and Metropolitan Security
issues showed the most strength. and the
buying was said to be both for inside in
terests and the shorts
Manhattan sympathized fractfonally but
was rather neglected.
In the early afternoon there was another
strong rally in the general list, the princ:-
pal reason for which being the lack of de-
mand for money. which enabled the Offering
down OF call rates to per cent.
This move encouraged number of strong
lHtcTeStS 10 advance their SpecialtfeS, CIeVe-
land. Lorain and Wheeling common being
the most conspicuous example,, The stock
was bid up seven points without getting
any stock. The preferred. too, rallied
sharply on very few transactions
In the late trading there was fractional
reaction from the best prices on profit taxi
ing sales, but the tone of the market was
greatly improved, and some commission
house buying was noticeable, though the
public is as yet rather cautious about COM
ing into the market.