Evening star., 1902-01-20
Gold Exports Caused Weakness in the
Stock List.
COALERS SHARED IN WEAKNESS
New York Central Bond Issue
Cause of Apprehension
GENERAL MARKET REPORTS
Special dispatch TO The Evening Star.

Special dispatch TO The Ercnins Star.
NEW YORK. January 20.-Opening prices
this morning were generally steady under
a professional demand. but the later trad
ing was irregular and in the main heavy.
Early in the day sSJoOoo In gold was with
drawn from the subtreasury for shipment
to Europe, under the familiar special
transaction" operation. Traders sold the
market on this announcement and circu-
lated numerous rumors Of other and larger
shipments later In the week.
The coal stocks sold Off rather easily un-
der the pressure from the room and this
action unsettled the entire list for time.
Erie issues were heavy as the result OF the
growing conviction that the first preferred
will get only Ia per cent at Wednesdays
meeting. Profit taking in the Reading
shares forced them all down fractionally.
but there was some good buying at the
low levels.
The traction shares were strong during
the morning under demand credited to In
side sources and the entire market was dis
posed to rally in sympathy with the new
interest in the group. All rallies were short
lived, however as the result of the lack OF
public buying. The reports OF rain I'm the
west. in sections where It was most need
ed for the success of winter wheat, were
the most encouraging news developments OF
the day. The usual influence of such good
tinued disappointment in the subject OF the
Atchison bond issue.
The criticism Of this action has become SO
general as to make the market for the
curities of other roads more narrow than
ii already was from other satisfactory rea-
sons. The new issue of stock by New York
Central has aroused skepticism in other d.
rections, since new financiering comes un-
expectedly upon the heels of reports indi-
eating unusual prosperity.
The public is well out of stocks and sees
no occasion for hasty action and the
banking interests are unwilling to proceed
while the Northern Securities matter Is In
doubt Except in the specialties there Is
little prospect for activity during the pres
ent week. Money is easy and should re-
main SO for season. but gold exports
promise to be feature of the early spring.
The Tobacco shares were strong under a
demand i'm which experienced manipulation
was discernible. The bonds of the COM
pany were advanced under the influence OF
a new record of 295 for the old stock of the
American Tobacco. While the bonds may
be deserving of selling somewhere near a
per cent basis, there are evidences that IN
side holdings are swelling the daily sales
on the way UP.
Colorado Fuel declared a per cent SEMI
annual dividend and was moderately active
without Improvement. American Smelling
common Eas advanced under inside de-
mand and much good news is coming out
on this property in spite of the decreased
profits lead.
The company expects to pay a dividend
on these shares during the first half of the
year, but il may come later than is now
generally supposed. The Industrial situa-
tion is somewhat mixed. but indications
point to some activity I'm this department.
Railroad Issues cannot be taken up while
so much uncertainty remains as to the le-
gality of proposed combinations.