Evening star., 1902-01-25
Prices of Stocks Were Lower and
Trade Dull
MONEY WAS EASY, HOWEVER
Public Does Not Seem to Have
Confidence to Buy
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star
NEW YORK, January 25-The trading In
today's stock market resulted i'm lower
prices for nearly all the active issues Lon
don sent over little business owing to the
superior sttractiveness of Rio Lintos and
South African mining shares. There was
the same lack OF commission business and
traders, as rule. were inclined to help the
depression. The selling was not regarded
as In any way dangerous. and supporting
orders were considered unnecessary in con-
sequence
The market has up to this time demon
| strated its ability to hold its own under
such pressure as is brought to bear upon
oy the room, fact encouraging the be-
iief that discriminating purchases at the
decline should prove profitable. At the mo-
ment there Is such pronounced desire 10
await the removal OF some vague obstacle
as to create a kind OF confidence in the ex-
lstence OF some obstruction I'm the path of
improvement. Ii is not the money market
now that loans under per cent are to be
had, and the Bank OF England has ex-
pressed its confidence by charging its rate
year.
1t is not a discouraging trade outlook
nor the falling of In railway earnings In
| the daily routine there is little that is dis
couraging save the fact that profession
alism is dominant.
The northern securities difficulty may be
largely responsible for the hesitancy of
the larger interests since numerous plans
would be oyerthrown by the declared H.
legality OF that corporation.
Ihere Is, however, continued TRANQUILITY
among the officers OF this organization who
seem confident that no infraction of the
law will be found. Should technical defects
be pointed out the promoters of the enter
prise report themselves ready for an inn
mediate remedying Of them. The testimony
ot .he president OF the company. stating
ha
change in the manner of holding control
encourages the belief that no injury would
result. should the proposed change be pro-
hibited.
The public will wait until the matter is
more definitely decided however before re-
sumfng market risks
The Atchison bond issue. however wise
the future may decree II to have been for
that property, has hurt speculative senti-
ment more than any one development OF
the year. Skeptical already the invest
ment public has been furtively watching
the management OF nearly every other
property for similar surprises. The prevail
Ing fashion in stock market rumors intend
ed to force declines is to predict a bond
issue.
Singularly enough such reports are read
ily believed since property earning 10 per
cent on its common stock is forced to pat
ent new kind Of obligation in order to
keep up Its equipment and pay for some
odds and ends OF parallel steel rails which
in the southwest are called railroads
The bringing out of 81 10000 of the Read
Ing bonds issued to pay for its control of
Jersey Central has had an adverse infiu-
ence on prices largely through e misun-
derstanding. The bonds now Offering are a
Part Of some $23.OH.OJ0 originally issued
for the purpose named and are now offered
to the public for the first time. The coal
stocks were all weak under mixed selling
today.
The bank statement was about what was
expected, the increase in cash being goO1, =
100 An increase OF less than 81 500 900 in
loans was regarded as of little Importance
The increases in the items named is re-
| fiected by an increase of more than S10.-
100000 in the deposits, and the net result
of changes is TO increase the reserve, maxi
Ing the total holdings above legal require
/ ments SD I'D 800