Evening star., 1902-01-24
Stocks Opsned Strong, but Weakened
Under Realizing Sales.
SUGAR REACHED new HIGH LEVEL
Litigation in Minneapolis Did Not
Affect Great Northern.
GENERAL MARKET REPORTS
specis, Dispatch to The Evening Star.

Special Dispatch 10 The Evening Star
NEW YORK. January 2I.-Opening prices
this morning reflected fractional gains. but
the improvement was short-lived London
sold few stocks, but otherwise showed
little interest In the American department.
Attention at that center is devoted to South
African mining shares and Rio Tintos. The
demand for the latter is due to improving
conditions In the copper trade. and these
changes found reflection i'm the local market
for a time.
Amalgamated and Anaconda Copper
shares were strong features OF the morn
ing trading. A better demand for Ameri-
can smelling shares was attributed to
revival of pool buying. based upon encour-
aging signs OF Improvement In the metal
markets. The earnings OF the last named
company encourage the belief in dividends
on the common stock at a substantial rate.
The steady buying of the stock has been a
feature of the industrial market for several
weeks past.
The institution of new litigation against
the Northern Securieties Comany In Min
nesota state courts had no effect upon he
price of Great Northern stock. although
stockholders of the latter bring the action
Good buying OF the stock was reported
and the price advanced over full point
from its best level of yesterday North
western and Rock Island gained I per cent
during the morning. but relapsed into ex-
treme dullness later In the Gay.
| Union Pacific developed a heavy tone
selling down l per cent under moderate
transactions the interstate commerce meet
ing In Chicago being made an excuse for
mixed selling by western traders Reading
shares sold down under pressure OF long
stock, one house marketing 10000 shares
during the morning: Rumors OF a bond
issue were circulated. and there was some
suggestion of postponing the dissolution of
the voting trust.
The coal shares became heavy I'm sympa-
thy with Reading, Erie issues especially
showing lack of confidence. Erie officials
continue to deny any intention OF issuing
bonds, but the street is not willing to ac-
cept these statements as anything more
than a technical evasion of fact. Ii is
mighty probable that something effecting
Erie's finances will ultimately be disclosed
in explanation of the present heaviness OF
all its stock issues.
The bonds of the company are not selling
AT prices which are entirely reassuring
should the present splendid earnings Of the
property be entirely ample for all needs.
The declaration of the regular IL per cent
quarterly dividend on Peoples Gas helped
to hold the price of that stock firm. In
some quarters a reduction to ] per cent had
been predicted, but 1t is semi-officially
stated that the burdens Of the new tax
law, irksome as they may be, will not re-
quire any curtailment in dividends
American Sugar was bought by inside in
terests and advanced to a new high level
but only to attract profit taking by yes
terdays buyers. The steel stocks reflect
ed some mixed selling, but were moderate
ly steady in spite of that fact
Money loaned as low as pa per. cent and
was not in great demand Tomorrow's
bank statement should show a gain in cash
since the known movements of money re-
fleet gain of nearly 100000 to the local
banks. Whatever may be the cause of the
present dullness, IL is not the money rate.