Evening star., 1902-01-30
Good Business Conditions Indicated
BY Steel Trust Statement.
REPORTED REDUCTION OF WAR TAXES
Cuban Sugar Bounty Question
Now in Second Place.
FEATURES OF THE MARKET
Special pispstch to The Evening Star.

Special Dispatch to The Evening Star
NEW YORK. January So.-Todays stock
market opened at irregular net changes
from the closing level Of yesterday and dis
played q hesitating tendency during the
opening hour. Later In the day the cover
Ing or fair-sized short interest forced q
rally from the low levd OF the morning,
ana there was moderate increase In the
volume OF commission buying. The state
ment OF the United States Steel Corpora-
ton made q remarkable exhibit showing q
surplus Of over STA. 900, about S5aOo0,-
600 of which Is cash
The company'e stocks failed to make the
advance that might reasonably have been
expected to have followed such a showing,
but the statement had a decided influences
on sentiment This practical confirmation
OF the country's commercial prosperity de-
racted substantially from the rooms argu-
ments In favor OF lower prices.
The announcement from Washington that
the ways and means committee would re-
port bill favoring the repeal Of war reye-
nue. taxes on a large scale was regarded by
conservative financial interests as one OF
the most encouraging efforts of the present
Congress.
The evils OF treasury absorbtions of mon
ey would be materially reduced by the pro-
posed legislation, and disturbances 70 the
money market be less frequent. Traders
seemed to ignore the significance OF this
report. but in quarters used to the manage
ment or large undertakings. there was a
decided opinion as to the help promised
from the proposed legislation.
In giving this subject the preference
the Cuban sugar bounty is forced into sec
ond place. Sugar stock today reflected this
change. inside interests being quoted as
sellers on a considerable scale
Political considerations seem to encour-
age setback to speculation In Sugar
stock for the present.
The buying of Southern Pacific was one
OF the features OF the day, the stock selling
up over I per cent from a weak opening
As heretofore. Mr.. Keene was said to he
the largest buyer. An effort to acquire
control OF Mexican National Is said to be
under way, but SO far Southern Pacific in
terests have failed to meet the terms OF
the property first named.
That some effort In this direction has
been made seems certain. but the street
was again busy with dividend stories and
refundfng plan a basis for Southern
Pacific advance. Neither of the latter
stories deserve serious consideration at this
time Union Pacific directors declared the
usual dividends on both the common and
preferred stocks. As this action was en-
tirely routine the prices of the stocks were
not influenced.
The high-priced coal shares were in good
demand by commission houses, but the
iower-prfced shares, especially Erie issues
failed to develop positive strength
Amalgamated Copper found a willing
market between 75 and 16. but failed to
make any material advance. Trade condi-
tions are said to be improving, and the re-
cent buying of the better known issues "a
said to have been for inside account
American Locomotive shares were strong
and evidences Of a roviving interest In the
industrial department were reported The
volume Of business fell of during the after
noon, but the tone OF the market was
steady. Rumors Of closer relationship be-
tween Rock Island and Atchison were re-
vived In well-informed quarters