Evening star., 1902-01-16
Dullness Was the Feature on New
York Stock Exchange.
SOME SELLING OF MANHATTAN
Due to Announcement of Nex
York CentraTs Plans.
GENERAL MARKET REPORTS
Special Dlspstch to The Evening Star.

Special Dispetch to The Evening Star. -
NEW YORK. January 1s.-rne 4nove-
ment to cover short contracts which was
feature OF yesterdays market had spent
It's force over night, leaving today's trad
Ing In the control OF the professional eie-
ment and emphasizing the lack Of any real
business. Periods of absolute inaction were
not infrequent, and the tendency of prices
was decidedly irregular. Believers In a
lower market hesitated to sell because OF
fear that the banking interest might at any
time take advantage OF the concentration OF
securities to force q sharp rally.
The inclination toward the short account
Is quite pronounced I'm certain quarters
but action is lacking for the reason that
risks in that direction are considered un-
usually hazardous. The stronger financial
factions are committed to higher prices
and there is every prospect OF a strong ef-
fort being made to bring about the desired
result. This is another reason for not
selling now, but rather suggests waiting
until the advance is recorded and actual
liquidation begins. Short selling and hQui-
dation go hand in hand.
There is at present no significant nQuida-
tion. but, on the contrary. there are some
special movements In which the buying Is
better than the average. The market has
numerous friends, and its enemies have
neither the courage OF their convictions
nor a competent leader.
st. Louis and San Francisco issues were
strong during the morning, one house buy
ing over 600 shares of the common stock
during the first hour.
The rumor that the first preferred stock
would shortly be retired was revived. and
was credited In certain weli-informed cir
cies The second preferred and the COM
mon have their prospects materially inn
proved by the proposed financial charges.
The New York Central stock issue is
N he hn ratsrra ~ ft,tI Afr.r
an underground, electrical entrance for SUI
burban trafic.
The plan is partially the outcome OF the
recent tunnel disaster and partially a more
matured scheme for relieving the present
congestion at the Grand Central station.
As an outcome of this declared intention
Manhattan was sold freely. because Of fits
decreased chances for being made a part
of the Vanderbilt plan for handling nearby
suburban traffic. Union Pacific was rather
heavy, under mixed selling, in which q re-
cent bull account was said to be repre-
sented.
This property and those controlled by II
are suffering from the uncertainties OF the
Northern securities project. and this ques-
tton is hanging over the entire market.
Peoples Gas rallied upon the removal of
the Injunction proceedings to the United
states circuit court the prospect for get
ting the matter into the United States Su-
preme Court being regarded as moderately
favorable to the company's contention.
Sugar was irregular under a fair volume
of business, but the steel stocks were
strong features OF the industrial depart
ment
The Erie meeting to act upon the first
preferred dividend was to have been held
yesterday. but for soma reason no meeting
took place and there has been no date
fixed for this action. The delay tends to
encourage belief in the truth of the
bond-issue stories. in spite of official de-
mails.
Money was easy around per cent and in
good supply. Gold exports are less threaten
ing at the moment. although gold may go
TO Europe next week. The closing was
dull and In the main professional