The Washington times., 1902-01-23
MARKET LED
BY FRACTIONS.
Strength Supposed to Fore
shadow Improvements.
DEALINGS MOSTLY PROFESSIONAL.
Important Developments Fail to
Cause Discussion in Street-Erie
Dividend nt Old Rate.

NEW YORK, Jan. 22.-General condi-
tions, which were virtually identical with
those which have prevailed throughout
the week were renewed in tcday's stock
market, that is to say, the dealings were
in light volume and almost wholly for
professional account, and resulted in
small and irregular changes in the usual
ly active railway issues.
The fact that a somewhat firmer tone
prevailed appeared to possess none other
than technical significance, and the CO.
operative steadiress of the market was,
for the most part, the reflex movement
from the declines of the last two days.
The short interest seems to be constantly
increasing, and for the time being the
occasional reduction in its commitments
constitutes about the only support the
market enjoys.
The two most important occurrences of
the past two days seemed TO attract very
little more attention and discussion than
they did yesterday.
Matters of Discussion.
These are. it is unnecessary to say the
heavy snowfall in the Western spring
wheat and corn belts and the evidences
of greater inclination on the part OF
Congress to take up 4 revision of the
internal revenue laws. Whether such
sweeping measure as the entire repeal Of
the war taxes can be Immediately put
through Congress is a somewhat doubtful
matter, but its beneficent bearing upon
the monetary situation can hardly be
exaggerated.
To6ays money market continued ex-
tremely easy, and sterling exchange was
n shade lower. The banks have made
further gains from the Treasury in
their transactions with that institution,
today's figures showing a favorable ad-
vance to the former since last Friday of
nearly 81 1.300,000
Restriction of Trading.
Keen interest was taken in the action
of the Erie directors on the dividend on
the first preferred stock, but the decision
Of the management in that respect was
not announced until late in the after
noon.
The near approach of the beginning of
the arguments before the United States
Supreme Court on the Northern Securi-
ties case redirected attention toward that
matter and tended to restrict active trad
ing in the stocks more or less directly
concerned with the outcome OF the litiga-
tion.
Traction Stocks Active.
The local traction stocks were the lead
ers of the market in respect of strength
and activity, with u particularly sharp
rise appearing in Metropolitan Street
Railway. The strength in this instance
was believed TO foreshadow the announce
ment of further steps for the improve
ment of the property, and it was gen.
orally believed that in the financing of
these improvements the stockholders
would receive valuable privileges
Expectations of a decision favorable to
the corporations in the franchise tax liti-
CATION were effective also in the strength
OF these stocks, and likewise in that
shown by Consolidated Gas. In the early
dealings Chicago and Northwestern, and
Delaware, Lackawanna and Western ad-
vaneed rapidly, and reports that read
justment5 OF the capitalizations of both
properties were meditated attended the
movement in each instance.
Few Features of interest
The heaviness of New York Central was
perhaps in part owing to the institution
of heavy suits against the company for
damages resulting from the recent acci-
dent in the Park Avenue tunnel Apart
from the regular railway list and the To-
cal traction stocks. the dealings developed
no features Of special interest. Sugar Re
fining was steady and only small fluctua-
tions resulted from the dealings in the
United States Steel stocks. The fuctua-
tions in Amalgamated Copper and the
other miscellaneous stocks were likewise
Insignificant.
London was not a factor of weight in
this market and speculative interest at
that point was again monopoliZed by the
South African mining stocks.
The Erie Dividend.
Toward the close of business announce
ment was made that the Erie directors
had declared a dividend OF ~ per cent on
the first preferred stock, this being the
same rate which was declared six months
ago.
The action Of the management was in |
line with the general expectations, and |
the announcement was without special |
effect upon the market. Metropolitan |
Street Railway continued the feature of |
the dealings in all respects, and while tn. |
stock receded sharply toward the close OF |
business il still left of well above last |
nights final prices.
The remainder of the list closed with an |
irregular and generally heavy tone.