Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-02-10
FINANCE AND TRADE
Stocks Were Strong as a Rule
Today.
SHORT MEN SCARED
PRoFIT-TAKINd EASED PRICES
OFF IN AFTERNOON.
Bears Sold Saturday on Strength Of
Bad Bank Statement-General
Market Reports.
pcciai Dispatch to The Evening Star.

Special Dispatch 10 The Evening Star
NEW YORK, February 1o-In the Lon
don stock market today American rai'-
way shares were about on q parity with
the closing figures at New York on Satur-
day, with the exception OF the Reading
issues. which showed fractional advances,
Rio Tintos were a shade lower. at 45ls.
while the South African mining shares
showed renewed buoyancy, Rands. IL
PIG bid.
The opening of the New York stock mar
ket was characterized by strength and sc-
tivity, and a rule dealings were we'll
distributed. The anthracite cealers. led by
Reading and Erie Issues. were the early
features OF strength. the stocks OF both
companies showing advances OF a point
over Saturdays prices, with buying said to
be for the inside pools IN these properties.
Illinois Central opened up a point: Chit
cago and Northwestern advanced ~ while
Minneapolis and St. Louis was l per cent
higher, and there was a sharp advance IN
Iowa Central preferred. Other strong fea-
lures in the railway list were Des Moines
and Fort Dodge, St Joseph and Grand
Island issues. Wheeling and Lake Eri".
Southern Pacifc-up over a point-St. Pau
and Union Pacific common, both up a point
on what was thought to be good buying
In the Industrial list General Electric and
Westinghouse both advanced sharply on
renewal Of rumors in regard to a combina-
ton between the two companies. Sugar
was not very active. but showed good
strength, advancing over a point. Amalga-
mated Copper was heavy, declining very
soon after the opening a point on weak
ness In Rio Tintos In the London market
this morning. American Express opened
up per cent, but United States Express
failed to gain on account of the publica-
ton Of an interview with the vice president
of that company, in which he belittled the
recent advance in the express stocks.
After the first half hours business trad
ers attempted to start a reaction, but these
efforts were not successful. the market
only yielding fractionally. and then recov-
ering, advanced above the early high level
Sentiment among the room traders, after
this second advance, was fairly unanimous
in the idea that the larger speculative In
terests were In favor OF higher prices,
pecially as a considerable short interest
had been created by the unexpectedly bad
bank statement Saturday, on which the
The short interest in Erie Is said TO be
extremely large and the nervousness of
some OF them which led to a little cover
ing of that stock. was responsible for some
of the advance which occurred in that spe-
icalty today. The strength displayed by
the Vanderbilt stocks was taken as an indi-
cation by some of the traders that insiders
were buying on the possibility OF a holding
company, including Northwestern.
The Gould stocks, while strong, were not
aggressively so. and the advances in that
group were only fractional with the posi-
BILE exception of Missouri Pacific which
gained over per cent on quite large trans
actions.
The general market showed strength up
to o'clock. when the market eased off a
little on profit-taking. helped to some ex-
tent also by reports from Detroit of a
large failure OF a private banking concern
OF that city. Sugar acted a little heavy In
the afternoon on reported good selling. be-
cause Of fears of a prolonged settlement Of
the Cuban tariff question.
Insiders were reported bullish on United
States Steel stocks. and a rumor was cur
rent In the street that the common would
be put on a per cent basis after the first
fiscal year was completed. There was some
buying Of Peoples Gas on the annual re-
port, but the selling looked better than the
buying on the advance.
Southern Pacific made a new high level
In the afternoon trading. selling I'D to 68as
from which level the price reacted frac-
tiCnally on small transactions
The local traction shares were disposed to
be reactionary. traders being not over
anxious to buy pending the circular regard
ing the new plans of Metro. which is ex-
pected to be published Tuesday or Wednes-
day next Copper shares weakened again
In the afternoon on a further decline of Il
cent on all grades of copper.
In the bond department governments
We're unchanged, while railroad bonds We're
strong and active