The times. [volume] (Richmond, Va.) 1890-1903, 1902-01-19
STOCKS SOLD
ON GOOD NEWS
Big Railroad Earnings and a Fine
Bank Statement,
BUT THE PRICES GO DOWN
An Exception Was Ia the Case Of conseli-
dated Tobacco Bonds Which Coz,
tinucd to Advanee-Markct
Closed Weak.
BUT THE PRICES GO DOWN

Yesterdays stock market was a distinct
disappointment to the bulls. The market
developed Il better tone on Friday, and in
the anticipation OF a good rank state
ment, coupled with further covering OF
shorts. tho market opened UP strong yes
terssay, and remained so during the nras
half hour of the session. The coaler5. TIA
steel stocks and ST. Paul were prooanr
the most active and It was said that the
Steel stocks were bought by Keens bro
kers.
There was a sharp advance In Console
dated Tobacco bonds. which took them
ND to 60 Indeed, these bonds were one
of the features of tho day. AT tho outset
it. looked like the whole market would De
strong and xctiyc. but. with few excep-
tons, the market hpsed into Guinness
until the bank statement came out, anc
when that appeared. although 1t was Dot
ter than had been expected. there was
rush to selk stocks and the market SOLO
OFF sharply until tho close.
y GOOD STATEMENT.
The statement showed a gain OF over
$. coo COO in cash, and an increase OF sl1.-
100 $50 in deposits. indicating that money
from the interior is coming In IN large
sums The reserves increased S6,1c3"1.
which puts tho hanks now in strong
position. and there is certainly no tear
for the time being of. tight money Money
Yesterday was freely loaned at . Per
cent
The fact that the market sold OF upon
such a bank statement as this was DIS
couragins to the bulls 1t looks as
though there Is still lack of confidence.
and that the investors are waiting FOR
S,Yo hf1yy
stocks. There was certainly nothing In
the news yesterday, SO far as received
here. to induce selling. Railroad earn
fnes, continued to show UP well. Nor
folk and Western reported an increase
for the second week in January OF Sas.-
g64, and Chesapeake and Ohio reporter
an increase for the same week OF SiV.olS.
For the first two weeks In January. the
increase In Chesapeake and Ohio earn
ings was SIS, tS6. Yet there was very M
tie trading in this stock on such a Ia
vorable exhibit. In almost every I'm
stance quotations were lower at the
close than at the opening OF the mar
ket.
sEABOARDS PROSPERITY.
\ philadelphia paper quotes an oti-
cial of the seaboard Air Line as follows:
The orders which we have recently
| placed for cars and locomotives are re-
| artfred by the increase in demand IN the
| Southern districts for facilities to move
| the crops. When the present orders
| are filed we will havo some 1,5pD mora
box and fat cars at our disposal than
We had three months ago. In adtition
we viii have fifteen moro locomotives
as soon as the builders can deliver them
| t ous Southern conditions are improving
| constantly and there is TO need of fear
| ing that the South will he heard from
in the future as an important factor II!
the country's development along aSri-
cultural lines. Our road will receive It's
| Just share OF the increased traffic and
the earnings which are now perfectly
| satisfactory will be sure to grow at an
| uninterrupted rate from now on.
The same paper attributes the follow
| ing TO a director Of the American Cotton
| Oil Company:
THE agreement to pool a majority OF
the stock of our company for d period
of three years was made in order to pre-
vent the control from falling into tho
hands of any competing company. and es-
peciaIly the Virginia Carolina Company.
IF the contror passes into other hands,
the stockholders committee desires to
have the power TO dictate into what
hands it shall fall.