Evening star., 1902-01-22
FINANCE AND TRADE
Good Demand for Laokawanua and
Traction Shares
ERIE SHARES WERE SOLD FREELY
Minority Interest in Southern Pa
oific Expresses Dissatisfaction.
GENERAL MARKET REPORTS

Special Dispatch TO The Evening star
NEW YORK. January 2a,-Transactions
in the security markets reflected some i'm
provement in the speculative undertone
but there was no significant increase in the
demand from commission houses London
sold few stocks. but dullness at that cen
ter was again pronounced The over-sub-
scription to the new German loan was q
favorable indication and the small prem
iurn which the new bonds already command
inspired confidence In an early revival OF
industry in Germany.
Money was easy throughout the day the
banks again gaining at the subtreasury ana
from the interior. Sterling was barely
steady. and the gold already shipped IL
known to have been a special operation
without regard for sterling conditions.
trauers were inclined to believe the market
oversold and worked for rally. a process
winch was moderately successful in the
specialties
The buying of Lackawanna was called
good, and the price advanced over q per
cent under moderate dealings The usual
rumor or an early scrip dividend accom-
panied the advance. and there was consid-
ereu a Ielr prospect for trade with the
Gould system. Northwestern was strong
under considerable demand In which in
SIDE interests were said to have been rep-
resented. This property and Omaha are
"ONh thchSht 70 bt upon the eve OF c1SrinS-
ures or benefit 10 their shareholders
Erie issues were heavy as the result OF
the belef that no increase would be made
IN the dividend on the first preferred but
there was no pronounced pressure On the
declines some good buying was reported.
headlng ISSUES were strong and openly
oought py the interests which first forced
UP the prices on increased earnings
tnion Pacific officials admit the presence
Of dissatisfied minority interest in South
ern Pacific because OF the non-payment OF
dlvldends, but there is little known of an
intention TO force payments through the
courts. Ihe resumption OF the interstate
commerce inquiry In Chicago on Friday
may throw some light upon the relations Of
these two properties
metropolitan Traction was a feature Of
1he market. under demand In which Phil
adeiphfa houses We're again prominent 1'ha
street believes that the remaining lines of
the company will shortly be equipped with
l,,G rIcny, and that present shareholders
VIII De given valuable privileges In the
transaction. The Traction group was sym
pathetieaiiy strong as the result of this in
quiry. "
The buying of American Smelling share.
was called good. and was looked upon as a
part OF scheme for a closer union with
Amalgamated Copper. Rumors of this
character have been numerous OF late and
the quiet buying Of both issues has been
commented upon as Indicative of a new
campaign Of mutual interest
here ana there throughout the market
there are confident rumors OF promising
Undertakings shortly to be disclosed but
there is still too much uncertainty in the
main situation to bring in the Ionged for
public demand.
Louisville and Nashville is said to have
acquired. or is about to acquire Chicago
and Eastern Illinois, but the announcement
1eli fiat as market influence Earnings
continue to be good and good judges say
that the railroads will have a busy year
Ihe mass OF new securities issued during
the last two years make unusual prosperity
SO necessary to dividends at prevailing
rates as to arouse skepticism as to the abii-
ity OF the roads to maintain the volume OF
business required. This mistrust, inspired
by the size or the obligation, is holding the
market in check