Evening star., 1902-01-03
FINANCE AND TRADE
The Tendency of Stocks Was To
ward Lower Prices.
LIQUIDATION ON PART OF LONGS
Operators Believe That Price,
Should Be Lower Now.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star.
NEW YORK, January a.-openins prices
this morning reflected the presence of n
considerable commission-house demand
and transactions aggregating $1,000 shares
were recorded during the first hour. Ad-
vances resulted from this activity in nu-
merous instances. but II became apparent
later that profit taking was in progress I'm
majority of the recently active issues
me steel stocks were bid up by a promi-
hent operator, the semi-official report of
earnings making an advance entirely ap-
propriate
ohder cover OF this strength profit taking
IN the coal stocks, all the Pacific issues and
the Gould properties forced concessions of
q TO L per cent. Traders offered stocks
down on the theory that the advance had
run far enough, and that the cheap stocks
bought during the low level in December
Were now being freely sold to investors
and the speculative public The customary
turn on the long side having been made, IL
was argued that prices were to be de-
pressed preparatory to the real onward
movement which is vaguely predicted for
some date between now and early spring.
1t Is interesting to note. however, that
the banking interest Is entirely satisfied
with the outlook and predicts the early
execution of certain DELAYED plans which
are quite as far-reaching as any yet given
to the public.
The Northern Securities Company is ex-
pected to apply for the listing of its stock
within a few days and there in every tndI-
cation that that corporation will rise above
the spectacular litigation aimed against Il
and be made a pattern for numerous simi-
lar enterprises.
The vanderbilts, the Goulds and several
Other interests controlling detached and ex-
pensively managed properties will try and
unite them once present attacks are shown
TO De lacking In the necessary legal force.
Ii mas been matter OF common knowledge
that few men have owned and controlled
a series OF roads for years past and there
mas been no serious effort to prevent such
conditions The acknowledgment. officially.
oil such fact and effort to get better
economical results from reductions In ad-
ministratfve charges is practically all that
Is contemplated by those responsible for
the community of ownership idea.
Should injury result from the plan II Is
only reasonable to suppose that modifca-
tions will be willingly made In view OF the
confidence In the ultimate triumph OF the
railroad circles
The coal stocks were well bought during
the declines, but the proflt-taking was most
liberal in certain quarters
The buying of Readings and Eries is good
and Is based upon factors beyond the imme-
date future. Union Pacific was offered
freely In spite of good earnings and South
ern Pacific held only indifferently well un-
der big semi-speculative demand. St
Louis and San Francisco shares were
strong because Of the refinancng project
and the splendid showing now being made
New York Air Brake gained per cent
under sharp advance for which the
hasty covering of short contracts was
largely responsible. The Industrial list gen.
orally held well in spite of a heavy ten
dency in Amalgamated Copper due to a re-
duction in the price of the metal
Money was moderately easy, one of the
leading banks offering 10000 coo at 9 per
cent.
The known movements OF money indicate
that the banks have gained from the sub
treasury and the interior upward of SlO,-
100000 for the five business days of the
week II the local money situation oper-
ates as favorably as II did last week the
bank statement should show several gooA
features tomorrow.