Evening star., 1902-01-13
FINANCE AND TRADE
Stocks We're Generally Weaker Under
Traders Selling Freely.
PERIOD OF DULLNESS EXPECTED
Big Interests Uneasy Over North
ern Pacific Settlement.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

| Special Dispatch to The Evening Star
NEW YORK, January 13.-Traders were
free sellers in today's stock market be-
| cause Of the fact that the leading interests
refused to take prominent part in ad-
vsncdng prices. This hesitancy encouraged
| the room in it's conviction that no public
| demand Is likely to overthrow the plans OF
those believing in lower prices.
A fair-sized short interest Is known to
exist, and a few commission houses report
that they have loaned out all Of their long
| stock. The calling in of stock may result
| in a rally at any moment, but there are
few reasons for expecting a more substan-
| tial advance.
Saturdays bank statement failed Of last
ing effect. because gold may go out to Eu-
rope during the week Easy money is not
| the only thing necessary to an active stock
| market or else, the assurances of bankers
that there need be no concern on that point
would have inspired a higher price level.
Early in the day Washington advices an
nounced that the Supreme Court would
direct the Northern Securities Company to
show cause why the Injunction asked FOR
by the state of Minnesota should not be
granted This announcement failed to con-
form to the facts. as later disclosed by the
court, which directed arguments on the
| question of jurisdiction to be submitted
January q. There is no Disgusting the fact
that this attack upon the settlement of the
difficulty made famous by the panic of last
May is causing uneasiness in financial
circles.
Much depends upon the outcome and the
| financial community is inclined to curtail
risks. The so-called big men have no pub
lie demand to depend upon as a way out
OF the difficulty and must be prepared TO
support, rather than add to, present hold
ings: The room recognizes that the bulk
of the stocks are too closely held to JUS
tify extensive selling and consequently can
be made to cover easily.
We have had a big market based upon
earnings and consultations, and the diges-
tive period has come at a time when nerv-
BUSINESS retards the process and capacity
for assimilation is approaching exhaustion.
Under the circumstances dullness in the
stock market is not the most undesirable
factor suggested by prevailing conditions
Union Pacific, Missouri Pacific and few
other stocks recently made active were
under pressure all day. Atchson gave out
a splendid statement of earnings and was
well bought at times In spite of the some
what unpopular bond issue announced off,
cially on Saturday. This buying was said
to be for inside account and was intended
to help the sale Of the new bonds.
The coal stocks were heavy under selling
by houses who profess disappointment over
the dividend prospect on Erie first pre-
ferred and delay in bringing about a closer
working arrangement between the roads.
The Steel stocks sold off In sympathy with
the general heavineSS and all of the trac-
tionS reflected sales of mixed character
Frequent periods of dullness were recorded,
but later in the day traders began to sell
rather freely. Rumors of ill-health were
street and added to the supply of depressing
material. The net result of the days trad
ing was to leave prices lower and sentiment
less hopeful than at any time in weeks