Evening star., 1902-01-10
Stocks Were Dull, With Tendency
to Weakness.
DRIVE AT DELAWARE AND HUDSON
The industrial Issues Showed q
Little Strength.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star
NEW YORK, January Io.-The stock mar
ket this morning failed to shake of the
dominating influence OF the professional
element. and commission business dwfndled
to unusually meager proportions. London
sent over a lower range of prices and a fair
volume of selling came from that center.
The business OF the market was empha-
sized during the afternoon by the disap-
pointment over the action OF Delaware and
Hudson directors on the dividend question.
only per cent being declared for the year
1902
1t had been hoped In certain quarters that
an extra dividend an increase i'm the rate
to an per cent basis would be sanctioned.
While the action taken is undoubtedly sat
isfactory to the conservative investor the
speculative interest sold out recent IIr-
chases with the result that a material de-
cline was recorded. Erie became heavy at
the same time. the semi-official utt eraDces
to the effect that only the usual rate would
be declared on the first preferred bs.ng
taken seriously.
Reading reflected the general heaviness,
but was said to be well bought by the in
terests associated with the First National
Bank party. Atchison was sold down on
the report that the directors would shortly
consider the question OF another bond is
sue. 1t is believed that this issue. should II
be sanctioned at all. will take the form of
a collateral trust bond to pay for the
QUESTION OF a smaller road.
Union Pacific and st. Paul were kept
down by liberal offerings attributed to an
interest which is said to be opposed to q
higher market at present. The buying or
Southern Pacific under GO was called good,
and the companys report Of earnings was
most encouraging to holders of that stock
The Gould shares were heavy, Wabash
issues rejecting foreign selling and the
higher-priced issues showing signs OF
liquidation.
The announcement that Missouri Pacific
had Cancelled its obligations to abide by the
other western states was looked upbn as a
danger signal.
The industrial department was heavy un-
der a fair volume of business, particularly
In the steel stocks. Traction shares were
weak because OF the failure OF Manhattan
to hold its recent advance. Traders were
in control OF prices and every effort was
made to force the decline
The failure Of the Euclid Avenue Trust
Company in Cleveland was an unfavorable
factor. and was attributed to the collapse
of the street railway syndicate in that city.
Such developments have a tendency to de-
lay public buying, and the present market
already shows an absence of a legitimate
demand. The entire market is in such
doubtful state as to make its immediate
future a matter of guesswork merely. but
bankers are confident that the ultimate re-
suits will be satisfactory.
The bank statement tomorrow is ex-
pected to be moderately favorable. since
the known movement of money has re-
suited in a gain of 81, ,416. 739 I'm cash hold
ings. This gain is mainly from the inte-
rior. but something more than $445 600 was
gained at the subtreasury. The total gain
may not get into the statement tomorrow.
but the movement of currency is strongly
in this direction.
An advance in American Tobacco to 1T5.
a gain of 80 points In few days. was one
of the interesting events of the day, al
though this stock is so nearly out of the
market as to make its fluctuations of small
concern to the average trader.