Evening star., 1902-03-05
Strong Undertone to the
Stock Market Today.
BEAR ATTACK FAILED
RENEWED ABSORPTION OF COLO
RADo SOUTHERN BY POOL.
Thought by Some to Be to Obtain Con,
troll Of the Prop
erty.
'ecial Dispatch to The Evening Star.

special Dispatch to The Evening Star
NEW YORK. March 5.-Opening prices
this morning reflected further effort to
continue the depressing movement but, as
usual Of late, no liquidation of significance
followed. Instead there was a fair buying
demand for a few shares, and the general
list was given excellent support on limited
dealings.
Yesterdays engagement Of gold. coupled
with the prospect for total shipment of
$o,OOO.OO0 before the end of the week, failed
to discourage the street to the extent pre-
dicted. The larger holders of stocks knew
that gold would go out in volume but saw
IN 1t no menace to prosperity. Gold
be spared without the fear of reducing the
holdings of the country to any alarming de
gree.
Traction railway deals in the west par-
ucularly In San Francisco, will require gold
shipments or legal tenders to such points,
but 1t Is not clear that all the money will
be drawn from local bankers. In some
quarters the greatest drain possible was
predicted as probability and the complete
obliteration of the surplus reserve was
openly hinted at by traders. The money
rate suggests no such happening and bank
ers show no concern over the outlook
Contrary to the general tendency. Colo
rado Southern WAS strong from the start
and advanced 2i2 per cent during the early
afternoon. While officials credit the ad-
vance in this stock to the workings OF
pool which is making the most of good
SoihiHSS, there Is SOIIle reason IOr DelleNlnx
that mild contest for control Is In prog
resS. The buying was confident throughout
the day and the advance easy of accom-
plishment.
Around delivery hour there was a mod
crate demand from the short interest.
which forced the general list into frac-
tional rally. The pool in Southern Pacific
and the inside buying of Union Pacific
helped prices. and demonstrated the lack
of pressure to sell at going prices The
buying of st. Paul. Northwestern, Chicago
and Eastern Illinois and similar shares
was said to be of the best. The most In
fuential interests in the street buy these
shares on all recessionS.
act we'll and there is again an unpleasant
prospect for labor dissensions in the spring.
Sugar sold down during the morning as the
result of the temporary triumph of the
beet sugar element in Congress on the
Cuban bounty question. 1t was hinted
very openly during the day that failure to
act along the lines of the administrator
| policy would result in urgent extra mes
sage covering the case. This prospect vas
regarded as being ultimately favorable to
the American Company
The bringing of the interstate commerce
commission into the antitrust law litiga-
| ton as an assistant to the Attorney Gen.
erals office was regarded merely as an ef-
| fort to cover the whole ground Of mergers
and traffic agreements with as little delay
as possible As the corporations themselves
urge this position there was no concern
over the news. There is possibility that
the Northern Securities Company will find
a way out of its legal tangle long before
| the Supreme Court decides the govern
| ment'S case.