Evening star., 1902-01-02
FINANCE AND TRADE
Coal Road Shares We're the Feature
in Wall Street.
GOOD BUYING OF ST. PAUL
Steel Stocks Were the Fayorites
in industrial List.
GENERAL MARKET REPORTS

Special Dispatch to. The Evening Star
NEW YORK, January "A moderate in
crease In the volume OF commission busi-
ness and further activity by the banking
interests resulted in a strong and active
stock market this afternoon
London bought a few stocks. and foreign
houses reported a willingness. on the part
of European clients, TO follow any decided
movement on this side The money rate
advanced to 10 per cent for a time during
the morning, and traders sold stocks In an
ticipation of a further shifting Of loans
At the banks It was said that there was
no significance attached to the advance in
call loans. and abundant funds are prom
ised by the middle of the month. Time
loans are to be had upon a most satisfac-
tory basis, and this fact encourages those
who are looking beyond the fluctuations OF
the next few days.
The coal stocks were leaders in the de-
mand, practically every issue in the anthra-
cite group being bought by houses supposed
to operate for the interests behind the
great railroad mergers. Reading seems to
reflect a demand inspired by something
more important than the prevailing profits
in the coal output. Erie is taken in
amounts not whoiiy Iustlned by earnings,
In spite of the natJerIng showing made
since the acquisition or the Pennsy wanna
Coal Company.
The buying in the two properties named
was vigorous at times, and the best prices
OF the season were recoraeu curing the al
ttrnoon. delaware and hudson reflects a
prospect for an per cent dividend dec
IdraIlon at the next meeting, ana ontario
anu estern gives evidence or ITS strong
position In case any consoiIdaUions are 10
pe made looking 10 the control OF the out
put
Ihe buying of st. Paul was credited 10
INSIDE interests and numerous short ac-
counts We're covered during the morning.
hock Island advanced under a mixed de-
fahd, IN Whlcn prominent chicago
Ierest was active. Union Pacinc ana south
ern racine were bid up py a pool in those
snares, but the latter seemeu 10 advance
the more willingly.
Inc announcement that the retirement OF
Northern facInc preferred stock had peen
omclally declared an Accomplished TACT, IN
view OF the liberal deposlls OF stock mad a
IaNorauIe influence on the properties con-
cerned IN the Northern SECURITIES Com
pany transaction. Great Northern prefer
req was noJIceapy nrm the result OF
tnis encoure glng prospect.
Several low-priced issues were made ac-
tive by pools, ana strong euoTt Is being
made 10 attract attention TO sucn issues
report good earnings but are as yet with
out demands. Certain second preferred
stocks are being brought to the front be-
cause the nrst preference certificates are
getting, or are about 10 gel, run dividend
disbursements.
In the industrial department the steel
stocks are in favor, as the result Of splen-
did earnings ana the assurance that pusi-
ness is already upon basis OF assured
profits for 1vu2. In all depart tments OF
trading there rs a most encouraging sentG-
ment among the larger interests. Al may
be said with some degree of justice tnat
the leaders are all committed to higher
prices, but it is on1y falr to add that uney
snow little desire TO realize at going quo
tatlonS.
There are matters OF Importance in pros
pect which encourage holders to await
higher prices, and all the impatience is CEN
tered among the professional traders, who
are unusually remote from the factors upon
which the big people depend.