Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-02-05

FINANCE AND TRADE
Bullish Sentiment in the
General Stock Market.
BUYING FOR LONDON
ACTIVITY IN STEEL SHARES AT
HIGHER PRICES.
decision on Proposed Conversion Of
Stock Into Bonds Was
the Incentive.
BUYING FOR LONDON

Special Dispatch to The Evening Star.
NEW YORK, February 6.-American rail-
way shares In the London market showed
DETER strength today, and the speculation
there was more active,
IN the local stock market the opening was
active and generally higher, the more con-
hdent tone abroad and the growing activity
OF the larger interests. especially those Of
the west, being the principal incentive to
bullish sentiment.
AT the start the largest trading was in
the Erie Issues and the copper stocks The
former stocks were In demand at the open-
Ing, and all Of the issues of that company
enjoyed small gains over yesterdays high
est figures
st. Paul, Union Pacific and Rock Island
averaged II per cent higher, and there was
some hasty covering In Southern Pacific,
which caused a gain Of y per cent In that.
stock.
There was more talk in regard to the
Union Pacific-Rock Island alliance. and al
though 1t Is known that no action has been
taken as yet in regard to this matter by the
1ull Union Pacific board, still there is less
doubt In regard to the alliance rumors than
was the case yesterday.
There seemed to be quick accumulation
Of Baltimore and Ohio common and also of
canadian Pacific. and the buying OF Read
ing after the first half hour Of trading gave
evidence OF outside endeavor to put the
STOCK upon higher level. In fact, all the
anthracite coalers received good attention,
ana prices were generally higher.
In the local traction shares Brooklyn
Rapid Transit and Manhattan were the
1aVor1tes. the former gaining over / per
cent on good, active trading and the latter,
while not so actively dealt in, showed good
strength.
Gr,AN
the first hour, and then on spurts in Read
Ing and the Erie issues the whole list add
ed to Its initial gains.
up to noon there were $4,000 shares
provement in the way Of business London
dealt In about 10000 shares, of which nearly
half were sales. the purchases just a little
more sha h balancing the dealings. The ar
sues than any other, and probably bought
greater amount Of Southern Pacific than
any other stock
Wire service was still greatly INTERRUPTED
by the storm In the west, and the high
winds in the south and east. but not
Wlthstanding this drawback the market
continued to show broadening aspect and
commission houses reported a very fair in
crease In outside business. There were
some little reactions at this time, attributed
to proht-taking, but the general list show
60 no weak features. and there appeared
to be supporting orders fractionally below
ruling prices.
Money was easy around ~ per cent.
Banks continue to lose to the subtreasury
Since last Friday 1t is estimated the loss
has been about four millions. Last weeks
operations for the same period showed q
gain of about 100000 to the banks.
steel shares were the features Of the
speculation, both classes Of stocks beconn-
Ing active and strong on heavy dealings.
the incentive being the decision of the
court of errors and appeals at Trenton, N
j., which unanimously uphold the steel
corporations plan of converting some Of it's
preferred stock into bonds.
The advance in these stocks had a SYM
pathetic effect upon most of the other
steel and iron shares in which moderate
improvements were scored. Between 1
and o'clock the market lost some of
its activity, and there were slight re-
actions, especially noticeable In Sugar
stock, caused by notice of reduction OF
10 points in refined sugars.
One Of the most favorable factors in the
hands Of the bulls just now is the continued
ease In the money market, Az per cent be-
ing the ruling rate for short dates and Az
per cent for little longer periods. The de-
mand for prime mercantile paper at Az per
cent for six months continues dispropor-
tionately larger than the supply.
The United States Steel issues continued
to be the feature of the late trading the
transactions being remarkably heavy and
the stock very strong. The rest OF the list
also continued to show good strength and
a broadening out appearance characterized
the speculation.