Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-01-05
Strong Opening in Stocks in
New York.
FRACTIONS. IN LEAD
RAILROAD LIST ALSO MET GOOD
SUPPORT.
Realizing Sales Caused Inaction To-
ward the transformations Rather
Against Improvement.
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK, January, SIN the London
stock market American railway shares
showed advances Of from IA to 3-S per cent
above New York closing prices of Saturday.
Consols for money were Is and OF account
1-16 higher. Business there, however. in
the American department was very light.
In the local stock market the opening was
active and prices generally higher, although
there We're no sensational advances.
The most active issues were Missouri Pa
cific, St. Paul, Chicago and Great Western.
common; Atchison, common; Union Pacific
Sugar, Canadian Pacific Southern and
Union Pacific and Manhattan, the latter
showing the most strength on trading in
round lots. The other local traction shares
were very firm, and sympathSed TO some
extent with the great strength in Manhat-
tan. Among the industrials speculation was
strong and active in the Copper shares, the
United States Steel issues and the low
priced stocks of this group, among which
Car and Foundry, Republic Iron and Steel
and American Locomotive were the most
prominent features.
Tennessee Coal and Iron was also a
strong feature in the Industrial list, theE
stock selling up over point in the ear.yl
trading and held the gain well.
Bonds were firm and quiet. Money on call
ing good profit taking sales and some SELL
ing by the shorts to check the advance,
the market continued to improve, and at
the end Of the first hours trading addi-
tional gains were pretty general through
out the active list, Missouri Pacific. St Pau
and Manhattan and Union Pacific leading
the advance
There was no special news Of any kind
to account for the strength of the specu-
latfon except more pronounced bulliSh
feeling in the street and an improving out
look for business as shown by the different
trade journals here and abroad.
In the early afternoon trading the market
became very inactive and there were frac-
tional recessions, Sugar losing the most
ground on a decision rendered today by the
United States Supreme Court, which was
against the contention of the Sugar peo-
pie. Two other important decisions of
great interest to stock spectators rendered
by this court today were the one upholding
the conStitutionaity of the California stat
ute prohibiting dealings in stocks of corpo-
rations on margin and the case of Page
VS.. Edmunds, in which the court held that
a seat on the Philadelphia stock exchange
was property and must be considered in the
assets of a bankrupt.
This latter decision is Numerically OPP
posed to the present bylaws of the New
York stock exchange, and it may be the
forerunner of some actions at law against
brokers who have failed, but who managed
to hold on to their stock exchange seats an
asset valued just now at $4,000, and which
would figure quite handsomely in settle
ment with their customers.
The time money market shows some lit
tie irregularity, but the general theory is
that rates are seeking lower lever. While
banks are not disposed to loan at less than
per cent for sixty day funds, still there
Is some outside loanable funds Influenced
by the belief that 1t will be difficult to con-
tinue to hold six months funds at the re-
cent high rates. There is also a more
comfortable monetary situation abroad
In the late trading there was another
strong rally and business very well
distributed. Commission houses reported
very good increase In outside orders, better
than for the last two months; but 1t will
be a great demonstration of strength If the
present improvement extends much further
in the face of the heavy realizing sales for
the past two or three days and the present
high rate for call money accommoda tons.