Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-01-21
FINANCE AND TRADE
Stocks Were Strong, but
Market Dull.
SMALL GAINS NOTED
ADVANCE LARGELY DUE TO
SHORT COVERING.
London Absorbed Fair Line Of Amer.
lean Shares During the
Day.
SMALL GAINS NOTED

Special DISPATCH to The Evening Star.
NEW YORK, January 21.-In the Lon
don market American railway shares were
fractionally lower. Consols were 1-16
higher for both accounts.
The local stock market opened dull and
at about yesterdays closing figures. Com
mission houses had very few orders either
way. and the traders generally were dis
posed to wait and see what the larger in
terests did before making any new VEN
lures.
The sfdetracking OF the Cuban reciprocity
treaty In the Senate had an unfavorable eff
feet upon Sugar, and that stock. though not
active, acted heavy throughout the morning
session.
There appeared to be some pool support
in chesapeake and Ohio in the early deal
ings, which led to a slight improvement In
that stock.
Canadian Pacific acted about the same
way. and it also gained u per cent after
the first few minutes of trading St. Paul,
Union Pacific and Atchison were inclined
to rally little. and Missouri Pacific acted
well. gaining 9s over yesterdays low price
on buying said to be for the inside interests.
The local fractions did not vary much in
price, but there seemed to be a little more
bullish talk and feeling on Brooklyn Rapid
Transit on account of the decision yester-
day against the cOnstitutiOnality OF the
franchise tax law. Copper shares were a
shade easier, but very Inactive, not a share
being dealt In in the first ten minutes Of
speculation.
After the first hour Of trading. notwith-
standing the apathy of speculation. the
market showed some rallying tendency,
the improvement averaging about II per
cent. with some gains Of and u per cent
from last nights closing prices. Sugar
showed the most advance in this rally, the
price gaining 1 per cent. sloss Sheficld
gained per cent over yesterdays price,
said to be due to active buying from Can
adian sources
Union Traction shares this morning, but
no news to justify it. the advertisement In
this mornings papers calling for the de-
pos1t OF stock with protective committee
really being q bull argument on the stock,
and this action Is taken with view to
help the contemplated merger Of Chicago
street railroads. said to be impending.
Chicago and New York capt. alfsts are
now considering plans to that end, in order
to better Chicago's traction facilities a
committee already having been appointed
to harmonize with the municipal authori-
ties in regard to this matter.
In government bonds old As, 3's and 2's.
registered. lost u per cent. Railroad bonds
were steady.
not show much signs Of broadening though
the fractional advances were languidiy held
IN most instances. This flrmness was due
In great measure to the purchases by
IL,
footed up about 10000 shares, and consisted
mostly OF orders for the Fries and Ontario
and Western stock. These purchases looked
like an offset to the sales made for London
account on Tuesday
The buying throughout the morning
hours was not considered to be for WELL
INFORMED people. being practically all for
the professional short account. who Gov
cred their sales because the market appar-
emily had an oversoid appearance and I'M
der those conditions ought to enjoy a little
rally.
AS In the matter Of speculation, the fea-
ture OF the money market is its lethargio
condition, and this is largely due to the
curtaiied transactions In stocks for the
past few days on the stock exchange. and
also to the fact that large lenders show
more of disposition to put out funds at cur
rent low rates on call. This rate is about
Az per cent, and bankers generally ex-
press the belief that this is likely to be the
minimum rate for some time to come.
Time rates are quoted at about s per cent.