Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-02-02
FINANCE AND TRADE
Generally Firmer Tone in
Stocks Today.
SOME GOOD ADVANCES
PENNSYLVANIA WAS A WEAK
FEATURE.
Traction Shares Also Showed Some
Weakness Both for New York
and Chicago.
SOME GOOD ADVANCES


Special Dispatch to The Evening Star.
NEW YORK, February 2-There were
some fractional declines and an irregular
tone to American shares In the London
market today, and this had something to
do with the irregular movement in the
local stock market at the opening. The
feeling here. however, was a little more
cheerful over the Venezuelan situation. and
traders as q rule were disposed to rally
the market on the appearance of any ac-
tivfty among the larger interests
After the first few minutes of speculation
prices hardened slightly In, general and
there were few special Instances in which
good snarp advances were scored, notably
IN Delaware and Hudson, which gained
over per cent in the first hours trading
and st. Louis and San Francisco on fur
Their talk Of consolidation with the South
ern railway, rose IA per cent. The coalers
as rule, were inclined to be a little heavy
at the start, Reading losing q and Erie
common Y. Iowa Central was also heavy,
selling ~ under Saturdays figures
Union Pacific and St. Paul were steady in
the initial trading, but before the end of the
hrst hour both had gained in strength, the
former selling up * per cent and the latter
gaining ~ per cent.
There was considerable activity In the
pennsylvania railroad securities, the stock
being pressed for sale at the opening and
losing ~ per cent thereby, while the con-
vertible 3h per cent bonds were advanced
In u.
600 In the first half hour of trading
As was announced Saturday, these bonds
can be converted into stock at the rate OF
$40 bonds for each $50 share Of stock be-
tween March 10 next and April 4, instead Of
having to wait until May 1, 1904, as orig
inally planned, the object probably being
to allow the bondholders to convert their
bonds into stock now in order that they
may be In position to subscribe for the
new stock which Is to be issued some time
this spring.
In the industrials Copper was in better
demand and gained q per cent. the Steel
issues were slightly firmer but Sugar acted
little heavy on the news Of the shutting
down Of the ref1neries in this vicinity on
account of large stock OF refined sugars on
hand.
The local traction shares were inactive,
but slightly better in price.
Chicago Union Traction lost nearly per
cent. said to be due to liquidation Of holders
who have become tired of holding for
higher prices. 1t was also stated that the
consolidation scheme was meeting with po-
itical opposition.
after the first hour OF business and the
larger interests seemed favorable to q
rally.
The short interest in the market having
been materially increased during the past
few days, the rally. however, that oc.
CURED was not as general as 1t should have
been, the speculation still continuing to pre-
sent a professional aspect, and commission
orders to execute. The regular quarterly
dividend Of IL per cent has been declared
on Peoples Gas stock of Chicago.
Sales of stocks up to noon amounted to
3O1, 500 shares and the market at that time
continued to show a stronger tone; commits
sion-house business also showed improve
ment in volume. There was some bidding
up of prices and covering Of short con-
tracts on reports from Washington that the
administration had arrived at an agreement
with corporation interests on the question
Of trust legislation.
The Wabash issues were strong in an
ticipation Of favorable action by PMtsburg
municipality today in regard to Its entry
into that city.
Qnite little activity was noted in On
tario and Western in the early afternoon
trading, and the stock gained nearly 1 per
cent The buying Is said to foreshadoW
higher prices for the stock.
In the afternoon trading there was a little
more activity in Reading. and some cover
ing elsewhere in the list. causing small rail-
les About the only; large transactions,
however, were in Pennsylvania, which did
not show much disposition to rally.
The undertone OF the general market,
however, was flrmer. and most Of the room
traders were looking for the advance to go
further. There was no special news to af-
feet prices, but the professional bears were
inclined to reduce their outstanding short
account, and this gave the market stron-
ger appearance. -~-.
Money loaned at 3A and also as low al
~ per cent after the delivery hour.