Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-02-03
FINANCE AND TRADE
Railroad Market Was Both
Weak and Dull.
ELKINS TRUST BILL
ITS PASSAGE SEEMED TO HAVE
LITTLE EFFECT>
In Late Trading Better Strength Was
Shown in the United States
Steel Issues.
ELKINS TRUST BILL
Special Dispatch to The Evening Star,

Special Dispatch to The Evening Star
NEW YORK, February 3.-American rail-
way shares in the London stock market
continued to show some irregularity In
movement. There were losses extending
to l per cent In Wabash preferred and
fractional advances in the Erie issues, Bal
timore and Ohio. St Paul, Union Pacific
and AtchiSen-
Consols were 3-16 per cent lower for both
accounts.
The unfavorable developments in the Ven
ezuelan situation had only very moderate
effect upon stocks at the opening OF the
local stock exchange.
The strength Of the Erie issues soon after
the start gave firm tone to most of tho
list. Erie second preferred quickly gained
1 per cent. the first preferred u and the
common rose u per cent. There was also
good demand for the Wabash issues owing
to the favorable action taken by the Pitts
burg municipal authorities regarding its
entry into that city. The preferred stock
advanced IS per cent, and the debenture
b bonds were active and strong.
Union Pacific, Southern Pacific and Balti-
more and Ohio were comparatively firm
but st. Paul acted a little heavy, losing Il
per cent in the early trading. The traction
shares were dull and a shade easier. In
the industrials Copper shares continued to
show good strength.
Sugar was again heavy. losing 1 per cent
on the dull trade outlook and talk OF the
possibility of the Cuban treaty failing in
Congress through want Of time for its pas
sage.
Peoples Gas was only nominally affected
by the action Of Chicagos city council last
night, which put itself on record as desiring
municipal ownership and operation of gas
and electric lighting plants.
Inc steel stocks were neglected, but
steady in tone.
After the first hours trading the market
became ipactiva a oh az pfPf
tienally in most cases from the opening
figures. Erie common lost N per cent; the
second and first preferred were also OF Y
to *.
Pennsylvania held around $50, and there
appeared to be some restriction to the SELL
ing which has been so prominent in this
stock for the past few days. and an incli-
nation to cover some Of the short contracts
around that level.
The coalers were inclined to react on
profit taking, Reading and Ontario and
Western losing Y per cent from yesterdays
highest. and Chicago Union Traction was
again weak on unfavorable rumors regard
ing the stock.
A helpful factor for the bears In the re-
action was the advance In sterling rates to
within 1-16 per cent Of the gold exporting
point, which tended to check purchases by
traders who were earlier in the day inclined
to follow the advances.
In the second hour OF trading a little
weakness developed in New York Central,
and this led to sympathetic declines else
where In the list. The market, however
was extremely dull, and there was no pub
lie interest in the speculation.
In the early afternoon another attempt
was made to rally the market, the Wabash
issues being the leaders in the advance the
preferred stock gaining over per cent and
the common per cent while the debenture
Bonds continued to show good Improvement
The strength in these issues helped the
other Gould stocks fractionally, and the
general list, too, was inclined to improve
moderately.
The news Of the passage by the Senate
OF the Elktns antitrust bill without debate
did not seem to affect the market but good
judges of this bill in regard to its effect
upon the railroads expressed the opinion
would certainly tend to increase railroad
earnings if it's provisions regarding a dis
continuance of the rebate system are car
ried out.
1t will be remembered that an official Of
one Of the prominent western railway sys-
TENS testified not long ago that his COM
pany had paid out one-half million dollars
In one year in rebates. and the same kind
OF a story, no doubt, could be told of q
great many other railroads throughout the
cuntry doing the same thing and this, with
out question, Is one of the quickest and
surest ways to get at the trust evil and to
equalize the advantages Of the Independent
or small shipper. as compared with the
larger or trust interests.
In the late trading there was q little
strength shown in the United States Steel
issues, both classes of this stock advancing
nearly per cent, and the general list also
showed signs of an improving speculation.