Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-01-13

FINANCE AND TRADE
Stock Market Was Weak
Again Today or
OPENING WAS. STRONG
SELLING BY ROOM TRADERS
CAUSED BREAK.
Money Was Easy and the News Wa
Not Particularly %
Bearish.
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK, January 1a.--In the London
market Americans were somewhat irregu-
lar. but In a majority Of issues from IA to
"a per cent higher as compared with our
final prices yesterday. United States Steel
preferred was exceptionally strong.
In the local stock market the disposition
at the start seemed to be to harden prices,
the better London quotations being the
only incentive. News OF an encouraging
nature was still scarce, with the possible
exception of the heavy exports Of wheat
and corn from this country.
st. Paul was chosen as the leader at the
start. and the stock was made to look as
IL there was quite demand for Ii from
the shorts in the loan crowd. 1t gained
about Y per cent in the first few minutes
of trading. but later reacted over a point.
The coalers, however were the more
prominent feature Of the early market both
Erie and Reading being heavily dealt In,
the former gaining rs from yesterdays low
price and the later about per cent from its
closing figures of last evening. There was
a good deal of stock traded in.
AT this higher level the demand soon be-
came exhausted, a reaction OF over a point
in Reading and about per cent In Erie fol-
lowing, but both stocks showed a fair de-
gree of strength throughout the morning
session.
Atchison received a little more support at
the start, and there were little gains In
Union Pacific and Southern Pacific; like
wise in Missouri Pacific
The local traction group was inclined to
rally, and Manhattan was noticeably strong.
the gain being over 1 per cent, while Metro
poiitan and Brooklyn Rapid Transit gained
fractionally.
In the industrials. United States Steel
issues showed a fair degree Of strength,
but Smelters and Colorado Fuel and Iron
were heavy, the former losing 1 per cent
and the latter over per cent on reports
vni ncr IN froc
capital to make large improvements and
the dividend payments on the stock may
be deferred in consequence. Sugar and
Copper were both dull at little under yes
terday's closing prices
Before the end Of the first hour the mar
ket became active and rather weak. It was
largely professional. however. but the
hearfsh feeling seemed to be the strongest
and most prevalent among the traders. AT
the end of the second hour there was re-
newed selling, both of long and short ac-
counts, the room traders doing most Of the
latter.
There was no news, but q good MANY
weak spots were uncovered. and this gave
ENCOURAGEMENT to the bears-and possibly
inward joy-to the larger interest who were
quietly, but not hurriedly, picking up stocks
they had disposed of several days sgo
on the crest Of the advance
to the outsiders, whose stocks probably
came on the market today in the form OF
stop loss orders. In this decline there
were losses Of from 1 to IL per cent in a
great many Of the active stocks, and Erie
and Reading were back to about yester-
days low level.
In the early afternoon the trading be-
came inactive. but the lighter transactions
were at the expense of values, as the bull
traders did not%appear anxious as yet to
check the decline. There was no special
news to account for the weakness in the
speculation. but the feeling in Congress
against the trusts and the certainty that
good, strong antitrust measures will be
introduced in the House and perhaps passed
had some effect. The further good reso-
luton to put coal on the free list, even IL
only temporarily, has also doubtless had
some effect on speculation today and for
the past few days
Around the delivery hour e p.m) an at
generally improved fractionally, but the
movement was not lasting, although the
pressure became less acute at the lower
level There was some calling in Of loans
by the banks again today. although the
money rate ruled around ~ to per cent
on call.
Commission houses stifl complain OF only
nominal amount of business with outside
clients.
In the late trading the speculative tenn.
per was still bearish and the industriais
became weak feature of the trading
Sugar declining most, notwithstanding an
advance of 10 points in refined sugars re-
ported earlier in the day. Western was an
exception. however. 1t was fractionaNy adj
vanced by the Gould following who are
trying to put the stock on higher level.