Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-01-14
Erie Was the Bull Feature
in Stocks.
OPENING WAS STRONG
BALANCE OF LIST sAGGED AT
CLOSE.
The Public Seems to Be Mixed a. to
the Future Of the
Market
peciar Dispatch to The Evening star.

Special Dispatch to The Evening star.
NEW YORK, January 14-In the London
stock market consols were one-eighth
higher for both accounts. American rail-
way shares were from u to q per cent
higher.
The local stock market opened moderately
active and strong. The continued strength
shown in the London market had an en-
couraging effect. The trading today. how
ever, was not heavy. nor was there more
than very moderate commission house
business done.
Reading. Mssouri-Pacific, Ontario and
Western, Brooklyn Rapid Transit were up
Y. Manhattan gained u, Rock Island gained
fraction. st. Paul about y, Sugar lost !.
at the start. but rallied slightly on expecta-
lions OF important developments at the
meeting to be held shortly. Reports that
Standard Oil interests would be directly
represented on the board were again In cir
culation.
Western Union developed renewed
strength again today and advanced to 93
In the early trading. a gain OF about per
cent. 1t looks now as II this movement in
the stock may have been on advance infor-
nation regarding the Injunction suit, filed
In one OF the New Jersey courts, which was
today made permanent.
Erie issues acted the best in the early
trading. the common gaining about per
cent and the second preferred over that
amount. The foreign element is well rep
resented in the heavy transactions. occur
ring in this stock for the past few days. and
they seem to have taken very decided
bullish attitude on the stock. As the Nor
quite naturally the traders argue that they
must have some good advance informa ton
on this security.
Manhattan, too, was a prominent feature
largely dealt in, and the purchases were
said to be for investment purposes rather
than speculative.
In the second hour Of speculation there
was some bidding up of prices around the
room by the pool operators noticeably in
Fries. Mexican Central and Hooking VAL
ley; the latter was bought on the expected
early announcement of the reorganization
plan, which Is said to be very favorable to
the common stock.
The recoveries In the general list. how
ever. lacked snap, and the undertone was
not decidedly bullish.
Money loaned at 4 per cent.
Up to noon London had traded In about
10000 shares of stock, buying 10000 on bal
was also bought by the foreigners, and was
somewhat of favorite among the outside
spectators.
Talk of gold shipments in the near future
may have restricted dealings somewhat.
but in banking circles 1t is generally
thought that this would not be as impor
tant market factor would have been
the case month ago.
The movement of currency to this center
from the interior continues in large vol
ume. and the banks are in a much stronger
position regards reserves. The SUBJ
treasury lost $4,000 to the banks yester-
day. and since last Friday it has lost ST.
$4,000 to them. -sits-.
A feature of the time money market is
the increasing scarcity of offerings of
prime mercantile paper and. an easier ten
dency in rates. Five per cent was reached
today on choice material, and that rat e was
quoted for all periods. In the early after
noon the market weakened fractionally on
an increased amount of stock coming out
This was particularly noticeable in Man
haitian around 1854, where some good
round lots were sold, causing the
price to react about 1 per cent. The
general list, too. acted "top-heavy,'' with
the possible exception of Erie, which was
selling at 1855, a gain Of nearly 2 per cent
over the closing price yesterday, and sup
port still seemed good. .-..
The market did not act we'll In the late
trading, the selling became more pro-
nounced and large interests did not seem
disposed to be in a hurry to check the de-
Ginning tendency which started In around
the delivery hour. and in which most of
the active shares had lost about all they
had gained in the earlier trading Erie.
however, was an exception, the stock hold
ing well around A., decline of SO from the
highest.
The market generally appears now to be
in a position to respond to good or bad
news as the case may be-the larger In
terests have lightened their holdings con-
siderably of late. and possibly taken the
short side for market turn. The outsid-
ers the few that have come in within the
past ten days are somewhat mixed as to
what the next movement Is to be-up or
down.