Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-01-20
FINANCE AND TRADE
Bear Traders Had Control
in Stocks Today.
MARKET WAS INACTIVE
FRACTIONAL LOSSES IN THE
RAILROAD LIST.
Rally in fractions Due to Decision
in the Franchise Tax
special Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK, January 20-In the Lon
don stock market American railroad shares
showed fractional declines from our clos
ing figures of yesterday. Consols were
LIS higher for both accounts and Kaftirs
were weak.
In the local stock market the opening
prices showed some heaviness and the
bears were inclined to make the most OF
the demand of the Treasury Department
for the reconstruction of government bonds
for state issues, which amount, it is stated,
to about $4,000, 600, and they argued tina;
the latest phase of the Venezuelan affair
was also depressing factor. Under these
unsettling conditions it was not surprising
therefore to see the market display some
what of yielding disposition at the star.
and to witness more aggressiveness on the
part of the bear traders.
Pressure was noticed in the soft coalers
in the early trading, and both Chesapeake
and Ohio and Norfolk and Western declined
about "a per cent. Erie lost " and looked
heavy; Union Pacific and ST. Paul. about
y to "; Southern Pacific, es, and there
were fgractional declines in the rest of the
railway list.
In the industrials Sugar ruled about
steady; the Steel shares were reactionary,
but Inactive; United States Steel preferred
mon only sustained a small loss Amalga-
mated Copper showed good strength and
quickly rallied a point on buying said to be
for the inside interest, who have accumu-
lated a good deal Of this speciality around
present prices recently and are bullish on
the outlook for the metal. The bears were
held In the initial declines by some out-of-
town selling orders induced by yester-
days weakness in the market. There was
very fair support noticeable, however, in
some stock after the first few minutes of
speculation, particularly in Missouri Pa
ciffc, Union Pacific and the Atchison is
sues. and this led to some hesitancy on the
part of the traders to press the selling.
Another favorable factor they had not
reckoned on was the news published soon
after the opening. that the Ford franchise
tax law had been declared unconstitutional
This item Of news had favorable effect
upon the several traction shares, and also
on Consolidated Gas stock. In Brooklyn
Rapid Transit the advance amounted to Us,
in Manhattan about 1 per cent and Metro
politan gained about IA. These rallies had
the effect to check the selling elsewhere in
the market, and very soon afterward a
fractional improvement was witnessed.
The rallies did not hold, however, and
the market again sagged slightly. but be-
came very inactive: 1.-THE Traction shares
also lost some Of their sharp gains.
There was some selling of the Pacific
railway stocks on the reports that San
Francisco would be quarantined indefinite
~ owing to the spread or the bubOntc
plague.
The Traction shares did not hold their
advances we'll. owing to the knowledge that
the case Is now to go to higher court for
a final decision, and also because this news
it will be remembered, leaked out some
ten days ago, and perhaps was then dis
counted All of them met good amounts
of long stock on the strong upward move
ment that followed the news of the deci-
sion this morning.
In the early afternoon trading became a
little active. the selling pressure being some
what augmented by q renewal of talk of
gold exports, and the market generally
touched the lowest prices seen for some
weeks The decline was very gradual how
ever, but at some time in few in
stances only were there any signs Of good
support, and most of the purchases were
due to the covering of short contracts by
the room traders. On the other hand there
has undoubtedly been some liquidation to-
day by some of the recently active pool op-
orators
Sugar acted a little heavy In the early
afternoon speculation, possibly on account
of the postponement OF the Cuban treaty,
which was expected to be brought I'D for
consideration in the Senate today In the
late trading there was a renewal of the ear
ller dullness. Missouri Pacific showed signs
of weakness and this was rather disap-
pointing to those who hoped for rally. as
this stock has acted better than any Of the
other active issues for the past few DAYS
and has helped in great measure to steady
the general market.
Specula ton on the whole continues mar
row and professional with a tendency to
react little further. On any further break
however, some stocks ought to be picked nm
Tor turn. especially the low priced issues