Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-01-12
Reactionary Tendency in the
Stock Market.
WHOLE LIST SOLD OFF
RALLIES WERE SHORT LIVED AS
RULE
Proposed Antitrust Legislation Hay
Have Caused Lack Of Out
side Interest.
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star
NEW YORK. January 12-American
shares showed advances extending to y per
cent In the London market, while consols
there were lie per cent lower.
In the local stock market the speculation
was active enough, but great irregularity
was noticeable on the start. The higher
prices in London. with buying orders from
that center in Atchison shares helped TO
rally those stocks in the initial trading. the
gain being lis per cent on about 5000 shares
traded in.
Ihere was also an attempt made to rally
Reading ana Erie issues, the former gain
Ing y at the start but this recovery was
soon lost. and on heavy selling orders this
stock and Erie, which was also pressed for
sale. lost about III per cent Missouri, Pa
cific opened off Il. Southern Pacific. Penn
sylvania and Rock Island were slightly
lower. while st. Paul. New York Central.
Union Pacific and Illinois Central and
Great Western preferred all showed frac-
ttonal gains.
In the industrial list Sugar developed a
little strength at the start. The Steel
STOCKS were fractionally lower and Copper
shares also showed declines.
The Traction stocks were heavy with the
exception Of Manhattan, which was marked
up nearly point Before the end of the
first half hours trading the whole list weak
ened perceptiby on the renewed liquidation
IN the coalers and the pressure to sell Erie
In this decline there were recessions ex-
tending to over per cent In the active
railroad shares. and the market showed
very little inclination to rally, and after the
first hour business became dull.
At the end of the second hour, the pur-
chase Of Erie by the foreign houses steadied
that stock and pool brokers were active
IN trying for rally The general list re-
covered fractionally, Reading leaving with
sharp recovery Of about 10 per cent on
covering by room traders. the theory being
tnat the stock was entitled to good rally
after It's sharp decline Of the past few
days
London's purchases up to the noon hour
amounted to nearly 10000 shares. which
was helpful to the general market The
undertone. however. continued reactionary
and the rallies did not last long. The re-
port that the $30,OOOOOO per cent serial
debenture notes issued last February by
the Atchfson were to become a fixed annual
charge instead of being paid off yearly at
the rate of $500, co., did not help that
stock. it being remembered that this issue
even on promises that it was to be paid off
In twelve years. weakened the stock ma
terially at that time.
In the early afternoon the selling move
ment was somewhat exhausted. and an
other attempt was made to rally prices
Reading. Manhattan, St. Paul. Union Pa
cffic, Baltimore and Ohio, common and
Atchison. common. acted the strongest The
latter was helped by denial from the
members Of the executive committee of the
Atohison road that the directors are con-
sidering a plan to refund the serial deben-
ture notes issued last year. -.
Chicago Union Traction ard the Kansas
City and Southern issues were little active
in the afternoon trading, and both scored
good gains. The talk on the former was of
some victory In Chicago on the disputed
matter of extended franchises. Around 90
p. m. the market tendency was toward bet
ter prices, but the continued selling of Erie
and Reading throughout most of the session
caused outside interest in the market to
Wane considerably. and this checked specu-
lation for the day.
Bonds were in little better demand to-
day. money somewhat easier. The anti
trust bills which are expected to be intro
duced in the House this week may have
something to do with the lower market to-
day and for the lack of interest in the
speculation on the part of the bulls SO
noticeable in the past week or two.