Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-01-19
FINANCE AND TRADE
Stocks Opened Strong, but
Close Was Weak.
LONDON WAS A BUYER
COLORADO FUEL LOST OVER
THREE POINTS.
Weakness in Sugar and Strength in
Copper Among. the
Industrials.
LONDON WAS A BUYER

Special Dispatch to The Evening Star.
NEW YORK, January 19.-In the London
market American stocks were a little high
err but there was some irregularity noted
after the opening there, and business was
rather dull. ..
The local stock market opened with lit
tie more animation. and prices generally
showed small gains over Saturdays closing
figures.
London had some buying orders in Chesa-
reake and Ohio and in Southern railway
common and the traders were inclined to
look for slightly better market There
was activity and strength again in Missouri
Pacific and the stock quickly gained 5-S per
cent on renewed purchases for the pool in
that specially. st. Paul gained " per cent;
Chicago Great Western. r.; Louisville and
Nashville. Atchison common, Rock Island
and Chesapeake and Ohio all gained an
average Of u in the initial trading, and
Great Northern preferred for which there
seemed to be a good demand at the end OF
last week. rallied over points on a Few
transactions.
A good deal of this stock Is yet required
to make the Northern Securities deal
success. and as holders do not seem to be
in a hurry to turn In their stock to help
the matter along it looks as If the pro-
meters would have to go into the open
market and bid for the stock; hence its
rapid advance. The absorption of Chesa-
peake and Ohio still continues, and the
buying is said to be for strong interests,
possibly in connection with an increased
dividend on the stock which Is limited at
on account of the excellent earnings of the
company. There was some talk, too, of
Hooking Valley control of the stock.
The Erie stocks were not active as
heretofore, and the common acted little
heavy. The speculative interests appear
to have taken profits In this stock lately,
and it was also thought more than likely
that the Hill interests had greatly reduced
their holdings in the recent advance the
stock enjoyed.
The western crowd appeared most active
in Atcheson common this morning, and
there were hints that they would endeavoI
speculative move they engineer. Fort Worth
and Denver City was another strong fea
ture of the early speculation, the stock
being quietly picked up by people who arc
well informed as to it's intrinsic merit.
In the local traction shares there was no
special feature in the early dealings. Man
haitian was the most active stock of this
group, but the price was only fractionally
above Saturdays closing.
In the industrials Copper showed the most
strength. Sugar was somewhat irregular
in its movements. but inclined to react The
steel issues gained h to "a, but were not
actively dealt in. The early bond transac-
tons were somewhat scattered, but with
very little price changes.
After the first hours trading the market
became dull and uninteresting and with
some recessions in the general list. There
was no particular pressure to sell. however,
and the undertone was comparatively firm.
The action of the Treasury Department
requesting national banks to substitute gov
eminent bonds for the municipal bonds de-
posted in November with the treasury to
secure government deposits, was not con-
strued favorably by bank people, as 1t will
compel the banks to either buy government
these mIlnicina1
or reduce circulation to thai extent.
Around the noon hour the market again
weakened on selling by the traders who
had gone long of stocks in the earlier trad
ing and were then inclined to close out and
go short for turn. London traded In
about 1900 shares, selling perhaps 5000
on balance.
In the early afternoon the market contin-
ued dull and rather heavy. Colorado Fuel
and Iron being the weakest feature. The
stock sold down to 80. a loss of 3 IL per
cent since Saturday At the meeting of the
board Of directors today the report was
that only routine business was transacted,
the session being devoted principally to the
installation of the new directors.
1t was stated that the question of divf-
dend on the preferred stock was not con-
sidered. Big interests in the market ap-
pear to be unwilling to start up a bull
movement just now, Notwithstanding the
published promises of only "a mild anti
trust measure to go through the Senate.
The latest instance of Germany's peace
full blockade of Venezuelan ports. as ex-
emp1ified by the actions of the Panther, is
not calculated to hasten peace negotiations,
and consequently is looked upon as a dis
turbing factor.
In the late speculation the traders became
little more aggressive in their tactics and
the market yielded rather easily to their
selling, prices showing losses Of from / to
~ over the opening figures. Money loaned
at Der cent.