Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-01-07
FINANCE AND TRADE
Railroad List Active and
Somewhat Lower.
LONDON SOLD FREELY
THE INDUSTRIALS WERE THE
BULL FEATURES.
Steel, Consolidated Gas, Sugar and Cop
per All Showed Gains Of Some
Extent.
LONDON SOLD FREELY
pecial Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW. YORK. January There were de-
clines extending to v per cent for American
railway shares in the London market. and
consols for both accounts were OF u per
cent.
The lower London quotations and some
selling to take profits caused an irregular
opening on the local stock exchange. Trad
ing at the start was very brisk and the
market was considerably broader. Among
the active railroads there were fractional
losses in the initial dealings. This was also
the case in the coal shares.
In the United States steel issues there
were advances Of 3-S in the common and
1-2 in the preferred, and both stocks were
well bought on the enormous earnings pub
lished today. Sugar was unchanged at the
start, but a little later on enjoyed a rally
of about per cent. Copper, after opening
with slight gain, became heavy, losing
about ga per cent
A formal notice, to be issued tomorrow,
to increase the Pennsylvania railroad capt.
talization from $32S. 420, 24O, as at present, to
$500, 100000, the purposes for which are not
fully disclosed. had rather unfavorable
effect upon that stock. the opening price
showing a decline Of per cent from yes
terday's closing figures. The stock, however.
recovered half OF this loss in the first few
minutes Of trading on buying considered
good.
For the first hour the market continued
active. and the irregularity noticeable at
the start soon gave way to Improvement
all around, ST. Paul rallied 1ss from its
lowest and there were good gains In ILL
nois Central. New York Central. Louisville
and Nashville. Canadian Pacific, Missouri
Pacific and Manhattan In the industrials
Consolidated Gas, North American, West
Union and Sugar were the strongest
features. Tennessee Coal and Iron, on
pressure Of sales lost IL per cent, but re-
gained half of this decline little later on.
The interna tionally listed shares acted
rather heavy. but there was very little pres
sure to sell from the other side.
After the first hour the effects OF the
heavy realization at the start was appar-
ent, but the belief in continued monetary
ease kept the undertone firm. Money on
call opened at per cent.
The early strength in the local traction
shares was due. no doubt, to that part OK
the message of Gov. Odell to the New York
legisla ture which strongly opposes the
franchise tax law, and favors a tax on cor
porations based upon their earning capac-
ity. About midday another little setback
occurred, but the selling was not as heavy
as in the first hour Of trading, and the de-
clines were only fractional
The market acted really as though the
big interests had sold freely for the past
few days. and the calling in of some loans
by prominent banks today will help them
to recover their stocks at lower level,
Notwithstanding the bleating OF the
lambs" who usually come in at the
eleventh hour.
In the late trading there was not much
inclination to rally, the general railway
list holding around the early afternoon
decline. but the buying in Sugar and the
United States Steel issues looked better
than the selling, and tomorrow may see
some Improvement in, both Of these special
ties, Western Union, too, acted strong and
shows good advance over the opening price.