Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-01-16
Generally Stronger Tone to
Stocks Today.
IN SOUTHERN
CHICAGO GREAT WESTERN ALSO
A FEATURE.
Revival Of Rumors Regarding Sale Of
This Property-Good Bank
Statement Expected.
special Dispatch to The Evening Star.

special dispatch TO The Evening Star.
NEW YORK, January 16-In the early
London stock market American railway
shares were irregularly changed within
slight fractional range, as compared with
our closing prices of yesterday Consols
for both accounts were 3-16 per cent lower
In the later Loadon market the Erie stocks
were from " to u per cent higher. with the
rest of the list about New York parity
In the local market the opening showed
few changes from yesterdays closing
figures. and there were no special features.
Atchison, the Steel issues, st. Paul. Copper
opened unchanged Rock Island opened OF
H. Sugar lost X; Southern common was in
demand and gained r. The Erie issues
were unchanged. The coalers improved
about u.
After the first few minutes Of specula-
ton the market hardened slightly with
rather a sharp advance Of / per cent In
Missouri Pacific as the leader In this rally
There were advances Of from II to X in the
general list. Republic Iron and Steel issues
were firmer and the buying. noticeable for
the past few days, was said to be part Of a
We! organized plan to put these issues on
higher level .- e:
Denials from responsible sources that
there are any developments of any conse-
Quence pending in the Fries had the effect
"a ShSSAiA8 SPSCuidtlOII III those STOCKS,
but good support was not lacking whenever
attacks were made on them by the bear
ishly inclined
The foreigners did very little In this mar
ket at the start, making only a few pur-
chases Of Chicago Great Western stock.
The pool manipulation In this stock does
not appear to be over, and there are good
judges Of Its merit who expect to see the
stock sell higher.
Commission house business was again
very dull. Before the first half hour of
trading the rally eliminated, and the mar
ket again sold down to about opening
prices. with the exception of Missouri Pa
cffic and st. Paul. both of which showed
fair support and continued firmness.
In the second hour another rally occurred.
and there were further gains made In Mis-
souri, Pacific. ST. Paul. Louisville and
Nashville. the Southern railway issues, Re
public Iron and Steel stocks. Kansas City
and Southern. Sugar. and fractional i'm
provements In the United States Steel
stocks. The general market, too, acted bet
ter, and there were expectations that the
market would improve somewhat during the
day In anticipation Of a good bank state
ment tomorrow.
e The strength In Southern railway reflect
ed the manipulations Of the western crowd
who are anxious to distribute some OF the
stock they purchased around 30. just before
the life of the. voting trust was renewed
for five years.
In the early afternoon the trading be-
came dull and featureiess, but prices were
AOluIHS the SllSnl ADVANCE voted In the
second hour of business. The market still
puzzles the street traders. and they are
not giving out opinions now as to the next
immediate movement of speculation, while
the professional element seems unusually
cautions in Its dealings
A little strength was shown in Manhattan
on the report that the additional stock re-
Gently authorized by the stockholders would
be offered for subscription to shareholders
Of record of January q at par. at the rate
of Is per cent of their holdings on that
date. special meeting was also held to
ratify the lease Of this company to the In
terborough Company. Notwithstanding ex-
pectations Of good heavy gains In cash by
the banks and reports that the loans are
expected to show a decrease of about eight
millions, speculation was ufeless around
2 O'Clock. about the only feature being the
strength shown in Chicago and Great West
ern preferred 'B.' the stock gaining per
cent on buying said to foreshadow the deal
for that road which has so often been
talked Of for the past year.
In the late trading the inclination was to
rally the market. This disposition was help
ed by some covering Of shorts and on a
semf-authoritatfve announcement that the
Pennsylvania Railroad Company will at no
distant date declare subscription rights for
additional stock to present holders which
will be Of great value. Nothing definite
could be learned as to what they would
amount to, but common reports say that
12O will be the price and fifty millions the
amount Of additional stock.