Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-01-15
FINANCE AND TRADE
Erie First Preferred Was
Strong Today.
SUGAR LAS w EA K,
MR.. HAVEMEYER's STATEMENT
THOUGHT TO BE CAUSE.
The Market as a Whole Was Rather
Irregular and Bearishly
Inclined.
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star. 49,
NETWORK. January 15.-American shares
in the London market today showed some
little irreguiarfty, The Erie issues, how
ever, were: strong. and the first preferred
was 1ss per cent above our closing figures
Consuls> for money, one-eight for. the &C
count, one-sixteenth per cent hight -
I'm the local stock market the opening was
rather uninteresting, the only noteworthy
feature being the trading in Erie stocks.
The common, after opening at about yes
terday's closing price. sold of y. the sec
ond preferred gained 1-8 and the first
preferred advanced fractionally after a
good, strong opening. The weakness in the
common was possibly helped by the strike
of the switchmen on this road at Port Jer-
Wis, news of which reached the street just
before the opening Of the market. .ss:2
The rest of the international list showed
only slight changes. The steel stocks we. e
dull. while st. Paul. Reading. Union Pa
were fractionally lower
In the industrials sugar was heavy, losing
3-4 per cent after the first few minutes of
trading. and copper also acted weak, react
ing over IL per cent. The tone of the gen.
eral list became rather soft after the first
half hour of trading, and declines from -
to 3-4 were general throughout the list.
At the end of the first hour the selling
pressure was exhausted, and on foreign
up of round lots elsewhere in the market
by the larger interests. the market enjoyed
rally Of from n to per cent, the latter
occurring in Missouri Pacific, the buying of
which looked as If the Gould following were
taking hold again for another upward
turn.
Sugar rallied about Is from It's lowest
point and there appeared to be some sup
port from lower Wall street interests at
the early decline. This rally did not last,
however, the market becoming dull and
reactionary again around the noon hour.
Sugar was the weakest feature at this time,
the stock losing its rally and n besides.
Some of President Havemeyer's declara-
tons in his annual report to the stock
holders Of that company at Jersey City
yesterday are not considered helpful to that
mand is for publicity. He acknowledged
that information in regard to the company's
business Is only given to stockholders as a
body. The body" 1t is inferred. is the
ton cannot be given to individual share
holders. This is very frank admission,
but 1t fails to point out how every one Of
the 1,274 stockholders can be interested in
the conduct of affairs Of the company. as
he states. when Information Is refused them
individually as to what business is really
being done.
He further declared that the lower prices
for sugar now must be attributable to COM.
bination. but the public knows that two
years ago, before the advent of the strong
beet sugar competitions, the refined prod
uct brought cents per pound, as against
5 cents now.
If the Standard Oh trust had competi-
tors it might want to use the same argu-
ment. but as 1t has no competition to speak
of, and the price of oil has advanced re-
Gently several cents gallon simply be-
cause more of it Is needed for fuel, it is an
easy matter to see how the trusts take adj
vantage of every opportunity to increase
dividends on watered capital by fleeing { he
people.
In the early afternoon trading the market
again enjoyed q fractional rally, brought
about probably by the room traders cover
ing contracts put out earlier in the day.
There was also report that there would be
no immediate gold exports. London bought
more than 1t sold, It's principal purchases
being of Erie first preferred, probably
amounting to $1,000 shares. Commission
house business was merely nominal The
market was rather irregular in the late
tradings; In fact, there was no definite move
ment during the day that lasted any length
of time.
Sugar was the weak feature in the 5. in
dustrial list, while the Gould stocks held
the best In the railway group Some of the
strength In the latter issues was attributed
to a revival of the old story of a hcld:ng
company for these properties. such as that
Of the Northern Securities COMPANY but
as the latter combination is still held in
check by litigation, it Is not expected that
the Goulds will make any announcement in
regard to a holding company until after
the Northern Securities Company matters
are decided by the courts.