Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-01-06
Strong Bullish Tendency in
Stocks Today.
LOWER CALL MONEY
STRENGTH EXTENDED THROUGH
THE ENTIRE LIST.
Attempts on the Part Of the Bear
to Depress Prices Were
Futile.
,cial Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK, January 6.-American rail-
way shares in the London stock market
again showed advances over our closing
prices of yesterday, the improvements ex-
tending from u to q per cent: they also
cabled buying orders in this market. Con-
suls there were u higher for both accounts.
The opening in the local stock market
continued to show good strength and the
confidence shown on the other side in
Americans helped the opening here con-
siderably. Another favorable influence was
a per cent call rate money market at the
start, tending 10 show relaxation on the
part Of principal financial interests to their
restrictions in lending money for specaia-
tive purposes.
The traction group was active and strong,
with Brooklyn Rapid Transit in the lead
with an advance Of Ia per cent, the
strength in these issues being attributed to
an early rumor that the franchise tax law
would be declared unconstitutional.
In the railway list st. Paul gained q.
Union Pacific and Southern Pacific rose
about u. Missouri Pacific Is. Denver and
Rio Grande preferred q. and there We're
good gains in Mexican National. Canadian
Pacific, Reading. PENNSYLVANIA ard other
active issues.
In the industrials. Car and Foundry Is
sres, the Steel shares, Tennessee Coal and
Iron, ana sugar were all features Oh
strength. the best gain having scored In the
former stock on an increase Of y per cent
in the quarterly dividend rate. making 1t
4 per cent stock. Sugar did not hold It's
strength very well in the face of selling
said to come from Lower Wall street.
The copper shares were rather heavy in
the early trading and somewhat neglected.
but little later in the day they rallied
fractionally.
In the second hour of trading there were
some reactions occasoned by heavy distri
button of stocks by recently active pools.
This decline, however. was restricted by
renewed activity in other stocks that have
not enjoyed the manipulative buoyancy dis
played In the standard Issues.
The Hartman shares were very well
bought. and the bulls on these speciaftieS
were more aggressive In their tactics. Ru-
mors of labor troubles on this system were
lost sight Of for the moment. OF these
stocks Union Pacific and Southern Pacific
seemed to be the most in demand, and both
acted as though insiders had slated them
for higher prices. Up to noon over 6O0.OUi
shares were dealt in and the money rate
was way down to 5 per cent.
In the early afternoon another rally start
ed up, the general list showing improve
ment, and it was noticed that the traders
who had sold earlier in the day. expecting
a reaction, were the principal buyers. ror-
eign houses, on the other hand, were sell
ers on balance. Their sales were not heavy.
however, and the offerings were we'll alb
sorbed.
In this rally the most strength was Ola-
played in stocks like New York Central.
Pennsylvania, Union Pacific and the Read
ing issues the latter being rather neglect
ed and somewhat heavy in the early trad
ing.
In the money market a noticeable fea-
ture is the easier conditions for prime mer-
camille paper the demand for that material
being greater than the supply, and the
rate has declined from to 59 per cent.
There is also a one-quarter per cent drop
on fine paper, while call money rates have
ranged from per cent to @ per cent most
of the day. Another favorable showing is
that while cash receipts are increasing.
shipments, on the other hand, from this
center are decreasing. +t.
In the late trading great activity was
again displayed and most OF the active
stocks reached their highest figures on the
present upward movement The low-priced
shares, too, were in good demand and have
scored good gains. There was really no
special news during the whole of the day.
the only thing looking like 1t being the
rumored action of the appellate division of
the supreme court at Albany IN regard to
the franchise tax law. which was afterward
denied. no decision having been rendered
and none being expected before the March
term of the court.