Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-01-08
Stocks Were Strong Under
Realizing Sales.
COAL SHARES ACTIVE
RUMoR REGARDING BIG SALE OF
READING.
The Industrials Were Not Quite So
Much in Demand as on .- .,.-.
Yesterday. +.-'

Special Dispatch to The Evening STAR
NEW YORK. January &-American
| shares In the London stock market today
showed fractional improvements. Consols
for both accounts declined one-eighth.
Although there was some irregularity In
the local stock market at the start. consid-
cradle strength was shown by all the stand
ard railway shares, with st. Paul the lead
er The industrials. however, showed the
most strength In the early trading. with
sugar in the lead, the stock quickly gaining
over l per cent on pool buying and also
heavy purchases said to be for prominent
western speculator. st.r -s'
In the anthracite shares there were some
recessions at the start, especially in Read
Ing. attributed to rumor of a partial sale
of the Pennsylvania holdings Of that stock
to the Vanderbilt interests. The stock open
ed of y and lost further fraction on
heavy trading. but support came In and the
price quickly rallied to above last nights
closing figures.
Brooklyn Rapid Transit acted better than
the other traction shares and the feeling
among its friends was that the state admin
istration and the railroad commission were
both disposed to help the road through the
offer Of better facilities for handling its
traffic and also an attempt to abrogate the
Consolidated Gas. Smelling, common, ana
Car Foundry stocks were all strong and
higher. the former gaining IN. North
America and New York Airbrake also scor
ed good advances in the first hour Of trad
ing.
Traders were disposed to sell the ma rket
at the start, but the support from strong in
tereStS and the heavy buying by London
houses checked the reactionary tendency.
and before the end OF the first hour the
market became strong and buoyant. with
gains of So In Missouri Pacific "a In New
York Central, ga in st. Paul, 1-2 in
Evansville and Terre Haute, and some tend
ency toward better prices in the general list
The Gould stocks were notfceably strong
and the buying was said to- be for people
closely Identified with the properties of this
system, Western Union acting very well
on talk Of aggressive buying by the peo-
pie in control of the stock who claim it is
selling much below its relative value.
The western crowd were bullish on L.
and N. and were also buyers of Sugar In
the early trading.
Commission houses reported a very fair
volume Of business for Out-of-tOwn clients
Londons transactions amounted to about
10000 shares, buying at the opening and
selling on the rallies that followed. Up to
noon it was estimated the arbitrage had
sold, however, about 10000 shares on bal
ance.
Southern Pacific reported net decrease
Of $465. 41O for the month Of November. and
the poor showing tended to keep the stock
SOuic"Hdt HSdNy Throughout Inc
session.
In the early afternoon the general market
showed good strength and there were spe-
cial movements in the anthracite shares. led
by Erie, the latter being heavily traded in
and gained nearly per cent.
Call money rates were and per cent to-
day, and there was further easing OF time
money rates-both 60 and 80 day accommo-
dations being practically lower. In the late
trading Erie continued to be the feature
of the market the stock making further
gains on enormous transa ctions and. the
movement was the principal topic among
the board room traders.
Reading. while holding it's fractional adj
vance, met with liberal selling, and the
rest of the list was inclined to ease off
fractionally. This was noticeable in such
stocks as St Paul. Southern Pacific, Balti-
more and Ohio. Canadian Pacific. Union
Pacific and the Atchison issues. In the in
dustrials Sugar was still the dominant fea-
ture Of strength. The Steel stocks. too.
held firm, but there were slight reactions in
Copper shares. Consolidated Gas and some
of the other less active industrial shares.
The market today on the whole has acted
very strong in the face of the heavy realiz-
ing sales of the past few days, but those
who are in position to judge stHi think
reaction Is overdue. and that the more ag
gressive administration fight for legislation
to curb and regulate the trusts will have
the effect Of calling halt to some OF the
recent manipulative movements In the
shareS Of Such corpOrationS