Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-02-01
LET-UP ON PRESSURE
Stock List Opens at Frac-
tionaI Gains Over Saturday.
BETTER RALLYING POWER
Market Retains Firm Tone Despite
Marked Irregularity.
CONTRACTION IN ACTIVITY
Local fractions Comparatively
Steady-London Generally
Steady.
DDool Dispatch to The Star.

pISpdtCn 10 Dt StaI
NEW YORK, February 1.-Although the
developments over Sunday comprised lit
tie OF nothing Of either general or par
ficular Importance. the stock market this
morning opened showing no renewal of
the pressure TO which it subjected
during the greater part of last week Or
dinarily the successive declines then re-
corded might have been expected to have
led to further liquidation this morning,
but, as mentioned, none was al parent
The majority of the share list opened at
fractional gains above Saturdays closing
prices. and the market retained in a some
what irregular fashion a firm tone during
the morning. There were some excep-
tions, of course, to the general tendency
examples being furnished by nearly all
the metal stocks but even these issues
showed a better degree of rallying power
than heretofore.
Soon after midday dispatches from
Washington set forth the refusal of the
Supreme Court to accord to the CONSOLE
dated Gas Company a rehearing of its
contentious I'm the eighty-cent litigation
and Consolidated Gas forthwith broke alb
ruptly, falling even below the low level
reached in last Tuesdays decline.
Wide Range for Consolidated Gas.
1t will be recalled that the Iast-named
movement was commonly attributed to
causes not directly related to the affairs
of the company. Later Consolidated Gas
rallied smartly, but the stock covered
wide range of fluctuations during the re-
mainder of the business session.
In fact, while the market at large
showed a smaller degree of pressure or
perhaps a better quality of support than
in last weeks dealings, price movements
after midday were of very irregular
character. Considerable contraction in
n
both in stocks and bonds, but the latter
showed a better maintained degree of
strength than was exhibited by the share
list
While the dealings in such stocks as
Amalgamated Copper and American
Smelling mostly followed the irregular
lines covered by the remainder of the
market, both stocks were referred to as
tons was reported from the metal ex-
change. The United States Steel shares
also exhibited rather heavy appearance.
although the fluctuations In the quarter
were comparatively small.
The local traction shares were compare
lively steady, with some early animation
displayed by Brooklyn Rapid Transit.
Railways Irregular.
No more original or novel term than
irregular" could be applied to the trans
actions in the railway list. A number of
stocks in that department, were. however,
exceptionally firm, cases in point being
Reading, Denver and Rio Grande, the
Wabash issues and Chesapeake and Ohio.
No decision was rendered by the
Supreme Court In the much-talked-about
commodity clause of the Hepburn act and
the decision of the public service commits
sion In the matter of the Erie loan issue
was still withheld.
The London stock market was generally
steady with operations here for foreign
accounts. showing a small excess of sales.
Rates for loans on call, was natural
on the first of the month. averaged above
last weeks mean figures. Little atten-
ton was accorded to the export of some
81, 600 to South America.