The sun., 1899-01-18
FINANCIAL AVID coMMEno14L
TUESDAY. Jan. II

TUESDAY. Jan. IL.
There we're several conflicting movements
on the Stock Exchange to-day which may have
resulted ia confused notions regarding the
market while business was being transacted
When the statistics Of the day are properly
presented. however. II appears that the re-
dictionary tendency was fully rs pronounced as
yesterday. particularly in the volume OF trad
ing The total transactions, though upward
of 100000 shares. were the smallest since
the beginning OF the year and more than
100000 shares less than yesterday. For
once the brokerage community, which on
many occasions has complained OF inactive
markets and debated various propositions for
stimulating specuiaton was grateful Tor the mo.
derate relaxation from the tremendous pressure
OF the last two or three weeks. Every one who
has been engaged in handling the details OF the
Unprecedented transactions on the Stock Ex-
change since the beginning OF tho year has
been seriously overworked: but aside from the
desirablity OF a respite for brokers and their
employees, II would obviously be beneficial TO
the market II the dealings should be reducedto
normal proportions for n week or 80.
Investors spectators. lenders OF money,
brokers. and In fact every one actively inter
ested In the market for securities have for at
least thirty days past been under higher press
ure than usual. hence without doubt every one
a
reflection. Should prices sag somewhat in
ridental TO n reaction from the feversh speed
that has characterized the recent advance the
market will be healthier, for. beyond question.
there has been in many quarters an expansion
OF speculative ventures not warranted by
the amount OF capital employed In making
them. Moreover. reaction In prices would
make tho public more discriminating In its
purchases. and. as is usually tho case. transfer
nlF 70 1tR hnH Ag "a
matter OF fact there is nothing In sight to pre-
cipitate a reaction except indications that the
market has been overbought speculatively.
That the demand for securities has not been
exhausted was shown to-day by the commits
zion house buying OF stocks whenever prices
receded and by the increase in the transac-
tions in bonds at advancing prices.
The most noteworthy development to-day
was the lowering of its rate OF discount by the
Imperial Bank Of Germany and trustworthy
advices from London that the Bank of England
will probably reduce its minimum rate on
Thursday. Easier money markets abroad.
however. did not prevent foreign arbitrage
houses from selling stocks in this market,
which they did TO a considerable extent. Those |
sales depressed prices at the opening and |
naturally influenced some local selling. |
chiefly by professional operators. The de-
cline thus brought about attracted buy
Ing through commission houses 10 an extent |
that rallied prices sharply. The stocks con-
spicuous in this movement were Tennessee |
Coal and Iron. Sugar Refining. Brooklyn Rapid |
Transit. Atchison preferred, Rock Island. Fed !
eral Steel Manhattan Railway. Pennsylvania |
Railroad. Peoples Gas. p. c. c. and st. Louis. |
Southern Railroad preferred. Central Pacific |
and American Tobacco The last named, in |
spite OF fresh reactionary tendency at the |
close. closed 2 points higher than yesterday. |
and mber OF the others retained part OF |
the early improvement The final selling
appeared to be inspired chiefly by
the decreased activity break Of 16 points
in New York Air Brake on light transactions
was uncomfortably suggestive OF what might
occur in some Of the other non dividend pay
ing Industrials that have recently enjoyed
great advances.
While the majority OF the list closed lower
than yesterday. no noteworthy net declines
were recorded. except in some OF the usually
active stocks A number belonging in the
same category closed higher, notably Bruins
wick Companyl st. Louis Southwestern pre-
ferred. and Texas Pacific Land Trust. The
closing was comparatively quiet and in the
main steady.
New York Stock EXchange-Sales Jan. II.