Evening star. [volume] (Washington, D.C.) 1854-1972, 1899-01-24
Another Boom Day On the New York
Stock Exchange.
LONDON MARKET WAS HEAVY
Attention Turned to a New Class
of Stocks.
GENERAL MARKET REPORT
Special Dispatch to The Evening Star.

Special Dispatch TO The Evening Star
NEW YORK, January 24.-ln the London
stock market this am Americans reacted
quite Violently because of the denials of the
important Vanderbilt deal which caused
the strong purchasing movement in New
York Central and the Pacific issues. which
started the public buying on Saturday The
recessions in the early London market
ranged from ~ to is. the greater de-
cline occurring in New York Central stock.
while Pennsylvania railroad showed only
is reaction
Other shares showing fractional declines
We're Union Pacific. Erie. Illinois Central.
Reading. Louisville and Nashville, ST. Paul,
and Atchison.
Business In London was comparatively
heaVy; the declines. however. brought rela-
lively good buying. The immediate trend
OF the market there will depend largely
upon New York's attitude and further
sharp recessions on this side would un-
doubleday dwarf the investment demand
ard lead to considerable teverishness. es-
pecially as advances since the commence
nent of the year have been sufficiently ex-
traordlnary to be astounding In special
cases-the Nanderbilts. for instance
Inc New York stock market opened with
SC me pressure to sell in leading stocks on
account OF the lower prices from London
and there was considerable selling by COM
mission houses, because of a feeling among
dealers that the large trading might b,.
temporarily the end Of the rise The buy
ing. however was sufficient to take ALI the
stocks offered and to cause advances In "A
number of cases, which led to a more CON
ndent tone, and to some traders buying
Ior turn this buying was most conspicu-
Gus in Peoples Gas and Missouri Pacff,.
STOCK. ana what Is called NV The 81
good" buying
After the first hour of business, brokers
said the market showed more substantial
strength Than at any time since the pres
ent boom began. Many of the orders to
buy Wers held back by shrewd brokers al
the opening To See how low prices would 20
and then scooped in cheap stocks London
was quite a seller at the start, but all its
offerings, as before stated. were well taken
The advance In Missouri Pacific was on
supposed inside buying and accompanied
with rumors Of a dividend to be declared
soon. Pacific Mail wa; bought with talk of
new subsidy arrangements
Peoples Gas stock rose partly on cover
ing OF shorts and partly on what was con-
sidered inside buying.
Ontario ard Western was the most ae-
tive stock in the volume of trading
Aohacco was bought on room points that
inc stock was to be put up on the shorts.
Sales 0f stocks to noon Were 6s2 4S7
shares; bonds. 81 BID 600 Owing 10 ,bc
enormous business being done on the stock
eHchange daily brokers on the floor today
said that they would not be responsible for
the execution of orders given them. They
would do the best they could with them
London at > pm. reported Americans IN
settled, and dealers appeared uncertain as
to the immediate probabilities. For this
reason the cue from New York was i'm
patiently awaited. Strength was noted I'm
Baltimore ard Ohio securities, the activity
IN these stocks seeming to be Just starting
ana shrewd observers predict much higher
prices Tor all the issues of this company
In the afternoon trading the market he
came dull, with a tendency to sag a little
from the best prices of the day owing no
doubt, To the heavy London selling in thr
early morning. and to extensive, lguida-
ton by professional traders The p-inci-
pal buying with the exception of the Two
or three instances noted above, has been
by the commission houses. While some
stocks have felt the effects of the profit
taking. others. like Peoples Gas Missouri
Pacific, Pacific Mail. Federal Steel T G
and l. and The Baltimore and Ohio ISSUES
have shown great strength
The market is likely TO be irregular after
the heavy dealings OF today and yesterday
The close i'm London showed a recovery
all around in Americans caused 10y the
strong arbitrage buying.