The times. [volume] (Washington [D.C.]) 1897-1901, 1900-01-18
THE MARKET IMPROVES
A Decidedly Better Tone Prevails
i'm New York.
The Statements of Railway Traffic
Particularly EncournGing-iDnu
Earnings of the baltimore and
Ohio show Large Incrense-Thc
Ipdustrinl shares Gain Strength.

NEW YORK. Jan. 17.-Perhaps the most
important feature of today's situation was
the further advance in English consols,
which at the close of business today
touched 100 l1-l6, an advance of over "a
point from yesterdays low figure. The
other quarters of the London market were
reported again exceedingly duh, but
steady. Active interest in the market
was again held in restaint by the absence
of any definite information respecting the
progress of hostilities in South Africa.
but on the other hand the sharp rise in
consols was thought TO mean that the
British War Office was in receipt Of some
intelligence OF an encouraging character.
II was on this theory that the steadiness
in the New York stock market was also
based. The dealings were again very linn
tied in volume. but interest was fairly
well distributed. and the trading, while
professional, had a confident appearance
that has been missing for some time.
Aside from the differences drawn from
the rise in consols, the day was bare of
speculative influences OF general impor-
lance. The statements of railway traffic
submitted today were highly satisfactory,
including the st. Paul company's weekly
report and the annual statement of the
Baltimore and Ohio company. The most
significant portion Of the latter statement
was that setting forth the company's in
come account for the six months ended on
December 81, which showed earnings ap-
plicable 10 the common stock of over 6
per cent. There appeared 10 be some de-
gree OF disappointment that no changes
appeared in the board OF directors elected
today. but this omission was doubtless in
Difference TO the wishes of the new inter
ests il the property.
At the opening OF business the local
traction issues were quite sharply de-
pressed, probably on selling attributable
TO the allottlng of the contract for the
construction OF the underground railroad.
subsequently. however both Manhattan
and Metropolitan Street Railway covered
the whole of their initial declines Third
Avenue Railway, in a very sharp break
was a conspicuous feature Of the market
and the decline in that instance was not
without effect upon the remainder of the
market. The weakness in Third Avenue
seemed 10 be chiefly owing to the publica-
ton of the company's balance sheet yes
terday. wherein a floating debt of over
SIG 600 was shown. an increase OF over
50, o00, 600 above the amount appearing in
the balance sheet Of six months ago. Re-
ports were current that the company would
soon announce an offer OF an additional
amount of stock, as was arranged for last
summer.
AS Doted. interest In the market was
well diversified. Substantial recoveries
In the standard railway issues,
and the dealings ia the Industrial quarter |
were also active on advancing prices. No |
tably strong features in the latter division |
cf the market we're Sugar Refining. Amer |
lean Tobacco, Continental Tobacco, the |
United States Leather shares. American |
Steel and Wire, and American Linseed Oil. |
The rise in American Tobacco and in the |
Linseed oil shares was attended by repre-
sensations in regard to the current large |
returns OF both companies, but nothing |
particularly definite accompanied the /
course of the other instances cited.
AS was the case yesterday, notwithstand- |
ing the hopeful views held in London in |
regard TO the situation In South Africa, |
the transactions for foreign account In this
market were very limited in volume. but
were again on balance on the buying side
II seemed 10 be again the case also that
The bulk of the days new ventures we're
based altogether upon the expectation that
mornings newspapers would
contain definite information of a decisive
British victory in the campaign before
Ladysmith.