The times. [volume] (Washington [D.C.]) 1897-1901, 1900-01-16
! ! CALCULATING MARKET
The Traction Shares Suffered a
Sharp Depression.
This Weakness Was Also Felt in the
Industrial Quarter metropolitan
street Railway Affected - Proceed
ings of The Rapid Transit Com
mission-pecIine in Federal Steel.

NEW YORK, Jan. 5.-The chief factor
ket today was the belief, seemingly COM
mon there, that the relief OF Ladysmith was
near at hand. This belief was based upon
various and persistent reports sc tag forth
the successful progress of several of the
divisions of General Buffers army, ard
while they were wanting in official con-
frmation. they seemed TO be more gener-
ally credited than recent advices from
South Africa have been. At all events,
urices on the London stock exchange were
shown at common advances, in which
American shares participated fully. As was
10 be expected the strength Of the London
market was an important influence in the
local trading, although in the early deal
inrs il was overshadowed by other devel-
opments bearing on the New York market
The chief Of these was the sharp depression
in all the local traction shares, and the
weakness there was paralleled in the IN
dustrial quarter, where some very sharp
losses we're shown. Metropolitan Street
Railway was conspicuous in the retrograde
movement in the traction shares.
Along with the other issues ef inns class
the stock appeared TO suffer from the eN-
pectations as TO what might be announced
TODAY with the opening of the contractors
bids for the construction Of the under
ground railroad, and II was also doubtless
further affected by the disclosures resulting
from the examination. OF the books OF one
of the local trust companies. Al any rate,
The latter circumstance appeared TO CONT
very strongly. particularly as regarded the
professional room traders, who were quite
unable, however, to offer any reasons why
the revelations in question could De ac-
counted a reflection upon the staolil'y OF
either the traction or the trust company.
The character OF the early selling OF Metro
politan Street Railway stock was, furtner-
more. clearly disclosed in the very staip
recovery that followed upon the announce
mept Of the results of the proceedings Of
the Rapid Transit Commission this morn
ing. and the recovery in the stock was at
tended bv n sympathetic movement in the
whole market.
London's dealings in this market were
on balance, on an inconsiderable scale.
Aside from the hopeful expectations there
in regard to the progress of h6suliues,
the most effective influence was the FUR
the- decline IN the London money market,
which, should 1t continue TO progress at
its present rate. would appear TO involve
further reduction in the sO-calied official
discount figures. The local money market
was also very easy, with additional heavy
receipts OF currency reported from interior
points. Notwithstanding this circnm
stance. sterling exchange declined fur
ther. as it did also at The various i'm
portant Continental capitals.
Aside from the local traction issues. the
worst sufferers in the weakness of the
market in the forenoon were Sugar Rein
ing, American Tobacco Federal Steel, and
American Steel and Wire The last-named
stock was particularly affected by reports
OF serious disaffection among the COM
pany's employees. but nothing that was new
or definite attended the declines in the
other Instances. The standard railway is
sues showed losses in the same time. which
averaged about one point. but substantial
recovery was shown later. as was also the
case in the industrial quarter. The days
total dealings reached only fair aggre-
gate. and speculative interest was largely
centred upon the cited instances