The times. [volume] (Washington [D.C.]) 1897-1901, 1900-02-16
STOCK PRICES IRREGULAR
No Essential Change in the Condi-
ton of the Money Market.
a Henyy Decline I'm Third Avenue
RaiIway-The Industrial Quarter
Firm--EGect of the New Finance
Bill Awaited with Interest-Rob-
erts' Victory Influences Trading.

NEW YORK, Feb. 16.-The price move
ments in today's stock market were unusu
ally irregular and for the most part were
limited. A materially higher range of
prices was established in the initial deal
ings, chiefly in response to the tendency of
the London market The absence how
ever, of any outside demand resulted in a
general reaction after the opening, al
though the manipulative operations in the
market were again on the long side of the
account, and further advance followed the
first reaction.
The market yielded again under the
shock of the announcement OF the failure
of the negotiations for the funding of the
floating debt of the Third Avenue Rail-
road Company but even then, outside in
terest was so limited that there was little
general selling and the several cliques
active on the bull side of the market were
able TO hold their specialties steady. and
even in some instances TO advance them.
Foreign houses were fairly large buyers
in this market, and the strength shown in
the London quotations reflected the graf
ification there at the forward progress of
the army under Lord Roberts. The London
money market was decidedly iirmer. and
sterling advanced both on the Continent
and at New York, and this potwithstand-
ing the fact that the arbitrage purchases
of stocks here aggregated in value prob
ably $4,000, 900.
There was no essential change in the
condition of the local money market from
those prevailing yesterday, and il was APP
parently considered that the operations Of
the Finance bill would offset for an indefi-
mite period the currency contraction incl
dental to the excessive treasury receipts.
As bearing upon the strength of sterling
exchange, ii may be noted that today's
regular monthly statement of foreign trade.
issued by the Bureau of Statistics of the
Treasury Department, showed an increase
in the country's imports for the month of
January over those of the same period last
year of about 81 SOC, 900. Aside from the
specie movement the excess OF exports for
the month was about s42. 600 600 as against
s57.000.o 600 in January of last year.
As was TO be expected. the rupture of the
negotiations for the funding of the Third
Avenue Railroad Company's floating debt
caused very violent decline in the stock
Specifically considered, il might be in
ferred that the consequences to the COM
pany would be most serious. although il
is not altogether certain that other finan-
cial interests may not be induced TO un-
dertake the work thrown up by the inter
ests of the first approached.
1t was commonly understood. although no
official confirmation OF the idea could be
obtained that the abrupt termination OF
the negotiations was owing to the unquali-
fied demand of the bankers that the abso-
Lutte control of the property should be at
their disposal. In view of the recent his
tory OF the Third Avenue road this would
not appear 10 be an unreasonable demand.
but II might have been supposed that there
would have been complete understanding
on this point before negotiations had pro-
ceeded TO the length that they had.
Aside from Third Avenue. the net price
changes were, as already noted limited and
irregular. The industrial quarter. with the
exception of Sugar Refining and Cont
mental Tobacco, was firm, particularly as
regarded the steel stocks. Tennessee Coal
and Iron advanced rather sharply on re-
ports that it was the intention of the man.
agement TO retire the issue of preferred
stock and place the common upon an S-pcr-
cent dividend basis.
There was otherwise very little news
or gossip bearing upon particular stocks,
and in the main the professional and ma
nipulative operations in the market seemed
TO be based upon the theory that an active
public demand for securities will follow
the enactment of the Finance bill