The times. [volume] (Washington [D.C.]) 1897-1901, 1900-02-01
activity IN THE MARKET
Higher Prices Continue With But
Few Exceptions.
An Apparent Revival OF Confidence
in Industrial Sbares-The Railway
creasc in Foreign DeaIinEs-BocnI
Traction stocks Rcmnin Firm.

NEW YORK. Jan. S1.-virtually the
same influences which were effective in
yesterdays rise in prices again governed
stock market conditions today. Foremost
among them was the revival OF confidence
in the much and discriminatory con-
demned industrial shares resulting from
yesterdays announcements bearing upon
the affairs of the American Steel and Wire
Company. All OF the shares based upon
the iron and steel industries were again
today notably strong and active. Ameri-
can Steel and Wire advanced with partic-
ular rapidly and pronounced gains were
also scored in steel hoop. tin plate. Ma
tional Steel. Tennessee Coal and Iron,
and in others OF the same class. The
whole industrial quarter of the market,
indeed, was notably firm. An insignii-
cant exception was Leather, and in the
early dealings, owing TO singular and par
ticular circumstances, Sugar Refining
broke very Sharply.
The Improvement in sentiment was
shown further in the railway list, where
some substantial gains appeared. The
granger shares. Atcbison issues, and the
Reading stocks were particularly strong
without anything in The way of informa-
ton bearing upon these stocks which has
not been commonly known for an indefi
mite period. In the instance of the local
traction shares the doubts as TO the abil-
ity OF the accepted bidder for the con-
struction of the underground road 10 fur
nish the necessary bonds seemed TO still
be the most effective influence upon the
strength shown. Regarded as a whole,
however, the course of prices could be
most reasonably accounted for by certain
technical conditions of the market that
have long existed, but which have, to-
gether with the many phases in the out
side situation, overshadowed extraneous
matters. notably the war in South Africa.
London's influence on the days market
was favorable. greater stability being
shown there, with moderate purchases be-
ing made for foreign account. These cir
cumstances of themselves. however, car
ried small weight in the days market.
The dealings showed a material increase
in outside interest. as was evidenced in
the greater activity of commission houses.
and they further showed decided alarm on
the part of the extended short account.
The precarious position of this speculative
party has been repeatedly pointed out OF
late, and the market OF the week has
demonstrated the correctness of these OBJ
servations
review of the days market would be
incomplete which omitted reference to the
singular and scandalous episode which cul-
minated in today's suspension of 4 stock
exchange firm. No incident in recent
years has provoked such general and de- |
served condemnation. There would appear |
10 be some inherent defect in the rules OF |
trading on the stock exchange floor when /
an irresponsible operator is permitted TO /
plunge around in the market as was done |
yesterday afternoon in Sugar Refining. The !
high state of business honor that prevails |
in stock exchange dealings. unfortunately, l
of itself makes such incidents possible. IL |
may. furthermore, be said that the heav- 1
lest losers by the case in point have them I
selves TO blame TO great extent. but there 1
IS no protection in similar circumstances /
for innocent and ignorant outside specu- |
lators. ]