The sun., 1900-01-27
FINANCIAL.
General Situation Of Yester-
days Stock and Money
Market Reviewed.
WARREN'S LOSS KILLS PRICES
London Market Practically Dead
Over the Official Report That
Beers Again Hold Spion

Inc surprising news OF the abandon
ment OF Spion Kop negatives all the good
feeling occasioned by Thursdays an
uouncement of the British success. 1t
will, of course, be followed by lower
prices in this country, and probably the
loss of all the ground gained Thursday,
although prices held upexceedingly we'll
yesterday.
The indisposition of The public to buy
even where there was encouragement
like Thursdays has again aroused very
bearish feeling among the talent, and
this argument is inclined to take the
short side for the present. Ii it were
not for the fact that stocks are in strong
hands, We should undoubtedly see a
much lower market right away. AS it is,
the rule to follow will be that of buying
on weak spots and selling on strong
The Traction stocks are considered the
best to buy.
In London the market is in nervous
and unsettled condition in consequence
IF the official report that the British
fnrce on Spion kop has been defeated
and that the position has been recap
tured by the Beers. Word has been re-
ceived of the death of General Woodgate.
The news OF General Warien's defeat has
occasioned Virtual panic: American
securities in London are weak and prices
average fully per cent. down.
@*4
New York, Jan. 26.-R. G. Dun & Co.'s
weekly review of trade says:
No news is not always good news.
New business for manufacturers this
year has been light in some branches
and much below the production last
month. 1t is perhaps too often forgotten
that industries start this year with larger
contracts ahead than ever before, and
when half the work OF the whole year
has been ordered in advance there cannot
continue quite the same activity in new
buying.
[ The woolen manufacture has just open
led new season with the largest trans
actions ever known in single week, it is
SAID, but in most other lines contracts
previously booked would make similar
activity impossible. Yet there Is seen
enough Of hesitation caused by advanced
prices to make inactivity trying. q J "a.
Iron and steel prices have been yielding
for several weeks and are shade lower
for products than at any other time since
the middle of September, though bes-
semer pig and billets are still so scarce
and firmly Held that only two sales
amounting To 5000 tons are anywhere
reported.
Wheat Goes Up.
Wheat has advanced to T45s cents,
with no clear reason for movement Ell
ther way. Western receipts are small,
in four weeks only 10,9S4,92S bushels
against 1T,200,257 last year, but the At
lantic exports have been only 1871 ,474
bushels, flour included, against 17,037,-
1888 last year. Pacific exports show a
| little gain, amounting to 3,3l1, ,236 BUSH
els for the same four weeks against
2,175.24S last year. but this is of no aid
to Atlantic markets.
Stocks are scarcely holding even their
moderate rise since Christmas. The av-
erage for railways has declined during
the week % cents per share and for in
dustrials 70 cents per share. The indus
trial companies are declaring good divi-
dcnds, and all know that many are doing
an extraordinary business, but secrecy Of
manG cement and excessive capitalization
affect the list. Railway earnings contin-
ne enough to encourage investors, in Jan
uary II per cent larger than last year and
10 per cent than in 1S9S the latest week
showing a gain of 1872 per cent. There
was some good buying, with steady de-
mGnd for bonds.
Failures for the week have been 231 in
the United States against 224 last year,
and SO in Canada against 80 last year.