The times. [volume] (Washington [D.C.]) 1897-1901, 1900-01-19

NEW YORK. Jan. 1S-The bulk Of spec
nlative attention at the opening OF bust
ness this morning was directed toward the
London stock market which was shown
at substantial and general advances both
by reason of the further reduction of 1-2
per cent in the Bank of England's dis
count rate and on account of the satisfac-
tory progress of the British forces in their
advance 10 the relief of Ladysmith. The
effect of these dual influences was an adj
vance of nearly i per cent in consols and
sharp rises in other quarters OF the Lon
don market. American shares participated
fully in the improvement there, and at the
opening of business the local market re-
fected these circumstances in common and
material advances. Almost Immediately,
however, the lassitude that has character
lied the dealings throughout the week re-
appeared. the trading became light in vol
ume and the initial advances were shaded
or altogether lost.
number of reasons could be assigned
for the reaction in the market. ard for its
generally unsatisfactory and disappointing
tendency after the opening. Among them
were the further decline in wheat, the alb
Africa than the passage of the Tuge'a
River by General Buffers forces, and
further. the malicious and apparently con-
certed attack in progress against the credit
OF local financial institution, the solvency
of which has never been questioned by any
well-inforned person, and further, which
has within the past week been Off cial y
and thoroughly demonstrated and declared.
II is only natural, however. that with
.l-I
shaken. as it unQuestionably is at the
present time. the so-called disclosures now
being purveyed TO sensational press
should be seized upon and used by perso
interested in undermining confidence 10
suit their ends 1t would be useless TO deny
that, in so far as today's stock market was
concerned, this purpose was accomplished,
md. in fact the favorable effect that might
have been expected to follow the financial
and other developments abroad were qui
counterbaanced by the noted influence.
The local market at no time fully re-
fiected the extent of the gains recorded
for American stocks in London which cir
cumstance afforded an opportunity for the
arbitrage houses 10 buy stocks here and
dispose of them profitably in London.
Hence on balance, foreign houses were
buyers here. but the circumstance was
without much effect as regards prices
developed an irregular appearance, which
was maintained throughout the day. This
irregularity was manifest alike in the
standard issues and in the industrials and
specialties. II was not possible to assign
other than purely technical explanations
TO the movements in particular stocks.
One OF the most pronounced advances in
the initial dealings for example, was in
Sugar Refining, and that stock subse |
1nently broke with especial violence.
American Tobacco. which was actively |
dealt in, continued steady on the eXpecta- |
tons Of a very favorable annual state |
ment. Nothing very definite attended the |
varying movements elsewhere in the in
dustrial quarter. The local traction issues
were also fairly active without showing
any particularly significant price changes.
and indeed the market at large appeared |
10 reflect confusion in sentiment arising |
from the conflicting influences cited rather |
than any cause applicable to particular Sc
curities
The money market was again easy, the /
traffic returns reported for the second 1
week of the month were, on the whole I
gratifying and In fact there was nothing
whatever in the days routine situation TO
which the hesitating and uncertain ten
dency of the market could be reasonably /
referred