The times. [volume] (Washington [D.C.]) 1897-1901, 1900-01-25
MARKET SHOWS FIRNNESS
Foreign Operators Invest Freely in
American Shares,
Higher Range OF Prices ON the Lon
don Board Reflected i'm New York
Traction stocns - Awaiting Def
mite News From south Africa.

NEW YORK. Jan 24.-The expectations
commonly entertained at the close OF bust
ness last evening that the morning news
papers would contain information of an
other serious British reverse in the South
African war were not realized, but, on the
other hand. the actual news from the seat
Of war was only negative and rather I'M
satisfactory. Notwithstanding this London
furnished n materially higher range of
prices for American shares, and the ar
bitrage houses bought stocks quite freely
here in the early dealings. To these cir
cumstances the comparative firmness of
the days market was altogether owing.
The initial advances in several of the Lon
don listed stocks. notably in St Paul and
Louisville and Nashville, extended 10 one
point.
In the instance of ST. Paul the strength
shown WAS perhaps TO some extent owing
TO the extraordinary statement for the
third week of the month. the showing at
tracing some attention in situation al
together dominated otherwise by the prog
ress Of hostilities in South Africa There
was little else in the situation of either
particular or general importance to engage
attention. The market throughout the day
was what is described as a waiting one.
which in the present instance means that
trading was virtually suspended pending
the receipt of definite news in relation to
the Anglo Boer war.
Notwithstanding the dullness. extremes
were fairly well diversified, no particular
quarter receiving disproportionate
amount Of attention. In the railway list
the frmest features were the foreign list
ed shares. already referred TO. the Balti-
more and Ohio issues and Missouri Pa
cifie All the local traction issues were
strong, and firm tone was noted through
out the industrial quarter of the market.
The particular strength OF local traction
shares appeared in rather indefinite
way to be owing TO a notion which was
assiduously cultivated, that the success
full bidder for the construction of the I'M
foreground railroad would not qualify upon
his contract. There appeared to be no
warrant whatever for this idea. aside from
the fact that the necessary bonds have
not as yet been filed. and the circum-
stances would not be worth noting except
for the fact that II was an actual cited
influence in the dealings in these stocks.
As noted, the days general situation
developed no changes of Importance in
any direction. The conditions in the
money and The foreign exchange markets
were unaltered. The beginning of the
London Stock Exchange settlement dis
closed a very small bull interest in Amer
lean stocks. The comparative firmness of
the London market was said to be in part
owing TO expectations that there would
be further reduction in the Bank of
Englands discount rate tomorrow, and
should such action be taken IL would be
additional and positive evidence that the
banks governors are of the opinion that
if is now possible TO estimate approXi-
mately the financial cost of the South
African war