The times. [volume] (Washington [D.C.]) 1897-1901, 1900-01-31
STOCKS MOVE UPWARD
An Unexpected Improvement in All
Quarters Of the Market.
The Enormous Profits Reported by
fbc steel Trust Cause n sharp Rise
In IndustriRls - Local Traction
shares ssrong-waIf street Unnf-
fected by London's Depression.

NEW YORK. Jan. 3O.-If any single cir
cumstance had TO be selected to which the
thorough reversal Of form that appeared
in today's stock market could be referred,
1t would, beyond any question be the ac-
tion taken yesterday by the management
of American Steel and Wire Company.
The placing OF the common stock on
per cent basis and the publication Of the
company's extraordinary earnings for the
fiscal year, caused not only a very sharp
rise in Steel and Wire, but in virtually
all the other industrial stocks. The APP
probation Of these evidences Of good faith
was, indeed, general and pronounced. A
fair degree of publicity in regard TO the
condition of the industrial companies is
absolutely essential if any degree OF pub
lie interest and support is TO be invited TO
them.
IL will, Of course. be conceded that the
past year was one OF extraordinary pros
perity for the steel industry at large, and
it may, OF course, be questioned whether
such earnings may reasonably be expected
year in and year out. AT the same time,
the company has concluded the first year
OF its operations with earnings exceeding
Is per cent upon the common stock, and
It is evident that such returns may fall
away very seriously before the dividend
fixed yesterday upon the common stock
will be threatened. II is, of course. an
other question as to what the holders of
the common stocks of industrial companies
have right to expect in the way OF per
centage Of return upon their investment,
but that is question which will be an
swered in the stock market itself.
The so-called steel industrials did not,
however, by any means monopolize in
terest in the days stock market The
local traction shares were all decidedly
strong and active, and were apparently
altogether unaffected by the announcement
IF the successful bidder OF the underground
railroad that he had succeeded in form
Ing relations with an important local
Banking firm. Elsewhere In the market
there were pronounced advances, in all
The anthracite coal shares. owing Iroba
bly,, to the final advent of seasonable
weather The granger shares. and the
railway list generally, showed greater
strength and animation than for number
of days. Burlington and Quincy was par
ucularly strong on the satisfactory state
ment for the month of December, and there
were a number OF other gratifying returns
Tor the same period, including those OF the
southern Railway Company.
The money market was very easy with /
large offerings appearing from certain |
quarters that have not recently been par |
prominent in extending accommo- /
dations TO borrowers, n circumstance duly ]
upon and one not without effect /
on speculative sentiment. Sterling ex-
change advanced further in New York. and |
II was also higher at the various Euro
pean capitals II appeared to be the best |
opinion. however, that, barring a further
decline in the local money market, or an
unexpected advance in discount in Lon
don, the question of gold shipments was
still a rather remote one. The progress of |
military affairs in South Africa and the /
course Of the London stock market we're
alike without much effect in the local deal
ings. Little attention was paid to the fur
Their decline in English consols, or to the
unsettled tendency of the general London
market
The operations here for foreign account
were upon too small scale to have any
effect on prices II is an in
teresting question, however, and one vet
TO he determined. whether the newly
adopted motion that Wall Street has def
nitely cut loose" from capel Court, is a
sound conclusion.
There was a very severe decline in
Pittsburg, Cincinnati Chicago and St
Louis with the course OF the day and
such loss in any other instance would
have been deemed sensational; but in the
the case in point it attracted little or no
attention, Nothing definite in the way OF
news attended the break in the stock.
Chesapeake and Ohio also moved counter
10 the general market, but the heaviness
N this case was owing altogether to the
liquidation Of a large speculative account
The trading fell away somewhat in respect
o activity with the course of the day but
he market otherwise retained most of the
it showed in the early deal
ups