Evening star. [volume] (Washington, D.C.) 1854-1972, 1900-01-23
FINANCE AND TRADE
Rumors of British Reverses Unsettle
the Stock Market.
LONDON WAS A HEAVY SELLER
This Caused Stump on the New
York Exchange.
GENERAL MARKET REPORTS

Special Dispatch TO The Fvcnir, star.
NEW YORK, January "a lack Of
iesitlmate business and a dearth OF re-
liable news from the armies in South Africa
established background for a professional
attack on prices this morning The latter
defect was easily supplied, rumors Of defeat
for every important wing of the British
army being rife throughout the day
severe reverse for Butler was reported as
being The only explanation Of I,ondon's
selling. After a steady opening in the for
eigh market and a marked tndispositiun TO
trade in Americans. cables brought over
selling orders amounting to 10000 shares.
The local market weakened under these
sales and again demonstrated its narrow
ne IS by the lack of commission house buy
ing at the decline.
The constant receipt Of messages by the
war office and the failure of that office to
take the public into its confidence very
naturally disturb the tranquility of the Lon
don markets. The result of a reverse at
this time is variously construed in its prob
able effects speculation
A decline would follow, but there are
some good Judges who incline to the opin-
ion that the local market would be given
good support. The more generally accepted
view is that the market would react further
on adverse news than il would recover un-
der the influence of British success In the
present evenly balanced situation the pol
icy of the larger interests in refrainint,
from all activity appeals to all conserva-
tive traders.
Should the news be encouraging there
VIII be ample time for the larger interests
to buy, and should it be the reverse, their
capacity for buying may he consumed in
the accumulation of bargains. Until def
mite war news is had there will be no i'm
portant additions to the volume OF the
trading, all local developments failing to
stimulate a demand.
The most important pending development
is the meeting Of the Brooklyn Rapid Tran
sit Company Friday.
This meeting is expected to reflect the
pollcy of the new interests and to deter
mine in some measure the extent to which
the other municipal railways have become
interested in the former property The
short interest has been made nervous over
the prospects for some favorable turn in
this companys fortunes
Standard Oil brokers and an outside
clique are said to be in opposition as to tbs,
course to be pursued in the manipulation of
Leather. Yesterdays advance was attrib-
uted to the former interest and todav's
loss of the ground gained was accepted as
a temporary achievement of the oppOsi-
ton
The railway list sold off in sympathy with
the general heavy tone elsewhere and the
bond market was moderate ly reactionary
for the same reason.
Money was scarcely a factor being I'm
good supply and at low rates. The lack
of speculative bushes is largely responsible.
Tor the ease In money, and any gain in the
volume OF business must advance the rate
after a time The season for new com
mercial demands is only few weeks of
and the less the speculative demand the
greater the ease during the active period.