The times. [volume] (Washington [D.C.]) 1897-1901, 1900-01-03
PRICES RANGED higher
The Industrial Quarter Showed
Pronounced Advances.
A severe Decline I'm brooklyn Rapid
Transit Unaccounted For-Substnn-
siaI Gains by the Higher Priced
Railways An Astounding ENpan-
sion of Business I'm the south.

NEW YORK. Jan. with the resump-
ton of business on the stock exchange to-
day there was a fairly common. although
somewhat irregular further improvement
in prices. Upon the opening Of business
attention was directed TO the London mar
ket, and at least the initial strength shown
in the local dealings was due to the buoy
ancy reported there.
The irmness of prices in London was
logical reflection of the first substantial
British success scored since the opening
of hostlities and further of the material
lowering of discount rates in the open
market All quarters of the London mar
ket responded to these favorable develop
ments. including Government securities
and American stocks, although, as was TO
be expected, the sharpest Tecoveries were in
the South African mining shares. London
subsequent operations in this market did
not bear out the hopeful expectations ex-
cited by the tendency OF prices at that
point, as on balance the arbitrage houses
we're sellers here to the extent of about
5000 shares.
The dealings for local account showed
fair amount of buying by commission
houses and a substantial amount of what
appeared to be actual investment buying.
The days transactions attained fair
total. notwithstanding the fact that there
were protracted periods of inactivity which
contributed to the somewha; irregular APP
pearance of the market as a whole.
In response to the decline In London dis
count rates, sterling exchange dropped
sharply at all the continental financial
centres. but there was no material decline
in the local market for sterling
The call loan money market reflected in
fairly high and widely fuctuating rates,
the progress of the heavy disbursements
and the consequent shifting of loans Incl
dental to the first of the year. but the
high rates obtaining for money were not
an appreciate influence in the trading.
As win be seen from the appended
tables. the traffic returns submitted by
various companies today made most ex-
celleD: showing the Louisville and Nash
vile report in particular rejecting the
astounding expansion OF business in the
Southern States. With the matters cited
the days situation ard developments may
be summed up. The mos pronounced ad-
vances in She days market were again
scored in the Industrial quarter and in The
so-called specialties. There were, how
ever. a substantial advance In number
of the higher- priced stocks. including
New York Central and LacEswanna.
Chesapeake and Ohio and C. c. C. and st.
Louis were also notably strong
The general market was almost wholly
unaffected by very severe decline in
Brooklyn Rapid Transit in the initial
dealings part OF the loss there being re-
covered later on. AT the same time the
particular weakness of the st--k in ques-
ton was subject OF general comment. as
nothing new came TO light which might
account for its peculiar course. u may be
added, moreover. thai apart from what
may be called strictly invest ment consid-
erations. there WIS little 10 which The
particular movements In other quarters of
the mar!set could be attributed