The times. [volume] (Washington [D.C.]) 1897-1901, 1900-01-24
4 BREAK IN THE MARKET
The Absence of News From Africa
Causes Much Uneasiness.
Foreign Houses Were Urgent Sellers
of American Securities A Quick
Reaction Follows strong open
inr-Rumors Involving Local Trnc-
ton and Illuminating shares.

NEW YORK. Jan. 2S.-After opening
quiet and steady. with noteworthy ad-
rances appearing in some quarters. the
stock market became decidedly reaction
ary The sole explanation OF its secondary
tendency was the spread of the conviction
that the British forces had met with an
other serious reverse This was based ap-
parentiy wholly upon the reticence OF the
British War Office.
Inasmuch as it is fairly certain that
general engagement has taken place with
in the past twenty-four hours. 1t was as
sumed. with more or less reason, perhaps,
that had advices from the front been fay-
orable to the British, they would have been
made public Hence in the absence OF any
authentic or official information regarding
The progress Of hostlities. Wall Street
Jumped to the conclusion that 1t would
hear bad news tomorrow morning, and
sold stocks with great freedom.
The views commonly held in this re-
spect were strengthened by the fact that
after remaining inactive during the first
hour OF business, foreign houses suddenly
appeared as rather urgent sellers OF
stocks, although their total operations
were not much in excess Of 10000 shares.
The stock market yielded readily and
quickly, however, under this selling,
which was supplemented by aggressive
professional bear operators. In other re-
spects the days market did not differ
from others of the past week. Commission
Al a,,1 he
bulk OF the days dealings for local ac-
count originated and ended within the
walls of the stock exchange.
At the opening of business. as already
noted. a generally firm tone prevailed.
There were sharp advances scored in the
shares OF the local traction and illumnat-
ing companies, and both the industrial
quarter and the railway list developed fair
strength. The advance in the first named
quarter of the market appeared to be on
differences drawn from the appearance in
the board of directors of the Consolidated
Gas Company of individuals identified with
the Metropolitan Street Railway and the
New Amsterdam Gas Company. The con-
lectures in this respect were, of course,
strengthened by reason OF the personality
OF the newly elected treasurer OF the Third
Avenue Railroad. and. in short, the street
jumped to the conclusion that the nuoh
heralded general amagamation OF the local
transportation and Illuminating corpora
lions was rapidly becoming an assured fact.
The initial advance in Brooklyn Rapid
Transit appeared 10 be partly in sympathy
with the rise in the Manhattan borough
shares. and further on the belief that next
Fridays election of directors would reveal
some significant changes in the manage
ment. Persons qualified to speak author
itatively for the Brooklyn Rapid Transit
Company rather deprecated the idea that
the election would disclose any sensational
changes in the ownership OF the property
although admitting that some changes were
certain
The declines that set in the railway list
upon the development of the noted appTe-
tensions, in regard TO the situation in
South Africa. averaged fully one point.
ard most of the early advances else where
in the market were obiterated.
The dealings were at no time ia large
volume, although there was a very fair
distribution of interest evident. There
were no changes of any importance Noted
In the routine features OF the situation.
and scani attention WAS accorded TO any
thing else than the South African war
Apart from the noted conjectures in rela-
tion 10 developments in the Affairs Of local
corporations. there was a virtual absence
Of any news or gossip bearing upon par
iiculaT stocks.