The times. [volume] (Washington [D.C.]) 1897-1901, 1901-02-09

NEW YORK. Feb. S.-There was q ma
terial falling away in activity in today 5
stock market, and the tone of the latter
was uncertain. although generally steady.
There were, however, a number of wide
and contrary movements with the course
of the days business session. The sharp
break which took place yesterday in the
steel stocks had excited rather than been
caused by rumors of some hitch in the
negotiations on foot in the steel trade,
and this mornings assurances that the
negotiations were proceeding favorably re-
suited in sharp recoveries in all of the
steel industrials.
1t was to be noted, On the other hand,
that in both the Pittsburg and the local
curb markets the stock of the Carnegie
Steel Company was freely offered at par,
a circumstance which excited some COM
ment inasmuch as a short time ago this
stock was quoted at a premium of so per
cent. No further definite information in
respect to the so-called steel deal was OBJ
tanned today nor was anything learned
definitely as to the financial arrangements
by which this tremendous purchase will
be carried out II can only be repeated,
however, that there is trustworthy author
ity for saying that the necessary financial
arrangements Will be conducted without
any arrangement or even disturbance OF
the local money market, upon which the
necessary demands will be very limited,
il, indeed, there be any at all.
The regular dividends were declared
upon Baltimore and Ohio stocks at today s
meeting. With the exception OF the Incl
dents noted the day was rather bare Of
news of general or particular interest
Only few interesting statements OF traf-
fe were submitted. The money market
continued easy as did sterling exchange
Foreign houses dealt very moderately in
this market and OF balance were purchas-
ers of about e, COO shares of stock.
With the course of the day the market
developed more general frmness, end
some stocks rose rapidly. Throughout the
day the Wabash issues had bsen conspicu-
ously strong. with nothing novel or def
mite in the way OF news or gossip attend
ing their course. Other conspicuous fea-
lures were Denver and Rio Grande. Colo
rado Southern, Southwestern, and Chicago,
Indianapolis and Louisville. There was
noted a sharp recovery In all of the Erie
issues, which may, in part, have been
owing to the covering OF short contracts
put out in connection with yesterdays das-
tardly stock iob5ing bit Of litigation in the
suit to enioin the purchase OF the Penn
sylvania Coal Company by the Erie Rail-
way.
This incident was not altogether IN
expected and indeed similar episodes crop
up in connection with nearly all Ike
great transactions. 1t has been remark
ed that some obscure person, nominally
the owner OF one hundred shares of stock
or less, can always find, or be found by
some equally obscure attorney, ready to
harass the carrying out of such projects.
Ii is impossible to say how any Erie
stakeholder has had his rights, equities
or even stock market profits impaired
by this transaction, which has indeed, re-
suited in virtually doubling the value of
his investment.
Apart from the noteworthy dealings in
the Wabash issues, the features of the
bond markets were the Central Of Georgia
incomes. the Detroit, Mackinac and Mar
quette Land Grants, and the Sou hern
Pacific fours. Bids for the new Union
Pacific fours at 10l we're reported on the
curb market. Trading in stock reyes led
the somewhat uncertain tendencies noted
throughout the business session. In the
specially quarter of the market, Colora-
do Fuel and Iron was decidedly firm and
Tennessee Coal and Iron was steady.
There were also material gains scored
in Amalgamated Copper, Anaconda Min
ing, ana North American. Pacific Mail
on the other hand, was decidedly weak
The probabilities of tomorrow's bank
statement did not seem to enter into
speculative calculations. The showing to
be made in the loan account in view of re-
cent notable transactions will be par
ticularly interesting.