The times. [volume] (Washington [D.C.]) 1897-1901, 1901-01-15

NEW YORK Jan. 14.-In the usual
search for explanations to account for
every transient movement in the stock
market, Wall Streets opinion seemed to
be common today that the reactionary
tendency OF prices was owing in the main
to the aggressive position taken in the
steel trade by the Carnegie Steel Com
pany and further, to the absence of con-
frmation of recently rumored railway al
liances and developments in several sec
lions. 1t was plain at all events that spec
ulstive sentiment was extremely unset
tied, and Turing the forenoon dealings
stocks were thrown over with precipi-
fancy.
Beneath the sdrface 1t seemed to be
the Gaze mat the reactionary tendency
OF the market was nothing more than one
of those normal recessions such as have
occurred from time to time during the ad-
vance and which will undoubtedly contin-
ne throughout any further rise the mar
ket may have. 1t is undeniably true, how
ever, that the fluctuations would be wider
in exact ratio to the increasing activity
and the higher prices established.
There was in today's market a decided
falling away in respect of activity. The
market was not one calculated to en-
courage active dealings by the customers
of commission houses, the operations of
which seemed to be for the most part on
the selling side. The temperance in the
street OF some of the larger and more
aggressive professional operators was fol-
rt-.1s.-
and 10 efforts were apparent on the part
of what are styled the large financial in
terests to check the mornings decline.
While, as already noted, the action
threatened by the Carnegie Steel Com
pany was, perhaps the main influence in
the speculation, in many instances the
declines in the railway list were much
more pronounced than those in the in
dustrial quarter. Exceptionally severe de-
clines were noted in the forenoon in Man
haitian Railway, Metropolitan street Rail-
way, New York Central. St. Paul, North
ern Pacific, Ontario and Western, and
Northwestern. In all of these cases it
seemed to be the case that the upsetting
of speculative Wall Streets preconceived
notions of leases and deals of one kind or
another was the main influence in the de-
clines shown.
There were some striking exceptions to
the common tendency of the railway list,
conspicuous instances being c. c. C. and
st. Louis, st. Louis and Southwestern
preferred, and Missouri Pacific. The in
dustrial quarters for the most part
moved in line with the railway list There
was a further decline in National Tube
common based. of course, upon the
threatened Carnegie competition, ana Sc
we're losses were shown in Colorado Fuel
and Iron, American Steel and Wire and
United States Rubber.
American Smelling, on the other hand,
was decidedly firm, and there was a rapid
advance in American Tin Plate ahead of
rumored Developments at tomorrow's
meeting. Federal Steel was also com
paratively firm on the expectation that in
addition to the action on the dividend to-
morrow the directors will take the initial
steps toward placing the stock on a regu-
lar quarterly dividend basis.
The operations for foreign account in
this market were on smaller scale than
for a long time and resulted on balance
in the purchase OF a few thousand shares
Of stocks. Notwithstanding the reversal
of the disposition of the dealings here for
foreign account, Sterling exchange ad-
vanced further. virtually ensuring exports
OF gold later on in the week. The local
money market continued extremely easy
and there were no developments of any
consequence in the situation at large
prices took place. all of the Erie issues
being conspicuous in the movement. The
advance In those stocks seemed, indeed,
to be the signal for the rise in other di-
rections. Conspicuous gains in the after
noon were scored in Federal Steel and
Northern Pacific. Much of the buying en-
this latter movement appeared to be for
the short account, which has, according
to close observers CT the market, become
considerably extended within the past
few days.
AS was the case during the forenoon, no
definite news attended the rally in the
market which seemed 10 follow as plainly
technical lines as did the decline of the
morning.
The days conflicting and confusing
movements appeared, in short, TO be little
more than a fair reflection of the existing
state Of public sentiment. The market
retained an appearance of great irregu-
larity up to the close