The Washington times., 1901-11-07
MARKET UNDERTOEE FIRM
Strength in the Opening Followed
20.
by irregularities.

Selling Induced by the News of the
Norti:ern Pacific Adjustment-Lon-
den. Heavy PurchHser-Anothcr
Violent Break in Peoples Gas.
NEW YORK. Nov G-There was a
marked Increase in activity in the deal
ings I'm securities in todLys market, and
in the main the trading showed a strong
tone. although q great deaf Of irregularity
was again manifested. The dealings in
the railway dist were largely controlled
by the ideas prevalent respecting the
status of what has come to be described
as the North, n Pacific situation
Tho influence Of the same matter was
plainly visible in the London market for
American stocks, and this morning Jn-on
Paciffc was -shown to be quoted n@':rly
four POINTS above its local closing price
on MQnday.- There had been very heavy
dealings in Union Pacific and its affili-
ated stocks in the London market yester-
day for american account and the deal
ings here by foreign houses today aggre-
gated the largest total of many weeks
out OF tota' transactions of upward Of
1900 shares. London houses were buyers
on balance of fully 900 shares. Accord
a very active business was transacted for
New York a-count in buyers options in
Union Pacific. Southern Pacific, and
Atcidson.
The market opened exceedingly strong
particularly in the Pacific stocks, under
the impetus of London quotations and
the subsequent dealings here for foreign
account. At the same time. outside of
the Pacific stocks and Atchison, the early
move ments in the railway list were not
par1soi.l#rly extensive. After the open
ing, hes,Eg profit-realizing sales appear
ed which were induced. perhaps, by the
idea that with the general acceptance of
the virtual settlement of the Northern
PacifFci controversy the market effects Of
the arfIagemont had been discounted
res,5tionary tendency of prices was
furtheredrby another violent break in
Peoples Gas. and by the appearance Of
pronounced pressure in. metropolitan
Street Railway. There was nothing novel
TO account for the movements in Peo-
pies Gas, but the pressure upon Metro
politan Street Railway was plainly attTi-
hutable to the notion that the company
might suffer by reason Of the distavnr
in which it is supposed to stand with the
incoming municipal administration.
The reaction IN prices was not long
maintained. and was succeeded by an
other upward turn, in which the South
ern Railway ISSUES Louisville and Nash
vie the St Louis and San Francisco
shares, and New York Central were con-
s.icuous.
The advance in St. Louis and San Fran
cisco seemed to L" owing to buying ahead
of the divide Id declaration on tEe second
preferred SIC *. which Is expected snort
ly, and also TO the magnificent statement
of earnings submitted by the company
today. Practically all of the other numer-
Gus returns for the last week in October
and for other periods were excellent eN-
hibits. aside from the instances cited.
there was nothing of special interest re
list
The other local traction stocks were al
together raffected by the weakness IN
Metropolitan Street Railway. and indeed
Manhattan Railway WAS among the
strongest features of the DAYS market.
To some extent its course seemed to be
owing TO the same cause that produced
the veal ness in Metropolitan Street Rail
way. namely. the upshot of yesterdays
rslieve the company of the petty political
persecution TO which il has been from
tine 70 time subjected
The so-calh>1 sDeCialties and the in
dustriBl stocks furnished few movements
of particular interest Sugar Refining
was hsaEN on further evidences Of weak
trade conditions in the Mississippi Valley.
and the steel stocks. while fairly active,
were almost stationary ~ .lgamatcd
Copper was rather heavy. but the deal
ings ia the stock reflected a further d.
intuition in general interest. It might
be said. indeed. that the regular railway
list and the local traction stocks virtual
1y r,--s-s.-.'dzcd speculative interest
throughout the usy-