The times. [volume] (Washington [D.C.]) 1897-1901, 1901-01-08

WALL STREET, n. Y, Jan. Nothing
actually new and definite was offered for
consideration in the stock market today
when business opened. The markets tone
at that time was singularly confused and
uncertain. There were a number of ex-
ceptionally sharp declines scored in the
railway list notably in Atchison pre-
ferred, Northern Pacific common, Union
Pacific and st. Paul On the other hand
the anthracite issues again moved up
sharply, as did Baltimore and Ohio, Bur-
lington, Rock Island, and some of the
lower priced issues. The tone of the
general market continued uncertain
throughout the first hour. after which
there was fairly general and violent ad-
vance.
The Granger shares were conspicuous
features in this movement, noteworthy
rises being scored in Burlington and
Quincy and Rock Island, while st. Paul
and the other stocks mentioned as de-
pressed at the opening also scored sharp
recoveries Other conspicuous gains were
in Illinois Central, Missouri Pacific, Kan
sas and Texas preferred, and New York
Central Interest was again almost who'll
market, although the dealings in the in
dustrials and in the local traction group
still attained very fair aggregate.
All of the local traction issues advanced
sharply on expectations that the special
franchise taxing law would be materially
modified at the present session OF the
Legislature
Sugar Refining was exceptionally active
and strong. although little that was def
mite attended the dealings in that instance.
The movements in the industrial quarter
at large were. however, comparatively
limited and irregular. Federal Steel was
particularly strong. II was stated on
trustworthy authority today that divi-
deld of 5 per cent representing the profits
of the past year, will soon be declared
upon Federal Steel and also that the
papers providing for such change in the
bylaws of the company as to permit of
the payment Of quarterly dividends on the
common stock have already been drawn
and would soon be submitted to the proper
authorities for acceptance.
Among the specialties there were fairly
active dealings in Tennessee Coal and
Iron and in Peoples Gas, the last named
stock advancing quite rapidly. AS had
been expected in view OF the recent course
Of the stock. the directors of the Tonnes
see Coal and Iron Company at their meet
ing today, decided TO pass the dividend
upon the common stock. While as noted
such action was not unexpected the Incl
dent produced disagreesble effect, as the
course of the management was assumed
by some to reflect their views as to the
immediate future of the pig iron industry.
The stock declined sharply and It's break
was accompanied by a material reaction
in the general market.
The money market continued extreme-
ly easy, and, as was to be expected. ster-
Expectations of gold are now measurably
within sight. but it is the common opin-
ion Of leading financial interests that the
local money market can readily stand the
shipment of IS 900 600 or 500. 900. 900 of
gold within the next few weeks without
= any appreciate disturbance.
Foreign banking houses continued TO
trade on an exceedingly heavy scale in
this market, and on both sides of the
account with purchases predominating
The American quarter of the London mar
ker was the only department in which
frmness prevailed. the other divisions be-
ing materially depressed on the extremely
unfayorable conditions prevailing in South
Africa.
The trading continued in simply enor-
nous volume throughout the day, with in
terest shifting rapidly from one quarter
Of the market to another. Early in the
afternoon the Southern Railway issues
came to the front and advanced on ire
mendous transactions, new records of
high prices being established In both in
stances.