The times. [volume] (Washington [D.C.]) 1897-1901, 1901-01-18
INACTIVITY IN TRADING
Speculative Enthusiasm Checked
by Recent Events.
The Public More Cautious Since the
INSTRUMENTATION of Deals I'm Rail-
ways-A Puzzling Situation in Fed
eraI Steel - SaEGinE Tendency
Broken by "a Few FitfuI Rallies.

NEW YORK. Jan. 17.-As was to be ex-
pected, the early dealings in today's stock
market were materially influenced by the
extreme weakness apparent at the close of
business yesterday. Nevertheless after
opening at a lower range of prices, there
were number OF substantial recoveries.
particularly in Missouri Pacific, Southern
Pacific, and st. Paul. Subsequently, how
ever, sagging tendency developed which
continued throughout the day, although
broken in upon by occasional rallies.
One of the main characteristics of the
days trading was the falling away in &C
tivity. For the first time in several
months there were periods, indeed, of some
length during which 70 transactions ap-
peared upon the stock tape The main sig
nifcance Of this circumstance, Of course,
is that the eXuberant public interest in
the market has been materially checked
by the several developments and incidents
Of the past fortnight This is Jy no means
a dsg,1sraDie fact, as beyond my question
such speculative manifestations were
witnessed ten days ago are not desirable.
The actual situation itself upon which
the market rests has changed scarcely at
all in the meantime, and the reasons ad-
vanced ct thai time for the rise in prices
still hold good. The fact, however, that
she market has had n very substantial re-
Lotion is good thing, inasmuch as it has
1issipated the discriminating enthusiasm
OF fortnight ago, and has caused specu-
lator and investor alike to employ great
er amount Of judgment in market ven
lures.
While the affairs of the Federal Steel
Company occupied the most conspicuous
position in attention today by reason of
recent and impending developments there
In FOO love
servers of the market was emphasized,
namely, that st. Paul stock is really the
pivotal feature of the present market sit
uaticn.
Today's dealings in Federal Steel we're
in very large proportions and the fiuctua-
lions in that stock as well as in the re-
mainder of the industrials. were wide. but
for the most part pressure was apparent
throughout that quarter. While 1t was
impossible this morning to obtain def
Mite information in regard to the rrmored
bond issue by the Federal Steel Company.
the conviction was general that one was
In contemplation. This unlocked for issue
to the affairs OF the company following
upon the failure of the management to
establish the stock upon a quarterly divi-
dend paying basis produced a disturbing
effect upon confidence in all of the indus
trial issues.
Not. indeed, since the famous and I'M
WI
Gates last spring has there been such an !
expression of regret that these industrial |
issues we're ever brought forward for pub |
lie subscription as at the present time. |
The sentiments. however have no prac- |
tical value, inasmuch as the industrials |
occupy a position in the general market |
from which it is impossible to dislodge |
them, and about all that can be said |
about them is that those interested must |
await the issue of affairs as settled by |
the continuity of the dividends they may
receive. II there is any other method
through which the actual status of these
enterprises may be determined it is yet
to be disclosed.
Notwithstanding. however, the conspic.
uous position of the industrial shares in
todays market, the influence of the move
merits in st. Paul stock was still plainly
evident. Notwithstanding. also, the de-
malls SO generally expressed, it may be
said that the general opinion that there
are developments of great weight in st. |
Paul's affairs is, il anything, as strong |
as al any time before. Exact information |
is unattainahle. as it will very likely be |
for some time to come, but the collateral |
evidence is so abundant and convincing |
that il cannot be ignored.
The price changes in the railway list |
were more limited and irregular than they |
have been for some time AS noted, the |
general uIllA Was lONdtu d lONti ltFti- |
Comparatively firm features were Union |
Pacific. Southern Pacific, the Reading is
sues and st Paul, although the move
ments in the last-named stock continued
exceedingly erratic. The Erie shares
were particularly weak on reports that no
immediate action on the dividend of the
first preferred stock was likely. As was
the case yes erday, however. notwith-
standing the superficial weakness, the
railway list was by no means wanting in
support at the declines shown.
The industrial quarter also furnished |
some exceptions TO the common tendency |
there Sugar Refining advancing rapidly, |
as did Tin Plate, while American Smelt- |
ing International Paper. and National |
Salt were firm. The dealings in the local |
traction issues were active. and those
stocks showed a very firm undertone. de-
spite denials of rumored impending de-
velopments in that direction until the
last hour when they all declined sharply.
The New York Stock Market.