The times. [volume] (Washington [D.C.]) 1897-1901, 1901-02-19

NEW YORK, Feb. 1S.-The stock mar
ket opened under unpropitious circum-
stances this morning, inasmuch as atten-
ton was focused on the poor showing
made by the banks in their weekly state
ment of last Saturday, and American
stocks we're shown in the early cables at
a materially lower level in the London
market.
In addition some disQuietude was ex-
cited through this mornings intelligence
regarding the labor situation in the an
thracite coal regions, owing to the arbi-
trary position assumed by the leaders OF
the miners union. The tariff policy as
sumed by the Russian Government, which
was announced yesterday, also attracted
some discussion and was regarded as
development of some unfavorable impor-
lance.
AS against these several more or less
unsettlinE features there was little or
nothing that was new which could be
placed on the constructive side of the
market Notwithstanding, however, the
showing made by the banks in their state
ment. il might be noted that the money
market continued unrufIled, while on the
other hand sterling exchange continued to
decline.
a few statements of traffic returns made
up practically all the definite news bear
ing on particular stocks. What might be
cited as an additional influence calculated
to unsettle the market, and one which
WAS indeed distinctly operative in that
way, was the course of the common stocks
of the steel industrials
All of these broke with great rapidity,
and the declines in them were, beyond
question, effective in inducing liquidation
in other quarters. Nor was their influence
upon the market Offset by the simultane-
Gus and indeed fairly sensational ad-
vances which took place in the preferred
issues of all these stocks.
The conflicting tendency shown in the
steel Industrial issues was owing to the
commonly credited intimations that in
the impending amalgamation the prefer
red stocks are to receive much better
relative treatment than that given to the
common stocks.
The tendencies of the general market
could be no more definitely described
than as exceedingly irregular and to no
small extent feverish. Abrupt upward
and downward movements followed
each other with the course of the day,
and the market at no time developed
definite and coherent tendency.
Generally speaking, the granger shares
were decidedly strong, with material
gains appearing in Burlington and Quincy
and Rock Island, while st. Paul and
Northern Pacific were likewise frmer
than for some time past. Even the move
ments in these stocks, however, we're
characterized by the same uncertainty
shown in the remainder of the market.
This mornings regarding the threaten
ed labor troubles In the anthracite re-
gions was naturally followed by quite
heavy selling of the Readings, the Fries,
end Ontario and Western. In the early
part of the day Delaware and Hudson
scored further very sharp advance on
the reports that that property was to be
leased to the New York Central, but
later the stock suffered a violent reaction
in sympathy with the other anthracite
issues
The so-called specialties also contribut-
ed their share 10 the irregular price move
ments today. Colorado Fuel and Iron de-
elined very rapidly also on reports of the
threatened labor troubles in Colorado, and
Tennessee Coal and Iron reflected pres
sure, but nothing definite was advanced
in relation to its course. On the other
hand, Amalgamated Copper and Anaconda
was decidedly strong.
The local traction stocks were quite ne
elected during the earlier dealings, but
fairly large dealings we're noted in that
quarter in the afternoon, and those stocks
participated fully in the weakness then
appearing in the market.
The dealings in bonds were fairly large
and showed in the main the same tenden-
eies as appeared in the stock market.
Southern Pacific fours rose rapidly on
heavy dealings in the morning. Aside from
the circumstances already noted. there
was nothing TO account for the unsettled
character of the market. Liquidati ton,
however. was in immense volume while
the room traders utilized the opportunity
TO hammer prices In every direction.
The days transactions resulted in the
creation Of large short interest in many
quarters. London's dealings in this mar
ket amounted TO only about rs, GOO shares
and were altogether on the selling side.
New York stock Market.