The times. [volume] (Washington [D.C.]) 1897-1901, 1901-01-24
STOCKS AGAIN ADVANCE
Wall Street Sentiment Rapidly Be
coming More Hopeful.
Many Observers Taking the View
simply an Incident in the Bull
MOvement-StecI Issues n Feature
st Paul Deal Rumors Renewed.

NEW YORK, Jan. 22--Business upon
the London stock exchange today was
suspended out of respect to the memory
of the late Queen of England. In eonse-
quence, the local market opened uninflu-
enced by the tendency of that market. So
far as could be ascertained there were no
transactions of any consequence conduct
ed in this market foI foreign account.
The local market opened strong and
fairly animated, and il subsequently rose
quite steadily and uniformly, many of the
advances attaining noteworthy proper
lions. As has been the case throughout
the week. commission houses again re-
ported only moderate activity on the part
of their clientele, but ; against this the
larger professional operators continued
to bid up prices in various quarters Of
the market, and there was again buying,
particularly in the railway list, of most
substantial character
In short, the third day of the recovery
in the market after the almost unbroken
decline of the preceding fortnight,
strengthened the ideas held by eonserva-
tive observers that the latter movement
may properly be regarded as nothing
more than logical and normal reaction
following upon the preceding almost I'M
interrupted advance in the period from
October to the first week of January.
1t was exceedingly difficult to discover
any novel considerations which were eff
fective in shaping today's market ten
denotes. There was certainly nothing new
attracting notice at the opening of bust
ness, and the days developments were
not of themselves of a character which
might be described as specifically en-
couraging. The days engagements of
cold f..W L. J.
had been expected. Few traffic statemen s
were submitted. and the declaration of
nothing more than the ordinary dividend
OF / ~ per cent on Cleveland, Cincin-
natl Columbus and ST. Louis was some
thing of a disappointment.
While the days total transactions at
tanned a very fair aggregate, they were
still well below the averages recorded
within the past few weeks. Interestwa
however, unusually well diversified, all
quarters of the market receiving fair
amount of attention. which resulted, as
noted, in advancing prices. Some of the
more pronounced movements in the rail-
way list were in the Atchison shares
Baltimore and Ohio Missouri Kansas and
Texas preferred, Ontario and Western,
and the Erie and the Reading issues.
The Northern Pacific shares, st. Paul
and Great Northern were also particl-
larly strong, with the perhaps inevitable
result of suggesting and of setting In cir
culation renewed rumors that the So
called deal is again arranging. The con-
slant absorption of St. Paul stock
throughout the week has not been ignored
by close observers of the market, and it
goes without tie saying that conjecture
has been most active as to the identity
of the purchasers. Similar comments APP
ply to the dealings of Northern Pacific.
The pronounced strength and activity in
he Gh1r h..
based primarily upon the ideas regarding
probable developments at Fridays cleo
ton of directors for the Brooklyn Rapid
Transit Company. Those ideas would
hardly, however, explain the simultan-
eous strength showing in Manhattan Rail-
way, and, indeed, the movements in the
latter stock were unattended by any other
discussion than that based upon the cur
rent manifest increasing prosperity of he
company, together with the certainty that
the net earnings of the elevated lines will
be tremendously increased so soon as
they are operated electrically.
After showing some irregularity in the
early dealings the Industrial quarter de-
yeloped marked strength and activity,
sharp advances being shown in American
Steel and Wire, Federal Steel National
Steel, and American Tin Plate. The
sharpest advance, however. in this quar-
ter was Pressed Steel Car, and it seemed
to be owing to change in the recently
entertained opinions as to what the div
idend action OF the management might be
at this afternoons meeting. The group
was feature of the market.
Sugar Refining and the Tobacco stocks
were all notably strong, the latter reflect
ing the prospects of revision of the in
terual revenues laws favorable to the to-
bacco manufacturers. The so-called spe-
cialties participated In the tendency
shown in the general market, substantial
advances being scored in Peoples Gas and
Tennessee Coal and Iron, while the cop
per stocks were frmer than they have
been for number of days.
Many of the days earlier advances were
materially shaded in a sharp reaction in
the middle of the afternoon. The reac-
tionary tendency was fairly general, but
was pronounced in the local traction is
sues and Baltimore and Ohio, in which
cases aggressive bearish tactics were en-
ployed.
There was nothing more definite in the
way of actual news to be cited in connec-
ton with the late reaction than there
was for the advance of the earlier part of
the day. The money market continued ex-
tremely easy. and today's estimates indi-
cate that the banks have gained in their
operations with the Sub-Treasury alone
this week almost as much as they will
lose through the exports of gold