The times. [volume] (Washington [D.C.]) 1897-1901, 1901-02-15
STOCK PRICES IRREGULAR
Market Movements Erratic But Re-
suit in Net Gains.
An Early Boom Succeeds the EN-
surmises Regarding the Steel Deal
SECURITIES in This Group Strong
General Electric shares Buoyant.

NEW YORK, Feb. 14.-During the first
hour of business this morning, several
wide and erratic fluctuations were noted
in the general stock market. but later a
much frmer tone developed, and in a
number of instances sharp advances were
scored, albeit the trading still retained
some appearances of, irregularity.
The market opened strong and showed
more of the unsettlement that character
ized the later dealings in yesterdays
market There was subsequently a Sc
we're and general reaction, but, as noted
a mich firmer tone later developed. To
none of these varying swings in prices
was t possible to ascribe aught save
technical explanations.
In a general way, though, today's mar
ket suggested that the extremely agrees
sive selling under which prices broke yes
terday was largely for short account, al
though in a market of the proportions of
those of the present time. it is more than
ordinarily difficult TO trace the source or
discover the character of such operations.
What has become clearly apparent,
however, in the last fortnight, is very
distinct cleavage in opinion as to the fu
ture drift of prices, and in a speculation
so extensive as that now being conducted,
wide fluctuations are to be looked for, and
need not be taken as rejecting anything
else than the market plunging of one OF
another of large operators. In the mean
time the uncertain and erratic price
movements resulting therefrom are hav-
NJ he offa e
mission house business owing to the re-
sultant confusion of public opinion.
Among the more pronounced movements
in the railroad list today were the ad-
vances in the Atchison and the ST. Louis
and San Francisco issues, the common
tendency of these securities being accept
ed as fCreshadowing the reunion of the
two systems. Rumors TO this effect did,
indeed. attend the dealings in these
stocks.
Other firm features OF the railway list
were Wisconsin Central, Union Pacific and
the Erie and Reading issues In the early
dealings, both St. Paul and Northern Pa
ci1c were under severe pressure, but both
stocks took part in the subsequent i'm
provement. Southern Railway common and
preferred we're more active than for some
days, and advanced under buying Of
substantial character.
diversified. The local traction issues all
advanced rapidly, presumably on the pro-
gress of the tax revision measure at AL
bauy, and the rise In Consolidated Gas
was, perhaps, attributable to the same
cause Elsewhere among the specialties.
advances were noted in Peoples Gas and
North American, while fairly sensation
al rise took place in General Electric.
The course of General Electric was on
the expectation of a very favorable state
ment, coupled with the idea that the lat
ter might be followed by an advance in the
rate of dividend. Western Union. while
steady, did not occupy the conspicuous
position in the market 1t has enjoyed for
some days.
The steel Industrial stocks were the
features Of the dealings IN that quarter
and made material advances on the assur-
ances as 10 the satisfactory progress of the
negotiations now in progress, which were
taken to foreshadow the early announce
ment Of the conclusion Of the so-called
deal. American Smelling was also notably
firm on reports that efforts were making
TO eonciliate dissenting interests in the
property. The Tobacco stocks were like
wise firm, while the movements in Sugar
Refining were rather erratic.
The dealings in this market for for
eign account were on comparatively
limited scale, ana resulted on balance in
the sale of about 10000 shares of stocks.
With the exception of the American de-
partment, which was rather heavy, in
sympathy with the break In the local
market of yesterday, prices were very
firm in London, on the hopes regarding
an early settlement of the South African
war, and because Of the monetary situa-
tion there.
The Bank of England's discount rate
was left unchanged at 1-2 per cent. but
the banks weekly statement. showing a
ratio OF reserves to liabilities of 1873 per
cent would appear to foreshadow an early
reduction in the banks figures.
Gossip respecting the activity in this
quarter of the market centred mainly
around the position Of the Delaware and
Hudson Company. There has been steady
absorption of the latter stock for some
time. and it is believed the object thereof
is to carry out the plans which were
mooted prior to the advance in the Della
ware and Hudson dividend rate, namely,
10 dispose Of the company's coal lands 10
one OF more of the other anthracite COM
panies and 10 lease the railway lines,
presumably to the New York Central
Railroad Company. At all events. todays
discussion OF the movement in these
stocks was along these lines.
New York stock Market.