The times. [volume] (Washington [D.C.]) 1897-1901, 1901-01-19
HEAVY SELLING ORDERS
The Stock Market Unsettled by
Disturbing Rumors.
Reports Regarding Queen Victoria's
p1ications with Venezuela Start
Liquidation - Persistent Pressure
on st. Paul and Northern Pacific.

NEW YORK, Jan. 1s.-To the influences
which have been effective in unsettling
the market throughout the week there
were added today the disturbing reports
regarding the state of health of the
Queen of England and the possibility of
complications between this and the Vene
zuelan Government. The last two were
the only novel considerations engaging
attention, but the culminative effect of all
these factors was to cause a flood of
liquidation to pour into the market this
morning.
In this process there were apparently
liquidated several very heavy, although
not particularly strong, speculative ac
counts, for at times the selling was SEEM
ingly urgent The bearish contingent
were quick TO follow up the advantage
furnished by this state of things. and oc-
casionally the forenoon market seemed to
be fairly demoralized.
1t was worthy of note that, notwith-
standing the currentsuneasiness in re-
spect to the position of the industrial
stocks, the declines in that quarter were
not as pronounced as were those in the
Halfway liSAs hOl Ntit lht NNalAhSS 80
heavy. The railway list showed such ex-
IRENE declines as 3 1-2 points in Erie first
preferred as in ontario and Western,
IS in St Paul, and IA in Pennsyl-
vania. There were also exceptionally heavy
declines shown in the local traction group
and among the specialties, the losses ex-
tending to Ia points in Brooklyn Rapid
Transit, SIS in Metropolitan Street Rail
way, 3 III in Colorado Fuel and Iron, and
in Consolidated Gas.
Notwithstanding the reports of the Sc
rious indisposition of the Queen the for
eign arbitrage houses were buyers here of
upward of 20, 900 shares of stocks, although
il may be said that the more alarming re-
ports were received after the close of
business on the London exchange. In the
early dealings the market had some
what uncertain tendency exceptional
strength being shown in some stocks,
notably in Baltimore and Dido and Mis-
souri, Pacific
Toward midday there was a fairly COM
mon rally. attended by material falling
away In activity. The new considerations
referred TO as entering into speculative
calculations this morning did not, indeed,
play by any means SO considerable part |
as those which have engaged attention
throughout the week, namely the con- |
fused situation in the steel trade and the |
collapse of the extravagant ideas in regard |
shown in the exceptionally heavy dealings |
In ST. Paul and Northern Pacific, together |
with the course OF those stocks.
Except for the disappointment felt re- |
garding the Erie dividend, there was no |
particular explanation of the decided |
weakness shown in all Of the anthracite |
coal shares. Today's renewed weakness in |
Erie first preferred was, perhaps, in part |
owing to the announcement of the details |
by which the purchase Of the Pennsylvania |
Coal Company will be effected.
The Industrial quarter furnished fair |
quota to the days total. but the move |
ments there were pretty. much in line !
with those in the remainder Of the mar |
ket. The sharp decline showing in all of |
the local traction shares might speeifi- |
cally be referred to the recent emphatic |
denials that any closer arrangements |
were pending between those companies, |
although as matter of fact the move |
ments in those stocks. like those in the |
remainder of the market, were little more
than continuation of the radical re-
adjustment that has been in progress in
the market now for the past fortnight.
The noted midday rally in the market
was Of short duration and in the after
noon there was further extremely sharp
break in prices in which some of the
lowest levels of the day were made. There
appeared to be a concerted effort to break
poth 81 raul anu NorlneTn racine, ire
mendous blocks of stocks being thrown
on the market apparently without regard
for prices obtained. AS was to be ex-
pected the remainder of the market yield
ed in sympathy with the severe losses
shown in these two stocks. II was, new
ertheless, the general opinion that the
dealings in them reflected a manifest eff
fort to force out weak speculative hold
ings
The market closed at another sharp raj
ly from the low figures of the day, but
with a very feverish tone.
III. No. Wall s,,x,- u....