The times. [volume] (Washington [D.C.]) 1897-1901, 1901-02-21
THE MARKET AGAIN WEAK
The Professionals Continue Their
Attack on Prices.
Selling by Commission Houses for
Western steel Men Believed to
Have Been Heavy-Thc Progress of
the DenI-The Financial and Bust
ness News Considered Favorable.

NEW YORK. Feb. 2O.-With no changes
in fundamental financial conditions APP
pearing in this mornings news, and with
no developments Of importance subse-
quently. the stock market broke sharply
In the early dealings. The main feature
of the market was the exceedingly heavy
selling by number of large and repre-
sentative commission houses.
1t might be added that this selling was
OF an unusually free and open character,
and none of the pains usually taken to
disguise liquidation was apparent. Such
selling, however, naturally excited great
deal of comment. particularly as IT was
unattended by any news or even gossip
TO which il could be referred.
Conjectures as TO the principals behind
these commission houses were naturally
active. Op-sicn in this respect seemed to
centre arounl certain Western financiers
who have recently taken up their abode
here and who have been conspicuously
identified with the formation of a number
Of the minor steel Industrial enterprises.
On this account a feeling of apprehen-
sion developed that their market attitude
might be owing to some exclusive infor-
regarding the progress OF the Mt
gotiations in the steel trade. and this
fact served TO intensity the concern grow
ing out of the sudden and unexpected
break in prices at the opening.
On the other hand. there was no trust
worthy evidence Of any hitch. in the ne
gotiations. all OF the most credible infor-
nation being TO the effect that they were
progressing with rs much CELEBRITY as
could be expected in transaction of such
q magnitude. Although everyone is dis
cussing this tremendous transaction and
is even dwelling on its immense proper
lions, there are probably few persons who
have any conception of the enormous de-
tail involved and OF the care given to the
business at hand by its chief operator.
Unruffied money market conditions and
no material difference in sterling eX
change together with the publication of
additional traffic reports covering various
periods. fairly summarized the days news.
The rapidity of tn early break in the
market, however, served to turn attention
back TO the several features OF the situa-
tion which have been engaging attention
for the last few lays. and to renew the
discussion concerning them.
These matters were the large loan ex-
pansion of the New York banks. the ap-
prehensions that the retaliatory tariff
policy adopted by Russia might be es-
poused by other European countries, the
prospective labor troubles in the anthra-
cite regions, and the absence of any def
mite announcement representing the real
status of the steel trade negotiations.
London furnished a materially higher
range OF prices for American stocks, and
foreign houses on balance bought small
amount of stocks here. These ordinarily
favorable circumstances were altogether
overshadowed, however. by the heavy and
really aggressive selling for local account
already noted.
The pressure was particularly severe In
81. Paul. and the other granger issues, and
in Missouri Pacific. Union Pacific and
Northern Pacific also broke badly, and
there was 4 particularly heavy shrinkage
in Delaware and Hudson and the Reading
shares
Among the specialties there was an
other exceedingly sharp advance in Gen.
eral Electric, and Colorado Fuel and Iron
showed tendency toward recovery. but
apart from these stocks the movements
among the specialties were in sympathy
with the general market.
There was a recovery in the last hour.
headed by the traction securities but just
before the close the attack on prices be-
gan again with even greater severity.
The common steel securities were cou-
spicuousiy weak in this final break.