The times. [volume] (Washington [D.C.]) 1897-1901, 1901-02-14
STOCK PRICES TUMBLE
Reactions Througho Mt the List
After Opening Strength.
Sugar and the Steel Securities Es-
pccia1Iy Weak - Railways Decline
One 10 Three Points - Technical
Matters Tint Influenced the Sell
ing - Satisfactory to Wall street.

NEW YORK, Feb. 13.-It was not easy
to assign definite causes to the varying
movements in todays stock market, ex-
cept on strictly technical lines. Little
that was new was offered for consideration
upon the opening of business this morn
ing, and no further definite and authentic
information came to hand bearing on the
tention is now focused
The market opened favorably, influenced
by the extensive advances scored in the
London market for American stocks over
the local holiday. These advances at
tanned noteworthy proportions In the
Atchison issues. st. Paul, and the Read
Ing stocks, and they were reflected in
corresponding gains in the local market
In the initial dealings.
There was heavy buying conducted for
foreign account, particularly in the Atchi-
son issues, in which stock an extremely
heavy foreign short account apparently
exists. In many cases the highest prices
were reached. Subsequently, there was
sharp and general reaction in prices, the
market at times presenting an exceedingly
weak appearance.
1t was the general opinion of observers
of the dealings that the selling was for
Inc account of number of operators, who
Ior some time past have been proceeding
upon such an enormous scale that the di-
rection OF their trading can readily bring
about decided stock market results
This pressure was this morning most
severe in the steel industrials, all of
which broke very sharply from their open
fng level
9 No special news or rumors accompa-
MED the decline in these stocks, but the
fquldation apparent in them seemed to
De 10 some extent owing to the absence of
any further authoritative statements re-
specting the progress of the negotiations
through which the Carnegie Steel Com
pany is to be acquired.
Broadly speaking, the general charac-
ter Of the market did not differ greatly
from that ii possessed last week The
dealings attained a large aggregate and
speculative interest was well diversified
number of stocks showed aggressive
strength even throughout the reaction
which followed the opening bulge in
prices These were New York Central.
Pennsylvania, Norfolk and Western. the
Heading issues, ST. Louis and Southwest
ern, and notably Western Union.
The dealings in the latter stock contin-
ned in unusually large volume and seemed
10 De again based upon plain investment
considerations suggested by the market
level of and the dividends on the stock.
The comparatively low level at which
Western Union has sold throughout the
general advance in the stock market dur
ing the past year has been a constant
source of comment. particularly in view of
the company's ma gni6cent dividend rec
ord.
The conspicuous position the stock at
tanned in today's market not unnaturally
led to the circulation Of rumors Of various
kinds, the most persistent OF which was
that the property was to be leased by the
Postal Telegraph Company. Little cred
ence was attached TO any OF the reports
In question
Scant attention appeared to be paid to
the large number Of railway traffic re-
turns submitted today, although many Of
them were remarkably favorable exhibits |
No essential changes were noted In either |
The money or foreign exchange markets |
from the conditions which prevailed at the |
close of last week.
The bond market, particularly for the |
more speculative issues, had the came I'M |
settled tone that marked the dealings in |
the railway list the reactionary move |
ment in Wabash dehenture BIS and Next |
can Central issues attained material pro-
portions
The stock market continued feyerish
throughout the day, and showed only a
ftful and occasional disposition toward re-
eoyery