The times. [volume] (Washington [D.C.]) 1897-1901, 1901-01-22
PRESSURE FROM LONDON
The News Regarding the Queen
Induces Heavy Declines.
sIumps of Several Points Appear i'm
the Railway List, With Persistent
Bear Attacks on Certain of the
Speciaitfes-Gren: Strength Main
tanned by the Gould Issues.

NEW YORK, Jan. 21.-It was to have
been expected that no little unsettlement
of confidence would be evident at the
opening of the stock market, and in fact
the dealings of the first hour were char
acterlzed by conditions approaching de-
moralization. Thus, the early dealings
showed such losses as IS per cent in
st. Paul, per cent in Northern Pacific,
ga per cent in Pennsylvania, and S-s
per cent in Rock Island.
Among the specialties, there were such
losses as % ga per cent in Colorado Fuel
and Iron per cent in Tennessee Coal
and Iron, and 1-2 per cent in Amalga-
mated Copper. The local traction is
sues and the industrials were all likewise
materially depressed.
The explanation of the state of things
in question. may be assumed TO be within
the acquaintance of anyone devoting even
cursory attention TO financial affairs
Early movements in the market were, in
short, little more than continuation of
the tendencies which have been pro-
nounced during the past fortnight and
these were accentuated by the critical
condition Of the Queen of England. The
influence of the latter circumstance was
clearly apparent in the London stock
market today, where a general decline
was reported.
The losses in the American quarter ex-
tended to more than / per cent, in a
number of instances. At the opening of
business. foreign houses sold heavily
here, but The break in the local market
was so violent as to permit of profitable
arbitrage transactions on the London side
and the balance of purchases for foreign
account aggregated some 10000 or so 600
shares.
There were a few stocks which, through
out the early virtual decentralization in
the market, showed pronounced strength
and these were notably Missouri Pacific
Kansas and Texas preferred, and the Wa
bash issues. The strength of Missouri
Pac1ac under such conditions naturally
excited comment. The transfer books of
the company will close for the annual
meeting of the stockholders one week from
tomorrow, and it was naturally assumed
that the absorption of the stock which
mas been so pronounced a feature of the
market for some time past might be taken
as presaging either an absolute change in
control or otherwise the entrance of rev
and powerful interests into the manage
ment.
The personnel of the new elements. it
was thought. was indicated in the stimuli
sas and Texas. The conspicuous strength
of the Wabash shares was accompanied
by an equally pronounced rise in the COM
pany's debenture bonds but little that was
definite in the way of news or gossip at
tended the rise in that quarter of the
market.
After the first hour much firmer tone
developed in the general market and ma
terfal recoveries were common. The deal
ings were upon a large scale. and interest
was unusually well diversified throughout
every quarter of the market. While the
local traction shares participated in the
early unsettlement they all subsequently
rallied very sharply. and the dealings in
Manhattan and Brooklyn Rapid Transit
were exceedingly heavy. As regards the
latter stock, conjecture is active as to
the changes which it is believed will be
made in the directorate on Friday next.
Manhattan was equally strong, but the
rumors usually attending active dealings
in that stock were not present today.
Notwithstanding the general confusion
OF ideas regarding the state of affairs in
the various lines of the steel trade, the
so-called steel industrials showed no more
extensive fluctuations than were noted in
the railway list or ii any other quarters
of the market Trustworthy information
is to the effect that much ado is being
made of very little in the current dis
cuSsl0n OF steel trade conditions. Those
companies al all events which are not
conducted with the ultimate end of shap-
ing stock market prices find themselves
able to carry on their business at fair
profits. and the same is probably true of
those whose shares are under active stock
market manipulation, even il the profits
accruing to the so-called insiders
through stock jobbing are greater than
the dividends paid TO the shareholders.
Both Continental Tobacco and American
Tobacco were exceptionally firm, as was
American Smelling. Among the special
ties Tennessee Coal and Iron was decided
ly strong and with the course of the day
there was rapid advance in North Amer
lean in advance of the pending readjust-
ment of the company's capitalization. Not
withstanding the general recovery noted
in the market after the opening the trad
ing retained appearances of feverishness
and uncertainty throughout the day.
The early decline appeared to reflect the
precipitate closing out of a large number
Of weak speculative accounts, while the
notion prevailed throughout the street
that large operator, who has been con-
spieuous on the long side of the market
had willingly or perfoTce closed out The
last of his commitments. Heavy cover
ing OF short contracts was also feature
Of the dealings.
The New York Stock Market.
Corrected daily by W b. Hibbs q Co. men,
bers Of the New York Stock Exchange, 1919 F
Street.
Open. High. Low Clos.
m