The times. [volume] (Washington [D.C.]) 1897-1901, 1901-01-09

NEW YORK, Jan. S.-Wall Street well
coined the comparative subsistence Of
speculative enthusiasm witnessed in to-
days stock market The strain upon the
nerves and the strength of stock brokers'
and their employees has for weeks been
so extreme as TO threaten serious results
and in many instances it has been impos-
sible to keep up accounts in pace With
the tremendous business offering. While
todsy's dealings fell away somewhat in
volume contrasted with those Of yesterday
and while the market was spoken of as
comparatively quiet, it was, nevertheless,
true that the transactions recorded in any
single hour of the day would have, some
years ago, been accounted heavy for a
full business session.
The tone of the market during the
greater part of the day was again exceed
ingly confused and erratic. Prices were
depressed at the opening, partly in SYM
patty with the declines shown in London
and also upon expectations of the early
announcement of the expectations of gold.
There were subsequently during the day
a number of sharp advances and further
reactions which were quite commonly
participated in. although in some particu-
STOCKS l0e auNduCluE ltuutiNg WOO
fairly well retained throughout the day.
AS has been pointed out before, however,
the tone of market like the present at
any particular time is really of little mo-
ment 1t is beginning to be recognized
that the stocks of the higher grades are
gradually being absorbed and withdrawn
from the field OF SPECULATION
The extent Ia vh.ch this has already &C.
CURED seems Is ( hardly to be appreci-
ated. notwithst snting the recent and cur
rent developments among the anthracite
properties. Up TO this time, for example,
New jersey stock has been fairly active
speculative favorite but hereafter specu-
lative dealings in it will be out OF the
question.
Developments of a more or less similar
nature seem to be locked for in the in
stance of the St Paul Company, while the
extent TO which stocks have been with
drawn from the speculative field by rea-
of tho various acquisitions of the
Pennsylvania and New York Central com
paIies should also be borne in mind. 1t
is. indeed, in this respect that the current
so-called bull movement in the market
varies from any others in Wall Streets
history. In former periods similar or APP
proXimate advances in prices simply re-
fected the transfer OF securities from one
hand to another, until it wss simply a
question Of the last purchaser having TO
pocket the loss.
In the instance of the present market,
speculative and other holders seem to have
sold their securities to great corporations
and financial interests having in mind
broad and benefcent schemes for such
unihcat!on of control as are bound 10 re-
suit in more stable rates and greater
economy of operation.
London followed up its lower range OF
prices by selling in this market on bal
snee upward of $4,000 shares of stocks
Except at the opening. LOndon's attitude
however excited very little interest as
was only natural IN view of the small ratio
of the operation from that quarter 20 the
tremendous local dealings. In their gen.
ersl aspects the dealings varied very lit
tie from those recently conducted. Profit
realizing sales we're conducted in enormous
volume but the market was moi wanting
IN support either from what was apparent
~ new outside buying power or that ORR
ginating from what the street styles the
big financial interests.
Today's price changes were exception
ally confused. In the railway list there
were exceedingly wide fluctuations in St
Paul. Northern Pacific. the Atchison
shares and Baltimore and Ohio The trad
ing in the anthracite coal issues naturally
fell away in volume with the culmina tion
OF the several striking developments in
that quarter
The railway list again altogether over
snadoNeu the remainder OF the market
both in respect of activity and of extern
sive fluctuations. The only active fea-
lures Of the industrial group were the
tobacco issues and Sugar Refining and in
these cases also the fluctuations were err
ratio. All the local traction issues were
bid up sharply about midday but subse-
quently they share IL the general irreg
ularity Of tone, which might be cited as
the most striking Characteristic Of the
market at large.
There was further perceptible relaxa
ton in the money market today, and ster-
ling exchange continued exceedingly firm.
On the other hand. expectations of the
early beginning of expectations of gold
were somewhat modified by quite a pro-
nouneed relaxation in the open LONDON
discount marl;At- 1t is believed. however
that current tendencies in the local money
market and the foreign exchange situa-
tion will eventually have issue in the ex-
portation CT some 81. Coz 600 to 500 GGG GcO
gold.