The times. [volume] (Washington [D.C.]) 1897-1901, 1901-01-03
STOCKS READILY TAKEN
The New Years Market Opens
With Tremendous Activity.
The Railway Shares the Leaders i'm
the Days Trnnsactions-The short
tended - Some Sharp Advances
Scored In the Industrial Quarter.

Scored In the Industrial Quarter.
NEW YORK, Jan. 2-The new year and
the twentieth century opened most au-
spiciously upon the New York Stock Ex-
change. In the truest sense of the term
there was a market for securities 1t was
possible to dispose of or to buy tremen-
dous blocks of stocks without inducing
ultra extensive movements in either di-
rection, and the days total dealings told.
indeed of such transfers of securities
to a noteworthy degree. Interest was
better diversified in the market than for
a long time, albeit it was again mainly
centred in the railway list. There were,
however, more active dealings in the in
dustrial quarter and in the local traction
issues than for some time.
The market varied very little from
those which have prevailed ever since
and, indeed, for the month before election
day. In the instances of a number of
stocks rumors and notions which have
prevailed for some time were particu
larry effective, but there were number
of extensive movements in other stocks
in which no particular interest developed.
Commission houses reported a steady
growth in outside interest in the market,
although ventures on this account are by
no means. at the present time, confined
to one side of the account.
1t is matter of comment also that,
notwithstanding the virtually unbroken
advance in prices, a very considerable
short interest exists in the general mar
ket, and in some stocks this speculative
faction appears to be unduly extended.
So far as can be ascertained the posi-
ton assumed by operators for a fall is
based exclusively upon the very extensive
feeling against high prices. At all events,
argument for decline is the main topic
of conversation by the supposedly know
ing ones.
In market of. the proportions of the
present the superficial tone at any particu-
lar time is of very little consequence To-
days market showed number of ex-
tremely wide fluctuations which were quite
commonly participated in. At the OPEN
trg of business general and striking ad-
Vahces were the rule. The London mar
ket was generally heavy on appreheDsions
that the Bank Of England's discount rate
would be advanced tomorrow. and also the
disappointing and very serious situation in
South Africa. The American department,
however, was a striking exception to the
common tendency of the London market.
and advances which extended TO one point
above parity with New York's final fig
nros Of Monday were noted. Foreign
houses dealt very heavily in this mar
ket. and on balance were purchasers of
upward of $4,000 shares.
Whatever may be the facts in the case
there can be no doubt that the heavy
speculation in st. Paul and Northern Pa
cihc is greatly influenced by the general
conviction that much closer relations are
about to be established between those
companies and the Great Northern sys-
tenn. There is reason to believe that the
actual control of the Northern Pacific,
through ownership of stock, is now CEN
tered in the hands of the capitalists con-
trolling the 5reat Northern and allied in
terests; and the establishment of closer
relations with tho ST. Paul company is by
no means an unreasonable proposition
In the Industrial quarter, there were a
number of sharp advances. and in those
stocks also the fuctua lions were as wide
as were those in the railway list The
steel industrials and particularly FEEDER
al Steel were actively dealt in, that stock
advancing on the expectation that a divi-
dend of 5 per cent will be declared uIon |
it in the latter part of the month Other
strong features of the industrial quarter |
Were American Tobacco, Continental To- |
bacco and United States Rubber common |
The industrial quarter also furnished the !
only noteworthy exception to the common /
tendency to the market in American Sugar I
Refinery. The sharp decline in that stock
was not directly accounted for by any new |
developments
All of the sugar refining companies an |
what appeared TO he a .oint re- |
duction in the selling prices for their
product, but on the other hand, The restor- /
alton of prices for roasted coffee by the
large competing concerns was assumed TO
mean that material progress toward
settlement of the dispute in that t:ade
has been made. The local traction shares
were not particularly active, but gener-
ally firm on the opinion that the probable
changes in the franchise tax law Indicated
IN the Governors message in he Legis-
lature would be for the benefit of the
corporations subject to the present tax.
An active money market was naturally
involved In the general circumstances of
the financial situation al this time and for /
ms reason most of the borrowers on call !
look occasion TO obtain the accommodation !
needed early in the day. The bulk of ;he
borrowing in this way was effected at 6
per cent, and subsequently rates eased
away materially. 1t seems probable that
the ensuing fortnight will witness the last
OF the comparatively high rates for money
which have prevailed, as the banks are
now gaining quite heavily from the sub
Treasury, and additional Government dis
bursements may be counted upon shortly.
The market for sterling exchange con-
tinued firm, but II was the opinion of the
most competent authorities that the con-
ditions there were not apt to have an is
sue In the movement of gold in either
direction for an indefinite period.