The times. [volume] (Washington [D.C.]) 1897-1901, 1901-01-23
S7EADIEESS IN STOCKS
Prices Well Held in Spite Of the
Queens Death.
London n LnrGe Buyer of American
Securities - Missouri Pacific the
Depression in the IndI~trinls 0'r-
ing 10 Many Disturbing Rumors.

ing DC Many Disturbing Bumors.
NEW YORK. Jan. notwithstanding
the acute state of anxiety prevailing in
regard to the condition of the Queen OF
England. the London stock market today
was steady in all of its quarters. Win
some buoyaucy appearing in the Ameri-
can division The advances in the latter
extended in some instances to over l
point. although Anaconda Mining, in
very sharp decline, was an exception to
the common tendency.
The local market opened strong and
animated on the lead SET by London, al
though the tone in The early dealings
might have logically been regarded as
renewal CT that prevailing AT the close
Of business yesterday. Advances, some Of
which attained noteworthy proportions,
were common in the forenoon session,
although after the first hour OF business
the trading fell away materially in vol
ume, apparently on account OF the IN
certainty as TO when the announcement
OF the demise Of the Queen might be
definitely made.
The lead set in the London prices was
followed up here by unusually heavy and
general purchases Tor foreign account, the
total takings being estimated at over &C.
600 shares. Commission house business
seemed to be in diminished volume, but
the more aggressive and influential pro-
fessional traders appeared to have re-
versed their position in the market and
today were active in bidding up prices in
various directions.
The dealings showed otherwise quite a
steady absorption of stocks, the buying in
many directions being what is technically
described as good. particularly as re-
garded the railway list. Missouri Pacific
was the conspicuous feature of the mar
ket at the opening Of business in further
sharp advance. transactions being effect
ed in the stock at a level of more than
three points above its final figures OF yes
terday. Subsequently the stock reacted
violently and the urgent demand for it
which has appeared in the market
throughout the week seemed suddenly to
have become extinct.
The rapidity of the break in Missouri
Pacific suggested that either the obstinate
outstanding short account had succeeded
finally in closing cut its contracts, or
otherwise had been able to effect pri-
waite settlement outside OF the stock mar
ket Rumors to the latter effect did, in
deed. attend the dealings in Missouri Pa
ciic.
As regards the other more pronounced
movements in the railway list, there was
little or nothing in the way of novelty TO
be cited. st. Paul advanced very sharply
in the forenoon, as did Northern Pacific. 4
circumstance tending to revive belief in
The ultimate development of closer rela
lions between the lines in the Northwest.
Other notably strong features of he rail-
way list were the AtchisOn shares. Balti-
more and Ohio, Chesapeake and Ohio.
Southern Pacific the Erie issues, and
Texas and Pacific. There were again
heavy dealings in all Of the Wabash Sc
curities, a slightly reactionary tendency
appearing in the stock. The extreme ad-
vances made in ali Of these cases were
somewhat shaded in the subsequent deal
ings upon the noted falling away in ac-
tivity.
The local traction shares were also 10
tably firm, particularly Brooklyn Rap
I'd Transit, which advanced rapidly. the
rise being attended by reports to the
identity OF certain interests likely TO ap-
pear in the board of directors after Fri
days meeting In general, however, the
movements in the local traction quarter
were in line with those in the railway
list. The industrial quarter hsd an irreg-
uler tendency throughout the day. Fed
eral Steel 'merican Steel and Wire and
Tin Plate sere weak, while steel hoop.
American Smelling the tobacco stocks.
and Sugar Refining were notably firm.
Except for the conjectures entertained as
to the rate Of dividend TO be declared on
American Steel and Wire next Monday,
there was nothing tangible attending the
movements in the Industrial quarter.
Aside from the erTatic movements in the
Copper stocks, there were few changes of
any consequence among the specialties.
The money market continued extremely
easy throughout the day. and sterling ex-
change reacted slightly on the offerings Of
bankers bills in connection with the fur
Their exports Of geld. which were an
nounced today TO go out by Thursdays
steamship. Few interesting statements OF
traffic were submitted, and, in fact, apart
from the afternoons announcement Of the
Death OF the Queen. there was little OF
Importance in the days general or par
ticulBT developments.
In the last hour the market developed
increasing strength and animation under
the lead Of sharp rise in St Paul. Aside
from coDiectures as to the sources OF the
buying OF that stock there was little def
mite attending its course, although as
noted above its rise caused revival in the
general belief that negotiations looking to
the control OF the property have been re-
newed. The advances in the last hour we're
fairly common. being participated in by
practically every quarter CT the market.