The Washington times., 1901-10-29
DOWNWARD TREND BEGINS
Stock Prices Drift Irregularly To-
ward Lower Level.
Opening at IA Decline. the Market
Rallies But aEnin NcnlScns-Lend-
crs Unable to Withstand the Gem
eral Tendcncy-The Outlook Poor.

crs Unable to Withstand the Cen
eraI Tendcncy-The Outlook Poor.
NEW YORK, oct 2S-The stock mar
ket today had an irregular drift toward
q lower level, the movement being pro-
nounced in number Of instances but
occasionally checked by the appearance
of aggressive strength in certain special
quarters of the market. Considered as a
whole the subjects which engaged atten-
ton upon the opening of business and
the developments with the course Of the
business session were unfavorable.
The London market was materially de-
pressed in all of its quarters. partly on
account of the alarmist reports current
regarding the state Of health Of the KING
of England, but chiefly because of appre-
tensions respecting the money market
there. 1t seemed to be feared that the
Bank Of England would advance its OIL
cial discount figures on Thursday next
and the money market was decidedly
firmer in connection with the continued
outflow of gold from London.
The dealings in the New York market,
however. for foreign account were upon
an extremely small scale, although
wholly on the selling side The local
money market showed little actual alter
alton and sterling exchange continued
exceedingly firm.
Virtually no attention was paid to the
dav's returns of railway traffic or to the
other more or less routine features OF the
situation 1t is hardly necessary TO say
that the keenest interest was taken IN the
return TO active business of the present
foremost figure in American financial al
fairs, particularly in view of the present
concentration of attention upon the
Northern Pacific situation. No light was
thrown on that general subject, however,
in consequence, although ii Is commonly
assumed that Mr. Morgam's presence will
tend to expedite n thorough and amicable
settlement of the whole business.
The market opened lower in practically
every quarter. but St. Paul and Union Pa
cifc developed temporary strength, and
the course of these stocks was followed by
quite substantial rally in the remainder
of the market The next downward dip In
prices followed the appearance of most de-
cided weakness in Amalgamated Copper,
Sugar Refining, and the United States
Steel issues. notably the first named st.
Paul and Union Pacific also rece5ed
sharply. which deprived the market of the
svmDathetic stcadiness il had derived
from the early course of those two infiu-
eutial issues. 1t is hardly necessary to
say that little developed to account for
the extreme weakness in Amalgamated
Copper. and the gossip bearing upon the
stock was still virtually confined to the
expected reduction in the selling rates for
its product.
The decline in the United States Steel
issues was perhaps in part owing TO the
apprchenSions that the capitalists who
have unsuccessfully been endeavoring 10
induce the United States Steel Corpora
tion to purchase the American Can Com
pany might engage in active competition
with some Of the constituent concerns Of
the United States Steel Corporation. OBJ
servers Of the dealinES in the United
States Steel stocks thought that they
could trace the heaviest selling Of these
issues to The would-be Venders of the can
company.
cific New York Central, Missouri Pacific
and Pennsylvania showed occasional
frmness but none of these stocks was
able TO withstand the weakness which ap-
peared throughout the list with the course
of the day. The local traction issues
with the exception of Metropolitan Street
Railway were also firm in the forenoon,
bur later sold down with the remainder
Of the market.
Among the specialtics. Tennessee Coal
and Iron was particularly weak. Peo-
pies Gas enjoyed a material rally on the
announcement Of the favorable quo war
ranto proceedings before the Chicago
courts. but its tendency was short-lived.