The times. [volume] (Washington [D.C.]) 1897-1901, 1901-01-17
AN IRREGULAR MARKET
Early Sharp Advances Followed by
General Weakness.
Little Apparent Opposition to the
Afternoon Raid Among Important
Interests-Neyvs Developments Uni
formIy "GoOdr - The Burlington
Capital stock to he Increased.

NEW YORK Jan. 16.-The forenoon
dealings in the stock market this morn
ing resulted in a number of exceedingly
sharp advances in the railway list. There
was nothing particularly in the news of
the morning or in the days general de-
velopments to which the somewhat preci-
plate retreat of the short interests could
be ascribed, and it seemed to be chiefly
owing to the demand from that quarter
that the mornings advances took place.
At all events, the urgent covering of
shorts disclosed the fact that liquidation
was by no means as general as had been
expected in view of recent market ten
denotes.
1t was somewhat worthy of note that
the most extensive advance scored in any
particular stock in the early rise was in
St. Paul This circumstance not unnat'
urally led to a revival of the belief in
what is now called the st. Paul deal, par
ticularly as the sharp rise in the stock
was attended by rapid advance in North
ern Pacific and in Great Northern. No
new light was thrown on the matter, how
ever and SO far as public opinion on the
question is concerned il can only be SAID
that there still exists a wide and distinct
cleavage.
Following upon this movement Bur-
lington and Quincy shot up rapidly, It's
course being accounted for by the an
nouncement that in addition to declaring
the regular quarterly dividend, the direc-
tors have decided upon an increase OF ~
per cent in the capital stock. the new is
sue to be offered to the shareholders at
par There were number OF other IN
teresting dividend declarations.
Wall Street learned after the close OF
business yesterday of the action taken by
the Federal Steel directors. There APP
peared TO be keen disappointment that
the management had not seen fit to es-
tablish the stock upon a quarterly diyi-
dend basis and 1t was under material
pressure throughout the day.
The movements in the industrial quar-
ter generally were irregular. Among the
most marked was a further recovery in
National Tube reflection possibly of
the views entertained in regard to the
eventual outcome of the threatened com
petition. The local traction issues were
very active in today's market, and Man
haitian advanced sharply in the fore
noon.
The announcement that some $780,,
600 gold has been engaged for shipment
tomorrow was received with unconcern,
from a stock market point of view. Ii
is generally DelleNed tndl the oulHo" Vi
gold will continue weekly until some
SIS, 600 or $50 600 600 shall have been
delivered abroad. but on the other hand,
IL is quite certain that these drafts upon
the New York money market Will be
counterbaianced by the weekly receipts
Of funds from interior points. Today's
money market continued extremely easy.
In which respect ii may be noted that
the banks continue to gain heavily in
their operations with the suhtreasury,
the amount drawn from that quarter
since last Friday amounting to more
than four million.
The afternoon dealings were more ami
mated than those of the morning and re-
suited in number of wide and erratic
price movements. There was renewed
heavy selling of the general market by
the bears who congregate at an uptown
hotel. and on this account the loan market
for stocks reflected tremendous Dor
rowing demand. many issues loaning
fiat" or without interest. The indus
trial quarter continued weak, notably
Federal Steel, but the railway list was
by no means wanting in support at the
declines. The reaction in the local
traction shares was particularly severe
and Peoples Gas also broke badly in the
afternoon.
While, as noted, the railway list was
not wanting in support and indeed, the
character of the buying there was de-
on the part of the larger financial in
terests to combat the effort of the opera
tors for further decline.