The times. [volume] (Washington [D.C.]) 1897-1901, 1901-01-11

NEW YORK, Jan. 10-What can be
most accurately described purely SEN
timental break in stock market values oc-
Cured this morning. The cold water
thrown in this mornings news on the de-
velopments which have been quite COM
monty believed to be impending in the af-
fairs Of the St Paul Company together
with the other more or less technical de-
mails of impending deals" resulted in a
perfect food of selling orders upon the
opening of business.
The execution of these orders disclosed
a fact which has long been recognized by
observers of the market and which, indeed,
has been naturally involved in the general
circumstances of the trading, namely, that
the market Yves what is technically de-
scribed as full of stop orders. In conse-
Quence the forenoon dealings, and particu-
larry those of the first hour showed some
extremely sharp declines. The drop in st.
Paul stock. for example, was in excess OF
five points, while Northern Pacific de-
clined three points.
Except for the overthrow of recently
prevailing notions as to the real status of
the negotiations affecting these properties,
there was nothing which could BE- mem
toned as specifically bearing upon the
pronounced declines appearing. II has fire.
Quenty been pointed cut in this column,
however, that in any. consideration Of the
current extreme fluctuations in prices. the
very tremendous volume of the specula-
tion itself must be taken into account. A
comparatively few years ago the execution
of 10000 or 10000 share order would
have Immediately excited comment and
4.
of a half dozen quarters.
At this time, however. iorders on either
side of the market of the noted proper
tons, might emanate from a hundred
sources and, in fact, there are a large
number of operators with whose names
the public is absolutely unfamiliar who
are trad!ng in the market on scale which
would have been considered sensational a
few years ago. For this reason it is plain
that observers Of the stock market will
witness an exceptionally extensive fiuctu
alton so long as business continues in its
present extraordinary volume
On account of the generally prevalent
condition of speculative sentiment, e three
TO point advance in any particular
stock is taken fer granted, while a reac-
ton of half as. much will set on foot con-
lectures as to The reasons why. There
was really nothing actually new in gen.
er6l conditions today which would account
for the tendency of prices. There was,
naturally, some concern expressed in re-
gard to the state OF the Presidents health
notwithstanding that all of the most re-
liable information from Washington was
10 the effect that ne was conyalescent.
There was also free selling Of the mar
ket on the rumored Illness OF an excep-
tionally heavy operator who has been sup
posed to be proceeding on the long side.
London sent in higher prices for American
- ~ -.
In this market, again disposing Of over
160U 600 shares on balance. The local money
market showed further relaxation, and
sterling exchange advanced further, rem
dering almost certain the export of goId
toward the close of next week.
Beyond any question, however, the main
influence in the market was the blow to
speculative sentiment administered by
this mornings announcement respecting
the status Of the affairs of he st. Paul
Company. Holders of the stock did not
apparently enquire as TO the intrinsic
merits of their venture, but proceeded
upon the theory that If no deal' was
imminent 1t was the part of wisdom to
liquidate 1t is not only not improbable,
but II is a reasonably certain fact, that
the public at large will have no real in
formation in regard to certain great ne
gotiations On foot until the latter are con-
cluded, for if they had, the negotiations
In question would be impossible.
However, such transactions cannot be
effected within week or a month Great
and conflicting interests are TO be con-
sidered and conciliated. 1t is neverthe-
less the case that there are coed reasons
for believing that what has taken place
in the railway systems in the country
north OF the Ohio and east of the Mis-
sissippi will be repeated in the sections
northwest and southwest of that geo
graphical division. Unihcation of ntrol
is directly in line with the evolution of
the industry of transportation albeit the
measures TO that end may not be con-
summated with the despatch up n which
spectators have apparently been count
ing
Detailed discussion of the movements in
today's market would hardly appear to be
necessary. The recoveries following upon
the early declines were in many cases
very pronounced. Throughout the day a
number of stocks were decidedly firm,
conspicuous instances being the tobacco
shares, Western Union. Manhattan, Sugar
Refining. ana Peoples Gas. Missouri Pa
eifc also rose sharply from the early
prices and indeed the general tendency
OF the market after the turbulent dealings
of the forenoon was toward recovery. al
though the trading retained appearances
of extreme feyerishness.