The times. [volume] (Washington [D.C.]) 1897-1901, 1901-01-04
Seeking A lower LEVEL
Heavy Declines in Stocks Owing
to LOndOn's influence.
a One Per Cent Advance in the Of
fetal Discount Figures of the Bank
One Point Common in the Railway
List - LOSSES in the Industrinis.

NEW YORK. Jan. 3.-Today's stock
from London. and inasmuch as the mar
ket at that point was thoroughly unset
tied, it was not remarkable that similar
conditions should have prevailed in the
local dealings. Londons tendency was
chiefly owing to the advance Of l per cent
ordered today in the official discount fig
ures of the Bank of England. the advance
being double that which had been com
monty looked for. The banks rather rad
ical procedure was, however. fully ac-
counted for by the very low percentage of
reserves shown in its weekly statement
published today.
Partly in consequence of the action OF
the Bank of England the sterling exchange
market moved up sharply. so rapidly. in
deed. as TO set on foot the usual conject-
ures as to whether expectations OF gold
could be reckoned upon as among the con-
tingencies of the near future.
At the moment such an issue to the
foreign exchange situation would appear
to be decidedly remote, although of course,
it might be forced should there be fur
American securities by Europe. The early
cables showed American stocks quoted in
London at declines which extended to well
over one point, and foreign houses sold
stocks steadily here from the opening and
even after the close of the London stock
exchange. The sales were variously esti
mated at from so 900 to over 100 600 shares,
and they were conducted in practically all
of the internationally listed stocks.
Apart from London influence there was
an absence of any features of novelty in
the days situation. The money market
continued active, but the bulk of the bor-
rowing was effected under yesterdays
levels
A few interesting statements of railway
traffic were submitted, which, with the re-
duction in the dividend on United States
Rubber preferred, constituted about all
the news bearing upon particular stocks,
with the exception of the decision unfav
orable to the Metropolitan Street Rail
way in the litigation testing its rights to
the occupancy of certain uptown streets.
The trading showed plainly however, that
the market has been quite full of STOP
loss orders, and in many cases the de-
clines scored were sufficiently extensive
TO bring these orders into execution, which
in turn accentuated the losses shown.
Market movements were fairly uniform
and there were few significant exceptions
to the common tendency. Declines in ex-
cess of one point were common in the
railway list and as was to be expected
they appeared in all of the recently more
active issues. Burlington and quincy,
Rock Island, Union Pacific, Northern Pa
cific. Southern Pacific. and Pennsyi !ania
in consequence. showed the most extreme
declines.
The dealings continued most active in
the railway list but the losses in that
quarter were equaled by those appearing
among the industrials and the specialties.
The United Rubber stocks broke with
particular rapidity. as did Tennessee Coal
and Iron and American Steel and Wire
The tobacco stocks we're comparatively
firm. but Sugar Refining broke badly. The
dealings continued in immense volume
although the trading subsidized somewhat
upon the conclusion of the dealings here
for foreign account While specific ex-
plantations OF the course Of prices could
be found in the circumstances already
cited, II seemed to be the general opiEicn
that the reaction could be regarded as
perfectly normal one in view OF he re-
cent rapid and almost unbroken advance
in prices, and that technically considered
the fabric of the market was actually
strengthened by the days transa ctions.
Tile professional element again VOC fer
ously and ardently proclaimed the final
elimination OF the advance in prices. II
might be added further, also, that there
were no changes. whatever, in fundament-
al conditions, and no actual Developments
warranting these assertions or tending to
give them any more credence than here
tofore.