The times. [volume] (Washington [D.C.]) 1897-1901, 1901-01-16
SPECTATORS In DOUBT
The Unsettled Market COnfuSes
Wall Street Operators.
Money Easy, With Decline I'm ster-
ling ENchsnge-The Centre of Ac-
tivity Transferred to the Indus
trial Quarter A slump in Tin
PIatc-The Railway List Irregular.

NEW YORK, Jan. 15.-The course of
prices in the stock market today con-
tinued to reflect the confused state of
speculative sentiment resulting from re-
cent developments in certain directions.
and from their failure TO occur in others;
the days developments were altogether
of favorable character. The money mar
ket was extremely easy, and there was Il
sudden and unexpected decline in sterling
exchange, which attained such rroror ions
as to throw doubt upon the question of
gold shipments at the close of the week.
The few statements of railway traffic
submitted were favorable exhibits. and
the declaration of dividends on certain
of the Industrial stocks might be placed
in the same category. LOndon's influence
in the market was likewise favorable
higher range of prices being furnished
from that quarter, in addition to which
foreign houses were buyers here to the
extent of $4,000 shares. These several
circumstances found faint reflections,
however, in the market, chiefly because of
The already noted unsettlemen5 of con-
fidence.
1t seems 10 be expected in some quar-
tiers that because the market has had a
protracted advance it must forthwith re-
trace its course until it settles down at
some indefinite level not now to be fore
seen. These ideas do net appear to take
into account the exceptionally strong
monetary situation nor the current extra
ordinary traffic returns. Aside from the
part played in the rise in prices by spec
ulatiye fervor, it may safely be said. for
the railway list, at least, that the highest
prices which have been recorded for them
would have been quoted even if on stric ly
investment purchases.
There was material transfer of specu-
latiye interest in todays market into the
industrial quarter. Somewhat unexpect-
eddy. at least to those not in the conf
dence of the mana cement of the Tin Plate
Company. a dividend CO per cent was
announced on that stock, TO be paid our
ing the current year. This action proba-
bly, accounts for the recent advance in
that stock, for ii was to be noted that.
following upon the announcement of the
dividend, 1t underwent severe reaction.
The usual quarterly dividend was declared
upon National Tube, the fluctuations in
which stock were exceedingly wide. An
early advance in National Tube appeared
In part to be owing to the delphic utter
ances attributed TO Mr.. Andrew Carnegie
in an interview published yesterday
The dealings and the fluctuations in
Federal Steel common were likewise ex-
ceedingly extensive. The stock broke
rather sharply after an opening advance
on the circulation of rather positive re- /
ports to the effect that il was not the |
intent of the directors at their meeting |
today to take any steps looking to the pay
ment of quarterly dividends upon the |
stock. 1t was commonly expected that a |
lump dividend of per cent would be de- |
clared, but there has, unquestionably, !
been a good deal of buying of the stock,
based upon the prospect that it would he
established upon a quarterly dividend
paying basis. The material declines show
ing in United States Leather preferred,
Sugar Refining, and Steel and Wire IRE
ferred we're without particular explana-
tion.
The price changes in the railway list
were irregular and more limited than for
some time. The dealings in this quarter
of the market also contracted materially,
suffering somewhat from the shifting of
interest into the industrial stocks, al
though the days total still attained a |
fair aggregate. The Erie issues were the |
conspicuous features of the railway list |
in material advances, which were appar- |
emily owing TO the expectations that a |
dividend of per cent would be declared |
upon the preferred stock on Thursday.
Other comparatively firm features were !
the Atchisons, Missouri Pacific, and the |
Granger group, although the movements |
in st. Paul continued to reflect the gem
eral feeling of uncertainty as to the actual |
status of that property. The local trac-
tion shares were all firm with a material |
advance appearing in Manhattan Railway, |
which was attended by renewed rumors |
that new interests were likely to appear |
in the management of the property.
This afternoon there was a sharp break |
in the steel stocks, led by Federal Steel. |
which sold down to 10, having in the |
morning sold at Sc, an extreme decline of |
seven points. There was no definite news
TO account for the decline