The Washington times., 1902-01-16
RALLY WAS
SH0RT-LIVED.
General ReceSSiOnS Set in
Toward Midday.
VARIOUS FACTORS BLAMED.
The Money Market and Foreign En-
change Conditions UnchnBgeI-
Railway List Made Gains. but
Later MoveL wiz; irrecuIa-iiy-
Final Prices Shaw Slight advances

NEW YORK. Jan. 15-In the early
dealings in today's stock market there
was sort ci automatic adjustment of
prices, following upcn the depression OF
the past two days. Liquidation has been
by no means general, and OH the ether
hand the short interest in the market
has been slowly Increasing
With no change in any direction cut
side conditions 20 be noted in the morn
ing situation, there set in az the opening
a lcisurely covering movement under
which the railway list showed advances
in tie active iss;.es of from l to po:ats.
The rally in prices lasted barely
through the forenoon ana subsequently
there was q general recession through
oCt the market. The reversal of the
markets tendency ws3 quite unexplained
by any developments OF general impcr-
tance, IS was the earlier bottcrrent in
prices.
Factors ia Reaction.
Ancng the professional element the
sudden and severe break IN Peoples Gas
was cited as cnc factor in the reaction
and the announcement OF the proposed
fresh Issue OF capital stoc! b. the New
York Ceatral Company Was another.
Properly considered, however, The cul-
Elination Of The early rise in prices ami
the subsequent decline were lttle more
than logical fluctuations in the present
evident swing Of the market.
Serious attention was still focused
uron the Identical matters which have
been occupying discussion Of late. namely,
the increases iE capital announced and
rumored in several directions, the evi-
denoes OF financial weakness in various
quarters, and the uncertainty as to the
upshct Of the litigation involving the or
ganizati0n OF the Northern Securities
Company.
Money Market Unalicrcd.
Money market and foreign exchange
conditions were unaitered and the pros
rects for gold shipments this week seemed
10 have materially diminished The
Treasury's regular monthly statement Of
the country's foreign trade, issued today
showed an increase in imports CT mer-
chandise of over $i1,00O.C coo and a de-
crease in exports OF over s.. .CC0. coo hence
our excess of exports Tor the month was
redused ty So. .e91,Oo.
The dimii- shed excess Of exports for
the calendar y>ar amounted to over s63,-
000.GO0, d ci. cuinstance which throws
some Light uTon the international move
ment OF specie commonly designated as
abnormal.
The Days Developments.
The most important OF the days occur
rences bearing upon particular stocks
were the declaration of the regular divi-
dend en- Illinois Central, the advance Of
per cent in the annual dividend cn New
Gori. Chicago and 81. Louis second pre-
ferred, the decision unfavorable TO the
Peoples Gas Company, handed down ty
the United States Court at Chicago, and
the announcement Of the new stock issue
ty the New York Central Company.
The purpose CT the proposed increase
in New York Central stock was not very
definitely stated, but it was assumed that
the new caoital would be used for i'm
proving and developing the company's
present terminals, particularly the Grand
Central station.
Londcn Not n Factor.
London was net a factor of any weight
in this market. the change in prices from
that quarter and the subsequent dealings
here for foreign account being alike in
significant. TIE business Of commission
houses was again restricted TO nominal
propOr;iors.
The mcst extensive advances in the
early dealings were in Missouri Pacific,
ST. Paul, New York Central, Unicn Pa
cifc. and Southwestern, but all later
moved with great irTegularity. The local
tracticn issues, together with the indus
trials and miscellaneous stocks, fuctuated
aIcng siniiiar lines.
p-fa
the final price for stocks generally
showed considerable improvement over
last nights final figures. although the
trading during the afternoon retained the
exceedingly irregular tendency it had dis
played throughout the dag. The pro-
noUnced strength of New York Central
was q factor in the afternoon dealings.
Other firm features were Uniln Pacific
81. Paul, Erie common, and Ama!gamated
Copper.