The Washington times., 1902-01-17
EARLY GAINS
SOON SHADED.
Stock Market Turns Dull
and Irregular.
MANHATTAN A WEAK SPOT.
Declines I'm New York Central Aid in
Decreasing the General .:st-Lon-
don Market steady. Hut Confined
to lis own EeaIinEs--Noney Con-
tiuUcs Extremely Easy.

NEW YORK, Jan. 16-The same gen.
eral conditions which have characterized
the dealings in stocks throughout the
week prevailed again in today's market
Trading was in very light volume, almost
entirely professional in character, and re-
suited in irregular and fer the most part
limited movements in prices.
There was again an utter absence of
novel developments or changes of i'm
portance calculated to give a decided turn
to speculative sentiment enc way or an
other Money continued extremely easy,
but while the foreign exchange market
was somewhat firmer, the revived possi-
bilities of exports of gold were not ap-
parently a factor in the trading.
Few returns of railway traffic were
submitted, and there was otherwise want
ing any news or runors bearing upon
particular stocks.
The Market at London.
The London market was again steady.
but interest was quite absorbed there by
the lively speculation in home and South
African securities. Consols were particu
larly strong advancing nearly one-half
early conclusion of the South African
war, as suggested in the Kings speech at
the opening of Parliament.
Notwithstanding the pronounced refec-
tion furnished in the London market of
the improving situation in South Africa,
the latter appeared TO cut no figure what
ever in local calculations. The total
dealings here for foreign account we're
not much in excess OF 5000 shares. but
were altogether On the buying side of
the market.
Opened Fairly Steady.
Extended discussion Of the general and
particular movements in prices in the To-
cal market would not prove especially
edifying. The market opened fairly steady
on 4 continuation of the covering Of short
contracts, which gave a specifically
strong tone to yesterdays dealings. This
process was apparently concluded before
midday, and the market then relapsed
into dullness and irregularity.
There was Quitc,a sharp decline in New
York Central early in the afternoon, an
incident which was not without effect in
expediting the reaction from the earlier
tone of the market. Firm features OF the
railway list were Canadian Pacific the
500 stocks, and the St. Louis and San
Francisco issues, the last named rising
with particular rap!dity.
Manhattan Depressed.
st. Paul, Union Pacific and the other
usually active stocks traversed the ir-
regular course noted. The local traction
stocks were particularly weak notably
for Manhattan, which was depressed ap-
parentiy on the conclusion that the ex-
tensiye improvements OF its terminals IN
dertaken by the New York Central Com
pany would render the elevated system
unnecessary to the former company.
Much OF the recent buying of Manhat-
tan has been based upon the belief that
the elevated lines would be utilized by
the New York Central Company in the
distribution of its local traffic.
When the time necessary for the in
stallation OF system OF electrical op-
Grafton is considered however it would
not be surprising should the reports of
a closer arrangement between the two
companies be occasionally revived.
Early Gains Shaded.
Smart advances were noted in the in
dustrial quarter in the early dealings
particularly in Sugar Refining, American
Ice and the United States Steel stocks,
but the gains made there were subse-
quently shaded or lost. A fairly active
speculation was conducted in AmaIga-
mated Copper and in Peoples Gas, but
apart from those stocks the miscellane-
GUS issues were neglected.