The Washington times., 1902-01-21
Chorus Of Pessimism From Va
rious Sources Caused Un-
easy Action in American
Stocks on London Exchange.
MONEY MARKET WAS EASY.
Tobacco Established a New
High Record Price While Con-
tiReRtaI Climbed Up in the
Bond Trdde-Copper Dull.

NEW YORK, Jan. 20.-Today's move
lnents in the stock market had very little
more of a defined tendency than did those
which occurred throughout last weeks
dealings.
The market opened substantially lower
partly because of the weakness apparent
in American stocks in the London market
and its tone was doubtless TO some de-
gree influenced by the chorus of pessim-
ism in certain criticisms OF the financial
situation over Sunday.
Little Important News.
Virtually nothing. however, in the way
of actual news was comprised in the de-
velopments since the close of business on
Saturday. London followed up the lead
set by the early quotations for stocks fTom
that quarter by moderate sales in this
market, foreign houses disposing of about
Il, 600 shares of the stock.
The money market was extremely easy.
and sterling exchange had an advance of
fair order.
The days returns of railroad traffic
submitted were mostly good showings.
The business Of commission houses was
again very much restricted. and the char
dCltT Oh the GSdllNSS III CluST ItSpCCtS
showed no improvement over those pre-
vailing last week.
Heavy Private Sales.
Houses with private wire connections to
the West were again heavy sellers OF the
railway list. although nothing definite
came to light which would account for
their attitude toward the market which
has now been maintained for over j week
or more.
Shortly after the opening there was a
general rally in prices, but ii was poorly
maintained. and the market quickly re-
lapsed into the sagging tendency dis
played al the opening
Some stocks Display Strength.
The early rally was IN large part owing
10 the exceptional strength which was
displayed by number Of the miscellane-
Gus stocks. and by the local traction
shaT res and Consolidated Gas. The rise in
the last two named quarters was appar-
emily based upon the beief that the cor
porEtions which are contes;las the i'm
position Of The Ford franchise act may
he successful in their fight; and at all
events ;hcro was otherwise Eothing novel
to account for the course followed by
;hSse stCt i.G-
Other conspicuously strong features Of
the market we're the Glucose Sugar Re-
fning issues and all of the Tobacco Sc
eurities. American Tobacco established
a new high record Cf price. Continental
Tobacco preferred rose rapidly, and in
the bond market Consolidated Tobacco As
were again notably strong on very heavy
dealings
After the Tobacco Trade.
The public al large has probably been
unaware of the tremendous scope of the
plans OF the leading spirits in the Ameri-
can Tobacco Company. VINO are apparently
aiming al nothing short Of control of
The worlds business.
Control Of the American Tobacco Com
Iany and OF the Continental Tobacco Com
pany is already held by the Consolidated
Tobacco Company. Seemingly the recent
rise in American Tobacco stock has di-
Tected attention toward the standing OF
the related securities.
In Sympathy With Railways.
The remainder of the Industrial quarter
vas generally heavy, in sympathy with
the railway list, and Sugar Refining was
especialIy weak on Washington adyices
setting forth the aggressive opposition to
the revising OF the duties on Cuban pro-
ducts.
There were very few movements of in
terest in the so-eaIled specislties, Anal
gamated Copper being dull, and but little
affected by reports Of further reductions
IN the selling prices for the metal