The Washington times., 1902-01-10
MANHATTAN
LED MARKET.
Tunnel Disaster Reflected ii
in fractions.
SUGAR REACTED AFTER DROP.
Railway SpecinItics Scored Ad-
vnnccs. But the List in General
Showed Wcnkness-Pacific Mail
Exception in Course of Movements

NEW YORK. Jan. Except in a few
stocks affected by particular circum-
81 stances, and others maintained by the
manipulation of cliques. the general stock
market this morning developed a reac-
tionary tendency. None of the aggressive
buying and consequent strength which
were shown in the last hour of trading
yesterday appeared en- the opening cf
business.
Union Pacific. which had led in yester-
days late recovery. reacted fully one
point, and lesser declines were shown in
the other active railway stocks. In this
circumstance alone appears one point of
wide divergence from the technical con-
ditions of the market such as prevailed
six or eight months ago.
Speculative Sentiment Depressed.
Such a tcne rs the market showed at
the close CT business yesterday would
then have almost certainly been followed
up by heavy outside buying orders the
following morning. but the public is now
adays evidently indisposed to nbble at
such bait as that furnished by the ma
nipulative movements at the close of bus
mess.
Speculative sentiment. en- the whole,
seemed TO be quite depressed. There was
much discussion regarding the upshot of
the recent financial troubles at Cleve-
. land and in the rubber trade. and back of
everything else the uncertainty as TO the
final decision of the United States Su
preme Court upon the organization OF the
Northern Securities Companies was
pointed TO as matter which must be de-
termined before any material improve
ment in market conditions could be reck-
oned upon.
Few Striking Changes.
This mornings news and the days de-
velopments comprised little or nothing
of general Importance. No changes of any
consequence were shown either in the
money market or foreign exchange contii-
tions. and there were few interesting re-
turns OF railroad traffic submitted The
early Quotations showed that the London
market had not accepted the sharp ad-
vance in prices made in the London deal
ings yesterday afternoon, and with the
course OF the morning foreign houses sold
over 25,000 shares here chiefly of Union
Pacific.
The London market Has generally weak
with material decline showing in con-
soils. notwithstanding the case of money
there and the very strong returns of the
Bank of England in its weekly statement
Traction shares u Feature
Manhattan Railway was easily the fea-
ture OF the local market in a very sharp
rise, which resulted also from exception
ally heavy transactions in the stock To
some extent the strength of Manhattan
was attributed to the opening of the cleo
trical operation OF the Second Avenue
Elevated, but for the most part the buy
ing of the stock seemed to be based upon
yesterdays disastrous accident in the
Park Avenue tunnel.
The Impression appeared to prevail that
as result of that accident the local
traffic of the lines now utilizing the tun-
mel would have to be diverted to the ele-
waited roads, and it was even predicted
that the control of the Manhattan COM
pany would be acquired in order to carry
out the plans to this effect.
Railway List Heavy
The other local traction stocks sympa-
thized only moderately with the aggres-
sive strength shown by Manhattan. The
in Union Pacific, St. Paul, Reading, and
Erie shares, Pennsylvania, the Wabashes,
and Southern Pacific. The Wabash issues
were steady. but otherwise a hesitating
and generally heavy tone marked the
dealings in the railway list
Some OF the so-called railway special
ties were, however, notably strong sharp
advances showing in Canada Southern,
Lake Erie and Western. New York. Chi
cago and ST. Louis, Panhandle" and St.
Louis and San Francisco. Rumors of
various developments affecting these
stocks, none of which was particularly
novel, attended the movements thus noted.
Sugar, Steel, and Copper.
Sugar Refining was the feature of the
Industrial quarter, and after sharp de-
cline in the early dealings the stock de-
reloped aggressive strength, the buying
being again based on the apparently bet
tering prospects for a revision of the tariff
as applied TO the chief products of the Is
land Of Cuba. The United States Steel
stocks were much less active than of late,
and continued reactionary.
fresh outburst of weakness In Anal
galnated Copper made that stock the con-
spicuous feature of its general group, but
the movement was unattended by any
fresh developments of Importance.
For the most part the other specialties
were heavy along with the general mar
ket. an exception to the general course
being Pacific Mail. which was fayorably
influenced by reports that the Government
would abandon its transport service on
the Pacific.