The Washington times., 1902-01-08
PRICES MOVE
IRREGULARLY.
StagnatiOn Follows Periods
Of Activity.
SUGAR HAS FOUR-POINT RISE.
Dealings i'm Steel Shares Again Con-
ductcd on Heavy ScaIe-PrOfit TAX
ing in These Stocks Causes Re-
action-uncasinessO Over the North
ern Securities Proceedings.

NEW YORK. Jan. Price movements
at large in today's stock market contin-
ued exceedingly irregular, the trading
generally having rather jerky appear
ance, spasmodic fits of activity being sue
ceeded by comparative stagnation. and
speculative interest was rather poorly
distributed.
Apparently attention did not converge
sufficiently close upon any particular fea-
ture of the general situation as to give a
common drift to sentiment. There was a
further material relaxation in the money
market, where there were liberal offer
ings on call at 5 per cent, to which fig
ure many money lenders reduced the rates
or standing loans.
Foreign Exchange Steady.
The foreign exchange market remained
steady around yesterdays levels, but ap-
parently the prospects for considerable
exports of gold during the ensuing few
weeks were not a material factor in the
trading. The few statements of railway
traffic returns submitted made varying
showings.
London was not a factor of any great
weight in this market inasmuch as the
rather heavy dealings which were con-
Quoted here for foreign account were
about evenly distributed between both
sides of the market.
Buying Steel Issues.
AT the opening foreign houses were
quite heavy buyers of the United States
Steel issues, and an active demand for
these securities was reported. Foreign
purchases of these stocks were, however,
counterbalanced by sales from the same
quarters OF the Reading and other issues
Commission house business WAS in rath-
er small volume, being, usual, restrict
ed by the uncomrnonly irregular and I'M
certain tendency of prices.
Advance in Sugar.
The most conspicuous movement in
the days market was in Sugar Refining,
which shot up rapidly in the forenoon
dealings over four points, the dealings
suggesting the enforced retreat of con-
siderable short interest. The movement
was ostensibly based, however, on the
likelihood that Congress will make con-
cessions in the tariff on Cuban sugar that
WILL be beneficial to the industries of that
island, and which incidentally will prove
profitable to the refiners of cane sugar.
The dealings in United States Steel is
sues were again conducted upon a tre-
mendous scale, and in the early dealings
both stocks scored further substantial ad-
vances.
Prohibiting Appears.
Toward midday, however, there ap-
peared TO be a general outburst of profit
realizing sales. under which reactions of
about l point were noted in both the
common and preferred stocks.
The general course of the United States
Steel issues, however. seemed 10 result
wholly from purely technical trading cir
cumstances, and the same observation
was equally applicable to the dealings in
the market at large.
Some uneasiness appeared to be excited
by the decision of the Supreme Court at
Washington granting permission to the
Minnesota State authorities to institute
suit in equity against the Northern Sc
curities Company for its alleged breach of
the laws of that State.
Much Confidence Felt.
The courts final decision in this matter
will, it goes without saying. be matter
of great moment, but confidence seemed
to be still strong that the court would
upLoiu lut COuioc luuS lOllOWSu py
the Securities Company.
As has been the case for some time, the
stocks which furnished the most immedi-
ate reflection of the opposition to the
Northern Securities Company were ST.
Paul and Union Pacific, severe declines
taking place in both instances.
Railway List Sugs.
The railway list at large had a sagging
tendency, practically from the outset of
business. There were particularly wild
fluctuations in Delaware and Hudson, ow-
ing to the uncertainty of the dividend to
be fixed on that stock for the ensuing
year on Friday, but otherwise the move
ments in this quarter We're comparatively
limited except in a few of the speciaIties
The st. Louis and San Francisco issues
were notably firm, and the Colorado
Southern stocks continued comparatively
strong.
Traction Stocks Strong.
Local traction stocks made an early
show of strength, but yielded in sympathy
with the remainder of the market on the
general decline which set in upon the re-
action in the United States Steel issues.
"
New York Stock Exchange, Jan. z.