Evening star. [volume] (Washington, D.C.) 1854-1972, 1897-12-21
Trading on the Stock Market Was in
Narrow Range.
NUMEROUS DECLINES AND RALLIES
Little General Interest Expected
Until After the Holidays.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK, December 21.-Today's
stock market was one Of small proportions
and insignificant results. Traders offered
prices down successfully during the early
trading. but the effort was more conspicu-
Gus than the results.
fractional declines and rallies succeeded
each other throughout the day. but the
market Is plainly one of a waiting char
acter. No large undertakings are in pros
pect until after the holidays and small in
terests are evidently to be intrusted with
making prices during the next fortnight
London cables were moderately lower for
American issues, tightening money at Ber-
lin, causing some sales of speculative long
stock. Later in the day the foreign mar
kets quoted money at per cent. and were
disposed to regard the early advance as a
mere furry. Locally, the call money mar
ket varied from 2l2 to per cent, and was
moderately active between
AT this season of dividend and interest
payments, in conjunction with unusual
commercial settlements it is not unnatural
that the interest rate should advance.
Available funds are not over abundant
the banks purposeiy Withholding fumes 10
meet a possible demand from the larger
corporations and merchants
once this money has been distributed. the
banks are likely to be relieved of the neces-
sity for retrenchment and the borrower
Will find ample accommodations for pend
ing operations. This prospect is Just now
operating in support of prices. no long
stock being sold except such is purely
speculative. Investors are disposed to in
crease holdings once activity becomes a
feature of the daily trading. On the ante
holiday declines, therefore, capital is likely
TO begin cautious accumulation of securi-
ties.
The coal shares Were again a feature Of
the days business, the Reading issues hav-
lEg the preference instead of New Jersey
Central, as heretofore. The latter shares
were at one time the weakest features of
the railroad list, as the result of profit-tak-
ing by the room. Part of the decline was
subsequently recovered on purchases for
beth accounts.
The declaration of 1 per cent dividend
by Rock Island generally anticipated
and consequently had little influence as
factor. The granger issues were strong and
weak by turns in sympathy with the gen.
eral market
Manhattan and Metropolitan Traction
were in fair demand the latter especially
faylpSs periods of what appeared to be ex-
ceieht support The changes in the rail-
read list were such as are customary dur
Ing period of public disinterestedness in
an improving situation. Fractional profits
We're almost invariably sufficient induce
ment to recede from any commitment
American Sugar was active at prices
slightly under the best level of yesterday.
but in this property, in Others there
was an absence of conviction or a lament
able lack of capacity.
During the final hour the market rallied
moderately under the influence of covering
but extreme dizziness prevailed at the ad-
vance.
Interest charges seem destined to be quite
as large as probable profits for the time
being.