Evening star. [volume] (Washington, D.C.) 1854-1972, 1897-12-28
Manhattan and Metropolitan Trac-
ton Stocks Suffer Depression.
BOUGHT FREELY ON DECLINE
Weakness Manifested in Coal
Shares and American Sugar.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star
NEW YORK, December 2s-The massing
of the British fleet in Chinese waters had
practically no effect en- securities in tie
London market upon the resumption of
business this morning. Early cables TO this
SHE reflected fractional irregularity. but
the undertone was, in the main, fairly
strcng.
Locally conditions We're much the same
as yesterday, professionalism. accompanied
by decided strength, being the chief char
acteristics of the first hour
While the market was At its height dis
turbtng rumorS from Washington announc-
ing the rejection OF a rendered resignation
OF the treasury portfolio caused a Temporal
ry warning in the buying. Fractional de-
clines were forced under this influence, but
there was no significant selling. The en-
I'hattc declarations in favor of a more
definite and less elastic financial policy
coupled with partisan newspaper comments
On the subject added color to the rumors
and lead to considerable discussion as to
Inc natural effects of a cabinet change or
the eve of the reassembling OF Congress
A denial of the entire story was accepted
Tor fact later in the day, and a covering OF
early sales followed.
AS further element of irreSularity a re-
port announcing the failure of the Manhat-
tan management to come 10 an understand
ing with the clique supposed TO be iCelri-
iieu Win tHe movement IN the SOCK nal
IT'S erect ID The extent Of a 1l2 per cen:
decline. Metropolitan street railway at
tracted some sales because of the common
cause into which all municipal transporta-
ton were drafted by recent political
changes
At the decline the buying of both proper
ties became so decidedly superior to the
selling that considerable ske piicism WAS de-
Neioped as 10 the truth of the carly reports.
Inc trading in the nnore active street rail-
ways was, however, the feature of the
market.
The coal shares were adversely influenced
by Mr.. Morgan's intended absence from the
country, and the attendant delay in arriv-
ing at more binding trade compact. New
Jersey Central sold down lh per cent ui.-
der trading divided between the two ac-
counts.
American Sugar yielded 20 continuous
selling during the forenoon ard recovered
only so much of its less as the necessities
of the snort interest demanded.
EurlingtonS statement for the month CT
November was utilized in depressing prices
because of the enormous percentage applied
to operating expenses from an increase of
S9T.l.96T il gross earnings only S315,.3D Is
transferred TO the surplus account.
This showing on the surface is not entire
ly encouraging, but exceptional causes were
undoubtedly responsible for the small per-
centage of net gain. The stock sold down
only fractionally in the face of this dis&p-
pointment. the more vulnerable parts If
the list being made to reflect the sta tement
to greater degree.
The trading during the final hour was ir
regular and without significant leadership.
Underneath the market is Enthusiastically
strong, but the mercurial action of call
money acts as a deterrent 10 large under
takings. Dizziness is depended UPON TO he
the dominant feature of the last few days
of the