Evening star. [volume] (Washington, D.C.) 1854-1972, 1899-12-12
Early Weakness Followed by Recov-
cry in Stock List.
DUE TO L0NDON'S BUYING
Bank of France Lends to the Eng
lish Institution.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK, December 12.-Opening
prices this morning We're irregular and in
Dictated desire to realize on some OF the
purchases made at yesterdays low level
London was somewhat uncertain In tone
and for a time sold stocks rather freely in
this market. Subsequently the foreign SELL
ing gave way to a buying demand, which
resulted in changing the character of the
transactions and making the total pur-
chases exceed the sales by about 1900
shares.
The best demand was in the Pacific
stocks, especially Northern Pacific COM
mon, which responded easily to the ad-
vance. The reason for this change in the
tone of the foreign markets is found in the
action of the Bank Of France in advancing
e.. OG0 900 to the Bank of England. The as
surance contained in this transaction does
away with fears of a monetary stringency
in London. for time at least
The amount involved Is less significant
than the action itself, which shows a
friendly relation between representative
financial institutions. and may serve to pre-
serve a cordial diplomatic relationship.
Following the receipt of cables announc-
ing this operation the local market became
strong, and stocks sold earlier In the day
were repurchased.
The railway list had wavered for a time
during the morning, and fears were ex-
pressed that the industrial raid might give
way to an attack on the standard issues.
Efforts to depress the latter group. how
ever, failed. so far as important results 60,
and good buying demand was, at times,
encountered.
Money rates varied throughout the day,
but during the greater part Of the session
relatively low rates prevailed. Some early
loans at per cent served to create some
nervousness among borrowers, but almost
Immediately per cent accommodations
We're offered.
The afternoon rally was moderately sub
stantial in its proportions, and a decided
change in sentiment was established.
The ease with which the Pacific shares
rallied, and the strength of Chesapeake and
Ohio. helped to hold the market well above
the low level of the morning.
Manhattan directors declared the regular
quarterly dividend of 1 per cent, and an
nounced that the net for the current quar-
ter was IA per cent. American Steel and
Wire declared a quarterly dividend of ia
per cent on its preferred stock, and Federal
Steel will declare the usual dividend on its
preferred shares during the day.
The common stock will then be taken into
consideration, and, 1t is thought, begin
regular disbursements at the rate of , per
cent. The market has paid the penalty of
trading in the industrial shares on faith.
1t may be expected to allow all new
concerns to prove themselves and those
properties which take the stockholders into
their confidence and can show a reasonable
dividend capacity will be released from the
present ban Unfortunately applied to
all such issues
Ing the afternoon was regarded as Il sig
nificant development, since the same ac-
ton preceded the last treasury circular
offering to buy.