Evening star. [volume] (Washington, D.C.) 1854-1972, 1899-11-14
Rumor of a Dividend Advances Gen.
eral Electric Stocks.
MARKET Was MOSTLY REACTIONARY
Some Good Buying Noted on the
Concessions.
GENERAL MARKET REPORTS

| Special Dispatch to The Evening Star.
NEW YORK, November IA decreased
! volume of business, resulting from the re-
cent wholesale reduction of the short in
terest and a desire to convert paper profits
| into cash. made today's stock operations
dull and irregular. London again sent over
a higher range of prices and bought mod
erately early in the day.
The sudden appearance of liberal call
money offerings was construed to have been
| part of the money market manipulation.
and traders were notceably apprehensive
| of further squeeze. Some loans of $1,000
| OOo and under were made at g per cent but
with the elasticity of the last few days
| the rate Immediately returned to per cent.
The traders were nervous. partly because
of the extent of the rally and partly be-
cause of a belief that the large interests
would halt the advance and begin an ac-
cumulatIon on a scale down.
A reactionary market prevailed during
the entire morning, but the changes were
hot material in a single instance.
Manhattan sold off rather sharply at one
time but even such action failed to give
an appearance of weakness to the general
list. 1t did, however, discourage buying
on large scale and to this extent was
welcome
The morey market is a long way from a
condition which invites new borrowing in
any considerable degree.
To force up prices now would involve the
creation of such an extensive loan account
as to force prOhibitive rates and to hurry
the day of disastrous liquidation. This lat
ter alternative can best be avoided by a
gradual bulwarking of present accounts
either by way of a partial selling or an in
crease in the percentage of margin.
Since the larger interests, and the banks
representing them, are openly predicting a
return movement of money, and are, in a
few instances, buying securities there is a
tendency to initiate them on the part Of the
room. The reasons for doing so are not al
ways sound. The cliques buy few stocks
and stand ready to support them.
The trader buys an assortment and often
exhausts his capacity for protection in so
doing. Declines are frequent in conse-
quence, and no development has been re-
corded to warrant them. except personal
inability to provide for lew purchases or
to protect the old The present market is
likely to be plentifuily supplied with ex-
amples of these things.
General Electric was prominent during
the early trading under the influence of a
rumor relative to a stock devidend. The
price advanced sharply under a moderate
demand and later held well under the best
level
Southern Pacific was opened UP at a new
high level. but the high prices brought in
considerable realizing, the stock declining
about per cent. On scale down the de-
mand was said to be Of the same good
character as heretofore
The Industrial list was given good sunnort
during the greater part of the day, and
would undoubtedly lie advanced if money
ra ties permitted That the money market
checks this movement is another favorable
factor growing out Of the tight money con-
dition
On a scale-down the better class of
stocks are likely TO meet with excellent
Import.