Evening star. [volume] (Washington, D.C.) 1854-1972, 1899-12-01
FINANCE. AND TRADE
London's Buying Helped Stocks on
This Side.
ACTIVITY IN, PACIFIC SHARES
Bear Pressure Jon Sugar and Some
of the lndustrlaIs,
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

cpeciai bispatcn 10 The Evening Star
NEW YORK December 1-Yesterday's
advance in the Bank of Englands mini
mum rate of discount. and the subsequent
vleidlng or prices at that center resulted in
hesltatlng and irregular opening on this
size thls morning. The per cent rate now
IN force In London has. not been equaled in
years, and shows the determination to pre-
vent depletion of the gold supply in Eng
land.
In spite Of these evidences Of desire to
discourage new UNDERTAKINGS which might
force a drain on the country's resources,
the London market for American securities
is quite as good as our own. Some profit
taking was in progress for a time. but the
buying of the Pacific shares was good and
gave every evidence of being well founded
III consequence of the encouraging atti-
tuoe the local market developed unexpected
strength Union Pacific and Northern Pa
enc were the features of the trading. some
unusually large individual purchases being
maze IN Doth the common and preferred
SHARES. The annual report of the former is
about due and it is expected will show
very handsome earnings, applicable to
dividends on the common shares.
Northern Pacific common is relied upon
10 snow earnings equally as good and re-
cent profits from land sales will go to
swell the dividend fund The range of
tention of the street because of the reIa-
lively low interest charges and the assist
ance of the dividends in meeting them.
sugar and Brooklyn Rapid Transit were
under pressure for a time and this weak
ness discouraged traders from buying other
issues. Standard Oil brokers were reported
to have borrowed upward of $4,000 shares
of Leather, and rumors of this character
served to hold the price of stock.
traders were disposed to be extremely
skeptical of this borrowing. however, and
We're very cautious in advancing the price.
FearS OF another avalanche of long stock
ana the memory Of recent events served to
check any general buying demand.
Some buying of Colorado Midland, pre-
Sumably for inside interests, attracted at
tention along with the general Improvement
in western shares
The assembling of Congress and the
probable measures to be reported are be-
Ing discussed all sides. Something of
Importance relative to currency reform is
expected, and the subsidy bill is almost
generally relied upon to pass into law.
IhlS latter measure is relied upon to bring
out such an array of facts relative to the
profits to be derived from the recently ac-
CURED insular possessions to give new
arguments for confidence In the general
situation.
Tomorrow's baak statement is expected
10 show further strengthening of bank
ing reserves, but predictions are more
vague than last week
The present month is of unusual
activity In the money market, and the
yearly settlements will almost certainly re-
suit in further erratic fluctuations in the
call money rate. Except for the specalttes,
any rise following the presidential message
next week is likely to mark the high level
for the month.