Evening star. [volume] (Washington, D.C.) 1854-1972, 1899-12-04
Stocks Weak and Lower Under Heavy
Liquidation.
MANHATTAN Was AN EXCEPTION
Strong Interests Opposed to an
Advance in Prices.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Eve ning star
NEW YORK, December 4.-Failure to at
tract new business resulted in a dull and
reacuonary stock market this morning
London prices were steady, and there was
a tendency to buy the low-priced stocks
notably Chesapeake and Ohio. but the local
market failed to respond
There was no news to inspire selling. but
certain large interests are known to be
opposed to a general advance at this time
Commission houses are apathetic. but ex-
press confidence in the future of the rail-
way security markets.
This discrimination to favor purchases
without restriction is the direct outcome of
the recent course of the money market and
the uncertainty as to what will happen in
the call-loan situation toward the end OF
the month. The usual preparations for
the January payments are not sufficiently
well advanced to admit of any accurate
mite is known there is little prospect for
sustained upward movement
Todays decline was largely the result of
room effort to realize on disappointed
holdings. The Pacific stocks We're sold
down in this way in spite of almost unani-
nous belief in the strength of their claim
for fuller development Burlington, with
earnings Of record proportions and most
promising prospect for attaching special
privileges to it's shares under its refund
ing scheme, followed the general tendency
of the market.
Manhattan was conspicuous during the
early weakness because Of good support,
due to the covering of short contracts. The
illness of a prominent holder of American
Tobacco shares was made an excuse for
forcing down the price, and later succeeded
in attracting general attention to the action
of the industrials.
The usual Monday interest in the Addy-
steady selling of the newer industrial
shares The decision, which came down
shortly after noon, was entirely in the line
of almost general expectation.
The governments case under the Sher-
man antitrust law is sustained, but the
Addyston Pipe Company, it is claimed, did
not consolidate on the basis now employed.
The Ohio case is similar to the early eX-
pertinent of the Sugar company. Consoli-
dauon through actual ownership is still to
be tested, and upon this point some sug
gestions in the Presidents message are
likely. The rumOrS relative to the latter
point served to keep the industrial depart
ment under pressure during the entire af-
ternoon.
1t would scarcely be fair to ascribe the
weakness in today's market to the fear of
antitrust legislation, since the investment
issues were quite as reaCtiOnary as their
untried and probationary neighbors. Anti
trust references are to be expected. but in
NcStment issues will not be asSailed by the
present administration, and reactions of a
sympathetic nature should make desirable
purchasing levels. The Industrial shares
are likely to attract unusual attention be
cause of the certainty OF numerous attacks
upon them by various legislative bodies
Speculation may be inspired by the means
devised to dissolve the organization, whose
shares are traded in most actively The at
tacks on sugar made during the last tariff
debate may be cited an example of
prosperous speculation under hostile criti-
cism. The winters market is likely to be
irregular. because of the diverging move
ment between railroads and mdustriaIs