The times. [volume] (Washington [D.C.]) 1897-1901, 1900-12-07
MANY cS'H!.ANGES IN Tone
The Movements in Stocks Irregular
and Uncertain.
The Market Somewhat Strengthened
by Purchases From London-Sub-
stantiai Buying in Eric. Antbra-
cites. and st. raul-Dcclines in
the Industrials and SpcciaItics.

NEW YORK. Dec 6-Price movements
irregular and uncertain. no special ten
dency as regarded the general market
being retained for any considerable period
At the opening of business the tone of the
market was commonly strong, and some
substantial advances were scored in the
carly dealings. For the first time in a
number Of days, London furnished a ma
terially higher range of prices for Amer
lean srocks.
Local traders, however. accepted the
London cue. and the initial dealings were
characterized by pronounced strength and
animation. Buying of substantial char
scteT was noted in certain quarters of the
market, particularly in the Erie issues,
the anthracite coal stocks. and St. Paul,
and the purchases in these directions were
followed up by general buying of the re-
maindcr of the list.
The conspicuous position in the market
occupied by the Erie issues was mat
ter of a great deal of reminiscent discus
sion, and the speculation in those stocks
appeared TO be based upon the belief that
the first preferred issue would soon be es-
tablisled upon a regularly dividend-pay-
attending the advance in the anthracite
coal stocks.
The advance in st. Paul appeared 10 fol-
low what looked like the execution of a
large investment order. and, at all events,
no particular gossip attended the rise in
the stock. The dividend upon St. Paul
common will not be acted upon until the
second week in March. and it is not re-
garded as probable that any change will
be made then in The rate.
Many of the initial advances attained
proportions extending nearly to l point.
Hence. the subsequent recessions pro-
duced less effect as regarded the days
net price changes. The dealings were
fairly active in the higher priced stocks,
New York Central and Pennsylvania be-
ing particularly firm. The so-called
Junior Vanderbilts. and notably the Nickel
Plate issues, were likewise strong and
active.
The dealings in New York Central ap-
peared to be still influenced by expecta-
lions that some increase may be ordered
in the rate of dividend TO be declared
later in the month. and also by the be-
lief that there may be a readjustment
of capitalization representing the acqui-
sitions the company has made in the past
few years The dealings in Southern
Railway issues were fairly active, but
both the common and preferred moved in
line with the general railway list.
Efforts appear to be making to create
ar idea that negotiations of some kind
are pending between the Southern Railway
and the Seaboard Air Line and jntima-
lions to this effect are consa ntly APP
pearing In various quarters. 1t may be
stated autboritatively that these reports
are absolutely unwarranted by the facts,
and that no negotiations are pending, be-
cause there is nothing between the two
companies requiring negotiations. There
is some reason to believe that the
so-called Seaboard syndicate is en-
deavoring TO effect a settlement with
the largest outstanding holder of the
old securities. but even if these efforts
should be successful the relations be-
tween the two companies would remain
Just as they are at present.
The market showed some material de-
ciinee in the industrial quarter and among
the specialties. notably in Tennessee Coal |
and Iron. The decline in the last named |
stock was attended by reports that the |
company would make another very poor |
showing for November. substantial de- |
cline in United States Rubber common was |
apparently owing to the adjournment to- |
day Of the directors meeting, when no ae-
tion was taken upon the dividend on the |
dealt in, and broadly considered. showed a |
tendency toward recovery. even when the |
remainder of the market was unsettled.
There were active dealings in all of the |
local traction issues, and In this quarter |
the price changes were exceptionally ir- |
regular. Sugar Refining continued to re- |
nect the disappointment felt in regard to |
the recently declared dividend. The stock |
was fairly firm in the early dealings. but |
II subsequently declined rapidly on large |
transactions. |
The money market on call was fairly |
easy throughout the day, NEST of the new |
borrowing being effected at and under 1-2 |
per cent. Notwithstanding this, good |
ceal OF uneasiness seemed to exist as TO |
the course of the money market during |
the remainder Of the month. and these APP
prehensions were increased by the prob
abilities that ;he banks Will make a very |
poor showing in their weekly statement of |
averages Saturday chiefly because of |
the weeks large movements of currency
70 the South and West. and also Cd ac-
count Of the present small Treasury dis
bursements- The banks have lost since last
Friday in their dealings with the SUBJ
Treasury over s., 600 600 cash.