The times. [volume] (Washington [D.C.]) 1897-1901, 1900-11-23
ALL PRESSURE Resisted
The Market Buoyant in Spite Of
Heavy Liquidation.
Dealings Again I'm Tremendous Vol
ume -PrGRt-RcalixinE Sales Fol
lowed by Buyfng-AEErcssiv Tnc-
ties of Bears Produce Little Inn
preston - Money Easy on Gall.

NEW YORK, Nov. 2l.-louay STOCK
market furnished only another record OF
tremendous activity, wide fluctuations.
and irregular final changes, although 1t
retained the underlying tone of strength.
1t might be said at the outset that 70
novel conditions were presented for con-
sideration upon the opening OF business
or with the course of the day. lnvestisa-
tion of the days trading disclosed moth
ing more than reports of the same char
acter that could have been heard ever
since election day. Proft-real.zing sales
continued in enormous volume, and occa-
sionally the market staggered under the
weight of the liquidation of this charac-
ter. The ensuing recessiors apparently
induced new buying of Sufficient strength
TO produce futher advances.
II was probably the case that at no
time since November Z has the liQuida-
tion by commission houses been so gen.
eral and extensive as ii was this morning,
yet it made comparatively small impress
sion upon prices. In addition to this
liquidation. there was occasional agrees
sive selling. apparently for the short ac-
count by the room traders, who proceed
ed simply upon the theory that a reaction
vas implied in the protracted advance IN
prices.
At all events they could find nothing in
the days situation to re-enforce their
speculative position. Money on cali con-
tinued easy. and from preliminary indi-
cations it would appear that Saturdays
bank statement will make another salts
factory showing. the banks having gained
upward Of 81 GOO, 600 in their operations
with the Sub-Treasury since last Friday.
Sterling exchange was steady, and the
few interesting statements Of railway traf-
fic submitted about made up the remainder
OF the days routine news. London again
dealt heavily in this market, and as yes
terday it was difficult to obtain accurate
estimates of what these transactions
amounted to on balance. but they were APP
parently on the selling side.
Some uneasiness exists In regard to the
possible developments at next weeks set
Element In the London market, which is
not extraordinary, in view of the position
English stock jobbers have placed them
selves in. The general London market was
steady today, American shares recovering
from quite severe initial depression. The
tendency of the London market appeared
to be owing mainly to more cheerful views
as to the monetary outlook. The Bank OF
England's weekly statement today made
another strong showing, although the
hanks official discount rate was left IN
changed at per cent
As noted, final price changes on the
days daily dealings resulted irregularly.
On the other hand, while some noteworthy
advances were scored, the losses shown at
the close were, for the most part, incon-
siderable. As has been the case through
out the week. interest centred in the rail-
way list, which completely overshadowed
the industrial quarter and the specialties.
The granger stocks. and notably st. Paul,
were particularly strong as were New
York Central, Canada Southern, c., c., c.
& st. L., Chesapeake and Ohio, and Nor
folk and Western. The strength of the
two last named stocks was said to be
owing to the very favorable impression
OF those properties derived by the Penn
sylvania management In their recent tour
of inspection of both lines.
Among the specialties Colorado Fuel and
Iron and Tennessee Coal and Iron were
particularly strong. Sugar Refining was
an silly the leAA>s-e 81 l>-i.dssatriol- quar-
ter. the stock showing more animation
than /. has in a long time, today's ten
dency being apparently owing to views held
in regard to the forthcoming quarterly
dividend declaration. The local traction
shares advanced sharply at the opening of
business. but their subsequent movements
were somewhat irregular. The dealings
In this quarter Of the market appeared to
be still Influenced by the expectations that
there VIII be some notifications at the
next session of the Legislature Of the
more onerous features Of the franchise
law rather than by any ideas that the
measure in question will be successfully
contested in the courts