The times. [volume] (Washington [D.C.]) 1897-1901, 1900-12-14
SEEKING A lower level
The Market Unsettled During the
Greater Part of The Day.
lrrcRulnrity Attributed Largely to
Monetary Conditions in Berlin
als-Advnnces in Certain OF the
Halfway and Industrial Stocks.

NEW YORK, Dec. 13-The stock mar
ket opened irregular and for the most
part at 4 lower level. and it continued
somewhat unsettled during the greater
part of the day. Its general tendency was
directly attributable both to the conJi-
tions prevailing in the local money mar
ket and to this mornings aGyices in re-
gard TO the unsettled financial situation in
Berlin.
The latter market, it may be said, was
not materially reflected in the London
market, which, it might have been sup
posed, would have given it the most de-
cided response On the contrary, the
London market for securities was fairly
steady, with only irregular changes ap-
pearing in the American quarter. For
eign houses were sellers here upon the
opening of business. but they reversed
their position On the subsequent decline.
and on balance were buyers to a fair
extent.
Aside from local monetary conditions
and the financial disturbance in Berlin,
there was nothing of general Importance
engaging attention over night. Accord
ing TO close observers of today's dealings.
the bulk of the selling was of a purely
professional character and for the most
part for short account. The market as
a whole, was not one to attract buying by
commission houses hence ii seems IL rca-
sonable assumption that the purchase Of
stocks were, for the most part, for the
account of substantial financial Interests
and. indeed. there were many evidences to
that effect.
There were some rather smart advances
following the early decline. notably in
Kansas and Texas issues. 1t was also
among the industrials and the specialties
that the occs sional tendency toward re-
covery was the most pronounced.
Steel Hoop and American Tin Plate
were very strong. The local traction
shares all moved with the remainder of
the market and there was nothing very
definite developed in connection with
their course. Interest in the railway list
was well diversified. and apart from the
few cases cited. limited declines were
common there. Baltimore and Ohio COM
mon. Burlington, Southern Pacific, and St
Paul showed particular pressure but in
none of these instances did any special
news attend the noted tendency.
Additional transfers OF currency to New
Orleans were made through the Sub-Trea
sury today and this mornings figures
show gain by the Sub Treasury from
the local banks since last Friday of over
sl.Ooo.00O. Of course as regards the final
showing of Saturdays bank statement,
much will depend upon the change in the
loan item. Shifting OF loans was quite
common today. and in extending new ac
commodations. clearing house lenders
quite generally supplanted the associated
banks.
The apprehensions regarding the money
market noted caused most borrowers to
supply themselves in the early part of the
Gay. and subsequently money rates re-
ceded sharply cn the diminished demand.
There WAS. however. very little conse-
quent change in the tendency of the
stock market which continued exceedingly
irregular. The Erie issues were notably
strong features and almost monopolized
the later dealings on the official confirma-
tion of the transfer of the control of the
Pennsylvania Coal Company. The stock
of the last named company made a further
Sensational advance on very light trans |
actions.