The times. [volume] (Washington [D.C.]) 1897-1901, 1900-11-20
BUYING POWER CHECKED
Profit Realizing Sales Cause lrreg-
ular Stock Movements.
Firm Undcrtonc Apparent, However.
and Dealings I'm Tremendous Vol
dency is Legitimate md Healthy
Specinlties the Leading Fcntures.

NEW YORK, Nov. 2o.-In speculation
of the volume of that now being con-
Quoted in the stock market erratic changes
in prices 10 be expected. Such were
the results of toiays tremendous dealings.
Ii had, perhaps, been commonly expected
that what is styled a wild opening would
be witnessed in this mornings stock mar
ket. Instead, the market opened. while ex
trenely active, showing irregular price
changes.
Profit-realizing sales. in fact, fairly
swamped for the time being the buying
power in the market and recessions were
common and pronounced from the initial
level. In this respect the market was alto
gether in line with its general course since
election day. The general price movement,
in fact of the past two weeks has been
thoroughly logical and orderly. In such a
speculation as has prevailed, ii is the ordi-
nary practice of operators TO overtrade and
technically speaking. TO pyramid"
The absence of such operations at this
time is a noteworthy characteristic of the
present speculation. and in fact, the very
class in question usually given to overtrad-
ing has been exceedingly cautious. and, in
plain and substantial fact in the present
speculation is that the market is in the
control of what is somewhat loosely styled
the public, and in no other way can the
striking results daily shown be accounted
for.
The market opened with no striking
changes of Importance noted in any feat
ures of the financial situation. American
stocks were shown in the London market
MA ri " he
and at the opening Of business foreign
houses bought heavily in this market. but
subsequently they sold in still larger
volume. Among the more sensational feat
ures in respect of advance in the early deal
ings were American Smelling. Colorado
Fuel and Iron. Peoples Cas- Consolidated
Gas, and General Electric.
The early dealings in the railway list
resulted in irregular changes and the
trading in that quarter OF the market
throughout the day had an uncertain
tone. the profit-taking sales being there
particularly heavy. The dealings in the
Atchison shares, the Pacific issues, the
grangers and the Southern stocks were in
enormous volume. There was, however
aside from the days returns of railway
traffic. little or nothing bearing upon this
quarter of the market. The sharp ad-
vance in Colorado Fuel and Iron was ex-
iDgs submitted by that company together
with the final payment OF the accrued div
idends upon the preferred stock.
American Steel and Wire was notably
strong on the expectations of important
Developments to follow today's meeting
Of the directors, and American Smelling
rose on reports that the company would
soon amalgamate with its largest Compel
itor. The general tendency Of the indus
trial quarter, however. was reactionary,
like that of the railway list. This was
particularly true of United States Leath-
er, National Steel. and American Linseed.
Among the specialties Peoples Gas and
Tennessee Coal and Iron were particularly
active, and they showed the same irregu-
larity of movement that Characterized the
market at large. The money market was
easy throughout and there were no devel-
opments of Importance with the course of
the business session.
Price changes in particular and market
movements in general resulted wholly
from technical trading circumstances.
Throughout the irregularity of the early
dealings firm undertone prevailed. Con-
spicuous features in the advance later
were Metropolitan. Brooklyn Rapid Tran
Sit, and Pennsylvania.