The times. [volume] (Washington [D.C.]) 1897-1901, 1900-11-28
many CHANGES OF Tone
The Dealings in Stocks Marked by
Unusual Irregalarity.
transactions on . Large Scale and
Well Distributed - Great Activity
crnfiOns for Foreign Account
Hampercd by Poor Wire Service.

NEW YORK, Nov. 27.-Many sudden and
pronounced alterations in tone appeared
in todays stock market at large. while
the dealings In particular stocks were
marked by unusual irregularity. The
dealings were again upon an exceedingly
large scale. and were well diversified,
with the bulk of the activity again ap-
pearing in the railway list. Notwith-
standing this last fact. however. some OF
the movements in the industrial quarter
and among the specialties were probably
more effective in inducing the irreguiarity
of the market than were the heavier
transactions in the railway list.
Little or nothing could be picked out of
abe days circumstances which would di-
rectly account for either the occasional
fits of buoyancy or depression. Ia fact,
such changes as appeared seemed TO fol-
low technical causes entirely, and while
the more extreme movements were. as
might be expected, attended by more or
less board-rcom gossip. actual and
definite facts We're wanting.
London's attitude toward this market
was again somewhat surprising as The
dealings not only fell far below the VOL
ance resulted in sales which were esu-
mated at between eo,o0o and $4,000 shares.
Operations for foreign account were
again. however. interfered with by reason
of the defective wire service. The bust
ness of commission houses appeared to be
in somewhat reduced volume while the
professional element sold stocks rather
freely, both on account of Londons fail
ure to take the stand expected in this
,1,a
they detected appearances of what is de-
scribed as inside liquidation. This latte.
comment upon the market. it may be
noted has appeared with unfaiiing regu.
larity each day for the past three weeks.
The market opened strong, being intiu-
enced in that direction by the substantial
advances shown in the london market for
American stocks. With the exception OF
a few of The si,ecial,ies and industrials
the general tone of the forenoon dealings
was decidedly firm, but toward midday
general reaction set in. As already noted,
speculative sentiment seemed to be great
iy influenced by the course of two or three
stocks. Thus the very unsettled market
for The American Steel and Wire shares
served TO chill sentiment, and the reac-
tionary tendency in the copper stocks was
operative in the same way. as was the
general weakness of the local traction is
sues
The street at large generally refused 10
accept the reports of disscEsions in the
Steel and Wire management as sufficient
ly explaining the course of those stocks.
in fact, the Steel and Wire shares. and
more properly the market for them. are
absolutely controlled by few kindred
spirits, who are most unlikely TO permit
serious grievances with each other TO
arise.
There was not very tangible explanation
OF the weakness in the copper stocks, no;.
of tina; in the local traction shares. SUI
gar Refining again underwent wide fiuc-
tuations. and yesterdays advance in the
selling prices for the refined product
today Cancelled. As regards the dividend
upon the stock, it may be assumed that
the rate is by this time in effect settled.
The railway list today furnished no such
noteworthy feature as yesterday, notably
in the dealings in Southern Railway
shares. This quarter OF the market was
decidedly firm during the mornings deal
ings. but subsequently participated in the
common irregularity. The Atchison is
sues, Denver and Rio Grande, Sonther:.
Pacific. and the anthracite coal shares.
notably the Reading issues, were the firm
est features of this quarter of the market
Some Of the low-priced stocks. includ-
ing Texas and Pacific and the Kansas and
Texas shares were also comparatively
firm, while effective liquidation was quit
common in the granger stocks. and the
other high priced shares.