The times. [volume] (Washington [D.C.]) 1897-1901, 1900-12-13
THE PRICES WELL HELD
The Dealings in Large Volume.
With No Slump in Values.
London Influence on the PuiI side of
the Market-ENpectrtion of Divf-
dends Induces Buying. Especially
i'm Industriais slight Declines
Toward the Close of the Day.

NEW YORK, Dec. 1.-THE same general
considerations which were effective in
yesterdays stock market again ioday
governed the course of the DEALINGS. These
were all. broadly speaking, Lond MS tav-
cradle dispp 81 ion toward this market, the
beneficial results of the pending arrange
ments in the anthracite ccal indus ry. IN
clearer comprehension Of prevailing
conditions in the money market.
The early cables showed American
stocks quoted in the London market at
an average advance of about one-half
point. in comparison with yesterdays final
local figures. On the opening here for
eign houses were active buyers and their
total purchases on balance We're cs;i-
mated at 10000 shares. Tnese purchases
were widely distributed, and. if common
expectations are realized, they are very
likely to continue well up TO the next
fortnghtly settlement upon the London
stock exchange.
Sterling exchange was again depressed
by reason of London's purchases Of stocks
here, and the prevailing rates for money
on call but il was still the opinion Of
the most reliable authorities that impor-
tations of gold at this time were most
improbable. Today's routine news com
prised number of railway traffic returns
for the first week of the month. in which
the Southern lines again made the most
of the valuable showing, together with
further dividend announcements. In
number of instances the expected an
nouncement of dividends played a very de-
.-1a1 sptre ttg.r n.1xr
in regard to some of the industrial shares.
This was notably true of Steel Hoop, Steel
and Wire, Tin Plate, and Smelling and
Federal Steel.
The days dealings attained a large ag-
gregate and interest was remarkably well
diversified throughout the market. The
general movement of prices. while toward
a higher level, was characterized by some
uncertainty. Pros realizing sales were
particularly heavy It the opening, caus-
ing some reactions from the initial adj
vances. While commission houses COM
monty reported that the rapidity of yes
terday's advance caused their customers
to follow this conservative policy, the Of
ferings on this account were readily abb
sorbed. and the upward movement was
soon resumed.
1t has probably never been the case be-
fore in such protracted rise in prices as
that there has been SO little over trading
and pyramiding In ordinary circum-
stances spectators would have been
tempted TO trade beyond their resources
in such market, but that there has been
very little Of such injudicious procedure
is common report of stock brokers. and,
as noted, il constitutes one of the most
wholesome features of the technical con-
ditions of the market This phase of the
situation likewise accounts for the insig
pifcant proportions of such reactions as
have from time to time occurred.
The railway list shared equally with the
Industrial quarter, and the local traction
stocks in some of the days more extern
sive advances. The granger shares were
conspicuous in the days market, the deal
In that quarter being the heaviest noted
in q long time. Other conspicuous fea-
lures were the Atchison stocks, Missouri,
Kansas and Texas preferred and the So
called junior Vanderbilts, including Lake
Erie and Western and the Nickel Plate
shares,
New York Central, while active, seemed
TO be somewhat affected by the uncer-
tainty as to the rate Of dividend on the
stock to be acted upon shortly. The Fries
and the anthracite stocks generally, while
actively dealt in and steady showed the
effects of heavy proft-taking sales induced
by the rapidity Of the advance in that
quarter of the market. New York. On
tario and Western and Delaware and Hud-
son were, however particularly strong.
Purchases of the last named seemed to
be also influenced by expectations regard
ing the rate of dividend to be declared
for the coming year. 1t may seem from
the foregoing that the days dealings as
whole were based upon the plain and SIM
pie investment considerations which have
been the underlying influence in the mar
ket for more than month. Aside from
that already cited. there was little news
or gossip applying to and affecting the
movements in particular stocks
Today's figures setting forth the known
money movements show that the New
York Sub-Treasury has gained from the
local banks since last Friday S31l3oO0
This heavy acquisition from the local
money market is owing almost entirely to
internal revenue collections and transfers
of money to the South. AS has been al
ready noted, however, some measure of
relief is in sight through the prospective
Treasury disbursement for interest and
pensions. and notwithstanding the some
what threatening possibilities of the
money market, little uneasiness exists re-
garding future developments there.
The later movements in the stock mar
ket were more irregular than those of the
earlier part of the day. There was a sharp
break In Tennessee Coal and Iron on re-
newed reports regarding the next divi-.I
dend payment on the stock and on further |
heavy proft-realizing sales the best prices
were shaded in other quarters of the mar
ket.