Evening star., 1900-12-12
Stocks Opened Strong, but Broke
Sharply at Close.
STARTED BY MANHATTAN
tennessee Coal and Iron Starts
Another Bear Attack.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star
NEW YORK, December 12.-The trading
In today's stock market gave further evil
dence Of the presence of strong interests In
the market. The volume of business WIS
well distributed, and several new issues
were advanced without prejudice to thos.
which inaugurated the movement earlier in
the week. Missouri, Kansas and Texas.
Texas Pacific and the southwestern group
generally attracted new buying of a rela-
ttve.y strong character Predictions of
higher prices were freely made by conserv-
ative brokers, but all such expressions of
opinion ended with a qualifca ton relative
to the course Of the money market
Call money is virtually esta blished at the
legal limit already, and the expected ad-
vance Will scarcely come as a surprise if
1t comes at all. The banks are loosinv
money to the subtreasury steadily. and
the interior demand continues upon a
somewhat reduced scale. Indications point
tc a reduction in the surplus reserve To
S3oOo.oOO or under by Saturday.
AS an offset to the natural consequences
OF such a condition are the assurances
that several prominent banking Interests
lntrusted with the various deals now un-
LAY way, have combined to prevent any
disastrous tightening of money. Gold is
already promised by Europe upon payment
of the interest while in transit and this
fact Will be held out as encouragement to
borrowers.
The coal deal was again responsible for
some sharp advances in the properties con-
cerned, but the full scope of the transaction
IS still withheld by officials. There can be
no doubt Of its far-reaching benefits how
ever. but the time Is not opportune for dis
closing the facts. 1t Is hinted that Read
ing Will be the beneficiary in the next step
OF the combination and that strong inter
eStS are already owners of big blocks OF
stock bought in anticipation of the an
nouncement.
The Steel stocks We're strong under inside
buying and some mixed trading by thc
room. Federal Steel common was taken I'm
round amounts on an advancing scale as
the result of its dividend prospects Steel
and Wire advanced to 45 under a mixed de-
mand in which the long account was well
represented. The Traction group was ad-
vanced during the morning by brokers usu-
ally employed by inside interests Brook
lyn Transit was strong, the annual report
containing no surprises and the rumors OF a
consolidation being rife, as heretofore
Later in the day the selling of consider
able block of Manhattan unsettled the en-
tire group and forced recession from the
best prices Of the morning. Realizing in
american Smelling forced a decline of
about per cent, but the stock reflected :,
broader market than 1t has hitherto en-
Joyed when under pressure. The market
street is losing confidence In a material
setback In prices at this time
The short interest covers and reflects
timidity in reselling. Holders of long stock
express willingness to await develop
ments. The tendency is. therefore, toward
duilness with the popular view favorable
to buying good stocks on declines
break In Tennessee Coal and Iron dur
Ing the las hour forced a sudden decline in
all parts of the list.