The times. [volume] (Washington [D.C.]) 1897-1901, 1900-12-04
A RISE IN PACIFIC MAIL
Effect of the Presidents Ship Sub.
sidy Recommendations.
Attitude of the Message ON Trusts
Causes n Decline in the Industrials
weakness in Steel and Wire Due
To Fears Of Manipulatfon-Ame
Gun stocks Quiet I'm London.

NEW YORK, Dec. 3-Today's stock
market in the main retained all Of the APP
pearauces Of the regularity which char
acterized last weeks dealings. The trad
ing was fairly animated, and interest was
well diversified, but stocks of the same
general class and usually moving in SYM
pathy fuctuated in contrary directions. and
at no time during the day was it possible
to describe the market as whole as being
either weak or strong.
Lower prices had, perhaps. been quite
commonly expected upon the opening OF
business as a result of the showing made
by the banks in their weekly statement on
Saturday, and also because of the widely
disseminated reports that the President,
in his annual message TO Congress. would
urge restrictive legislation against the
trusts
II has for some time also been a mat
ter Of common report that the President
would recommend strongly the enactment
OF shipping subsidy bill and it was on
this account that there was fairly sem
sational advance in Pacific Mail upon the
ter Of the market, for the most part, was
unfavorably Influenced BY the anticipated
recommendations of the President regard
ing the great industrial combinations. but
after all the movements in that quarter
were not actually any more extensive than
have frequently been witnessed under the
familiar manipulation often appearing in
that quarter.
American Steel and Wire common led
the decline in the industrial shares, but
doubtless in that instance the weakness
was as much attributable TO the fear that
there would be some managerial jockeying
with the dividend as it was to the appre-
hension Of antagonistic legislation.
After opening lower, the general market
developed steadiress, and material adj
vances were scored in certain quarters,
notably in the railway list. The local
traction issues, however. were reaction
airy. United States Rubber common. the
tobacco stocks, and Sugar Refining were,
however. exceptions to the general ten
dency of the Industrial shares. Sugar Re-
filming enjoyed particularly sharp ad-
vance in the early dealings, but the subse-
and erratic. owing to the uncertainty as
to the rate of dividend TO be declared and
to the time when IT would be acted upon.
Baltimore and Ohio common, Union
Pacific common, and Atchison common
we're exceptions TO the general tendency
II the railway list. The weakness of the
trst named was attributed TO the proceed
ngs taken to enjoin the dividend payment
upon the common stock, but there was no
particular news or gossip attaching to the
movements elsewhere.
Particularly firm features of the rail-
way list in the forenoon were the South
ern Railway shares. Southern Pacific. st.
Paul, and New York Central. but the ad-
vances scored in these stocks were all
shaded with the course of the day, and
their subsequent tendency was exceeding
~ irregular. Among the specialtics Colo
RADIO Fuel and Iron and Tennessee Coal
and Iron reflected pressure. There were
wide fluctuations. while Consolidated Gas
was decidedly firm and pullman raiace
Car rose very sharply
Materially lower prices for American
stocks were quiet in the London market
particularly for Atchison common and
Baltimore and Ohio common Upon the
opening of business foreign houses again
sold quite heavily in this market. dispos-
ing VI up"dfo vi f",UuU SldrcS OF stocks. 1t
would appear that recent selling here for
foreign account was the main cause of
saturdays large increase in the banks
loans. as the stocks sold have recently
been advancing and have been delivered
whereas until recently foreign banking
houses have been the largest borrowers
OF stock in the loan market. The elm
ination of what in this respect amounted
virtually to an extended short account
would account in part at least for the
large rise in the banks loans, although.
on the other hand. it is the testimony of
a number OF representative commission
houses that they are actually borrowing
less money than they we're week ago.
The money market on call continued ey-
ceedingly firm today. with the bulk of the
borrowing effected at per cent. Late in
inc afternoon. however, late borrowers
had TO pay as high as s per cent No par
iicular significance was attached to the |
slight furry in the money market and it |
was without any material effect upon |
stock market values. |