The times. [volume] (Washington [D.C.]) 1897-1901, 1900-12-06
DECLINES less GENERAL,
The Bear Movement Checked, But
Irregularity Follows.
Iondon-s Influence Toward n Lower
level eff Prices. Foreign Houses
Being i'm Sympnthy-StreuEth in
Indu>trinls Steadies the List
RGmors in Steel and Wire Circles.

NEW YORK. Dec 5.-Today's stock
market did not show the declining ton
dency which was fairly uniform yester-
day but it was still characterized by the
irregularity which has marked the deal
ings OF the past ten days. Little or nota-
ing that was new was offered for oei.sii
Grafton upon the opening Of busin IS this
morning Professional speculative semi
,rient was, as usual. Influenced by the
spectacle OF lower prices for American
stocks IN the London market, while the
usual carrying-oyer influence Of yester-
days weakness was likewise evident IN
the trading. Little or no attention ap-
peaTcd to be paid &c the large number OF
traffic returns submitted for the final
week Of November. and indeed it vas
rather difficult 10 hX upon any spscial in
fiuence which engaged general considera-
ton.
Foreign houses followed the lead set by
the lower l.cn3cn prices, by selling quite
freely in this market. but upon ;he ensu-
ing declines they bought rather more lio-
orally than they ilcva for some Tine last,
the transactions or this account on al
ance however, being sun upon the sell
ing side. Commission houses reported
perceptible increase in business, although
public interest as thus expressed was
noted on both sides OF the account.
The reaction in the market appears TO
have attained rropori ions inviting new
purchases. while or the other hand the
hesitant tendency of prices and the di
ininutica in animation have induced mod
crate liquidation and also renewed as-
gressiyeness by the bearish contingent
nov active in increasing numbers in thu
market. For the most part, however. the
dealings seemed 10 reflect the result CT
technical considerations as they have
done for The past few wesk ks.
Coasfit uousiy firm features of the mar
ket were American Steel and Wire and
Federal Steel. As regarded the latter, the
tendency appeared to reflect the accept
ance Of current reports that dividend
of per cent will be declared upon The
stock on; of the earnings of the current
calendar year. American Steel and Wire
was particularly strong and active. the
trading in that instance being seemingly
stimulated by the announcement that a
stockholders committee had been formed
for the purpose of endeavoring to effect
such a change in the management as will
result in the elimination of certain IN
tercsts. who are believed 10 care less
for the conduct of the company's business
Than they do for the fluctuations in its
stock.
The outcome of The effort will be await
ed with interest and beyond any doubt
the prospective contest will show whether
stockholders at large in corporations are
really mindful of their duties and priv
leges. The estate Of the American Steel
and Wire Company is most valuable
one. but the credit of the company can
) 1,-a 1.,F -,.,l
dominance In power of the present Lightly
speculative management, albeit, the lat
ter term may be said to be more police
than exact.
Sugar Refining again furnished a large
proportion of the days dealings. and the
fluctuations in the stock continued wide
and uncertain. As noted yesterday the
speculative community permitted Itself 10
become firmly convinced that the diridend
on the stock would either be advanced
OF that an extra dividend would he de-
clared hence yesterdays announcement
left the = in state Of perpiexity
errroaohiu morali5ation.
ia crneei ons in this respect were.
o. g5urse ely based upon the rep-rts
ihai tta 11 ny had enjoyed an cxcep-
ti9nuI'r .rous year. which. coupled
va "a, arks of its president last
sprint fir y lich he stated that futire
divid,-ds we're likely to be ordered n
relation ~ current earnings, gave the real
bass fo' rh7 expectations OF a larger diyi-
ir-a han nat declared.
ks reEaI led the general market, how
ever tn fluctuations in Sugar Refining
cut uileb .ess figure than they did yester-
day inc industrial quarter generally
VAS sizes y today. aside from the incident
cited vements in the so-called special
tie exceedingly erratic. Colorado
fuel Iron and Tennessee Coal and Iron
ne ong while Amalganated Copper
de- pes. very sharply. In the ina gina
tion of the street this last circumstance
together with the fact that a certain
financial institution identified with the
property in question called in its loans
upon the stock exchange was construed as
Indicating a pessimistic disposition to-
ward the market by the parties in ques- |
ton.
The local traction shares were de- |
pressed In the earlier part of the day. but |
later developed material strength, with |
Brooklyn Rapid Transit the conspicuous
feature. Little or nothing however. that !
was definite and authentic developed in l
connection with the stocks.
The railway list was active and showed |
a general distribution Of interest. Atch;- |
son preferred was strong, probably on |
the declaration Of the usual diYi- |
dend. while the common stock was some
what reactionary. presumably on the up
setting of ill-grounded expectations that |
a dividend would be declared on that is
sue also. Other firm features of the rail
way list were New York Central, the |
granger shares, Missouri Pacific Texas
Pa .f.ic and the Eric issueS