The Washington times., 1901-11-02
STOCK TRADING LISHLBSS.
The Market Opens Dull and Fai 5
to Rally.
BnnI. Holiday in London Causes Lo-
cni StngnatiOn-Rcnctio in Penn
syIvnnia After Two Points Ad-
vance on Declaration of Dividend.

syIvania AFTER Two Points Ad-
vance on Declaration of Dividend.
NEW YORK. Nov. THE stock market
opened dull and continued SO throughout
the day. Although London has been an
unimportant factor in the market
throughout the week. it Is probable that
the suspension Of business at that point
today, on account of the bank holiday
there, added to the virtual stagnation
which prevailed in the local dealings. Not
even such an important matter as the
declaration Of an extra dividend ON Penn
sylvania served to carry more than a
transient influence. Pennsylvania did, in
deed, advance rapidly about , points. but
the stock subsequently reacted in sympa-
thy with the saEging tendency of the re-
mainder of the list.
There were no new developments of i'm
portance to which it was possible to refer
directly the listlessness Of the s3ecula-
tion. Sterling exchange was indeed no
tably strong. and rates advanced to the
highest figures of the season. Now that
gold shipments have begun. it is common
expectation that they will continue inter-
mittenty for some weeks. The money
market on call ranged around the levels
of the week.
Notwithstanding the exports of gold by
yesterdays steamship, preliminary figures
of the weeks movements in money indi-
cate that the banks have lost only about
s.. soc. coo So far as the interior move
ment is concerned, they report an actual
gain of over 81. 100000. This IS the first
gain on balance in this last respect in
about two months. The action Of the
Treasury Department in resuming the
purchase of Government bonds was gener-
ally commended, although it was recog-
nized, on the other hand, that the course
of the Treasury would actually tend to
facilitate the export movement of gold.
The market opened irregular and, gen.
orally speaking, heavy. With the course of
the morning a number of usually inactive
railway stocks scored material advances,
as the 500 stocks. Lake Erie and West
eru and Pere Marquette. Among the
higher grade issues Delaware and Hud-
soE and LaCkawanna We're also strong.
Brooklyn Rapid Transit showed asgres-
sive strength. as did the other traction
shares. The days net price changes,
however, were without much significance:
In the industrials. Glucose advanced
sharply. for no better apparent reason
than the announcement of the reduction
of the dividend on the common stock.
which action was taken at the meeting
of the directors in Chicago yesterday.
among the specialties. in which group
Amalgamated Copper was the active
feature, although the fluctuations in the
stock were unusually limited. one feature
of the days dealings worthy of note was
the continued strength in the bond mar
ket, which was also comparatively active.
Government bonds also moved up frac-
uonally in connection with the purchase
circular.
With the course OF the afternoon the
stock market developed a much firmer
tone, the whole list responding to sharp
upward movement in Great Northern
preferred and Northern Pacific preferred.
This was interpreted as rejecting sub
stantial progress in the Northern Pacific
negotiations. St. Paul and Union Pacific
were naturally favorably influenced.
The junior Vanderbilt stocks showed
renewed strength, and Pennsylvania re-
sumed its upward tendency. Other strong
features Of the afternoon were Baltimore
and Ohio, the local traction stocks. and
Missouri Pacific. Expectations of a more
favorable bank statement than has been
looked for appeared 10 play some part
also in the recovery in prices.