Evening star., 1901-11-13
London Sold Stocks Literally on New
York Exchange.
GOOD BUYING ON ALL DECLINES
Situation Somewhat CIouded BY
the Financial Conditions.
GENERAL MARKET REPORTS
Special Dispatch to The Evening sssr.

Special Disps tch to The Evening Star
NEW YORK, November 13-The OPEN
ing Of today's stock market was steady
under a decreased volume Of business Lon
don business was interrupted by defective
cable facilities. but early indications were
that orders from that side were mostly
sales
The local commission houses were in
clined to advise caution IN marking new
commitments as the result Of the decided
uncertainty as to the future of the money
market Gold shipments aggregating
S4,25o.ooo Were announced during the MORN
Ing and served to check the. demand for
securities.
AS an offset to this outgo there are the
bond purchases by the government and the
receipts Of gold on the Pacific coast. Bank
ers insist that there Will be no stringencS
IN spite OF the fact that some thirty or
more banks are under their legal reserve
and at a time when loans are near record
proportions These conditions do not war
rant sustained advance. and present
prices are based more upon the character
OF the men who make them than upon
more legitimate grounds
The various factions in control of the
specialtles can, for the time being, hold
prices al almost any level desired. Public
interest is kept aroused with great dtffi-
Guilty and much of the new buying has
been protected with stop-loss orders. a con-
dition the reverse of reassuring from
traders standpoint. Inside selling in spe-
clalties has been in progress at the higher
prices. but some splendid buying comes in
on all declines.
The situation is confused so far as the
immediate outlook is concerned, but after
the doubtful period has passed the chances
may favor a revival OF activity in such
issues as are to be made party to some
advantageous consolidation. The routine
conditions are not favorable TO enthusiasm,
and stocks are too strongly held to sell
short.
With the public in doubt and the banking
interests obliged to stay in. the natural
course of the market should be toward dull
ness and narrow fluctuations.
In anticipation of some definite an
nouncement on the settlement of the North
ern Pacific episode all the stocks concerned
had brief periods of strength.
Union Pacific common was sold rather
literally at times, and corresponding
amount OF the preferred taken to replace
II upon the theory that the latter stock is
to be benefited materially by the North
western settlement.
Eries We're well bought by inside inter
ests. and marked preference for the sec
ond preferred suggested some beneficial
plan for tn retirement of that issue
Reading shares were strong and weak by
turns, but the street is confident that the
First National Bank party has important
plans in process of development for these
shares. Manhattan made a splendid show
ing of earnings. but the stock failed to
hold its advance as the result of heavy
profit taking. Metropolitan was bought
by inside interests. and rumors of valua-
BILE rights were to be heard.
The steel stocks were steady to strong
under a fair demand. The Northern Pa
cffic directors met shortly after o'clock,
but the result of the meeting will not be
made known until after the close of busi-
ness.