The Washington times., 1901-12-03
OPENING TONE
NOT RETAINED.
The Market Turns Irregular
After First Hour.
MORE GOLD ENGAGED FOR EXPORT.
London Supplies Strength for Early
Dealings Reactions Soon Set In
Break In 5. R. t New In
tereSt in Long Island.

NEW YORK, Dec. 2.-The exceedingly
irregular movements in today's stock mar
ket appeared to result from little else
than purely professional dealings in both
directions.
In view of last weeks violent break in
Amalgamated Copper, and of the extreme
weakness which prevailed at the close of
business on Saturday. it had perhaps been
commonly expected that much lower
prices would be witnessed at the opening
of business this morning.
London Showed strength.
Somewhat unexpectedly. however. the
London market showed decided streng h,
in which American stocks participated to
some extent. and with the course of the
morning foreign houses were buyers here
of upward of 20 .O0O shares of stocks. This
circumstance, together with rally in
Amalgamated Copper. resulted in fairly
firm opening and the market retained that
tendency in an irregular way during the
first half hour of business. Subsequently
great irregularity developed.
4 Break i'm Is. II. +.
Brooklyn Rapid Transit broke very rap
idly On semi-oficial utterances setting
forth the condition of the company and
the remote prospects of dividends upon
the stock. The point was not overlooked
however. that the annual meeting of the
stockholders will be held in January and
that the compsny's transfer books will in
a short time be closed for that purpose.
The street was, indeed, disposed to
think that the nominally controlling in
terests in the property might be desirous
OF Strengthening their tactical position IN
the meantime. Manhattan Railway was
very strong in the early dealings. but the
stock subsequently sold of, and Metropol-
itan Street Railway followed the general
course.
New Interest in Long Island.
Some of the days most extensive move
.ments were among the specialties in and
out of the railway list. There was quite
spirited movement in Long Island Rail-
road on larger dealings than have been
conducted in the stock for a very long
tins. and apparently, interest in this Sc
curity was revived by reason Of the in
cepiion of the measures looking to obtain
ing a terminus in Manhattan Borough for
the properly. Increased dealings in Man
haitian Beach were probably sympathetic
with the advance in Long Island
Another movement in this same general
quarter was in Evansville and Terre
Haute. and the Colorado Southern shares
continued firm and active. The advance
in Pacific Mail was doubtless based upon
the attitude which il is expected the Pres
ident will take in his message to Con-
sress on Federal subsidies and merchant
marine.
Big Earnings in steel.
Tennessee Coal and Iron and American
Locomotive. Sugar Refining and Steel
showed smart gains at the opening but
these stocks reacted after the first hour
along with the general market. 1t was
stated on good authority that the net
earnings Of the United States Steel Com
Iauy for October would amount to up
ward OF Si2 600 600, the largest in the his
tory Of the company.
Price movements in the regular railway I
list were limited and irregular. Louis /
vile and Nashville was conspicuously (
strong. but otherwise sagging tendency 4
was the general rule. st. Paul and Union (
Pacific after opening firm. reflected re- 4
newed but unexplained pressure while 1
the Vanderbilt stocks and the anthracite .
coal shares were likewise keavy.
Nothing OF special interest could. how !
ever. be cited in connection with the /
movements in this quarter The money /
market was easy throughout the day. with I
the bulk OF the borrowing on call effected
III per cent.
Gold Engaged for Export.
Sterling exchange was strong, and
81, $780, 900 gold was engaged for export by
tomorrow's steamer.