The Washington times., 1901-12-27
RALLY AFTER
OPENING DROP.
Firm Tone Follows Declines
in Early Dealings.
SUGAR DEVELOPS BUYING ORDERS
Call Money Freer, Although Pros
poets Are for Active Market
Unfavorable Returns Made by
Several Railways Lead to Sell
ing Orders.

NEW YORK, Dec. 26.-At the opening
OF the stock market prices showed an ir-
regular tendency, with material declines
appearing in the more active issues.
From the outset, however, It was appar-
ent that there was no such pressure from
either account rs was present in the trad
ing earlier in the week, and the market
quickly reversed its tone on the appear
ance of fairly large buying orders in GER
tain directions, particularly in Sugar Re-
fning and Manhattan Railway.
Initial LOSSES Recovered.
The advance in these stocks extended
to the remainder OF the market, and the
initial losses were not only recovered, but
materially higher range of prices was
established. With the course OF the morn
ing, however. the trade lost most OF its
animation, and in the afternoon the
market became almost stagDant
Throughout the day interest was rather
poorly distributed and disproportionate
quota of the total transactions was fur
uished by the dealings in Sugar Refining
the reversal of form shown by Sugar Re
lining was the subject Of much discussion,
particularly inasmuch as no change what
ever was noted in those trade conditions
which we're so harped upon during the
u points decline in the stock.
The cynical were disposed to believe
there had been some change in the legis-
lative atmosphere at Washington which
rendered more favorable the chances FOR
such readjustment in the Cuban tariff as
would prove beneficial to the refining in
dustry.
Strengthened by Buying.
Views in this direction were strength
ened by the buying which appeared in
the stock. the bulk Of which was by
houses with close Washington connections
and with intimate relations with the
lower Wall Street neighborhood.
Money on call was in somewhat freer
supply and the bulk OF the borrowing
was effected between and { per cent
The local banks have again lost TO the
Sub-Tressury in their dealings with that
Institution this week &c the extent of
about 81 .2o0, o00 but owing to the pur-
chase by the Government late on Thurs
day afternoon OF S2.5o0.O00 in bonds. it is
likely that the weeks complete figures
will make different showing.
Small amounts Of currency continue TO
be transferred TO New Orleans, but other
wise the drift Of currency is still toward
this point The disbursements for tie
first of the year for interest and diyi-
dends at this point are estimated at
sl500o0 coo. to which should be added ap-
proximstely disbursements OF about half
asInuch more in Boston. Philadelphia, and
other large financial centres.
Active Honey MnrI1ct Involved.
The preparations for the payments of
these amounts necessarily involve an ae-
tive money market for the next week or
SO. The interesting question is as to
what proportion OF this vast sum will
seek immediate reinvestment.
The days traffic returns made decidedly
mixed exhibits. and some OF the decreases
reported were the subject of much COM
ment, the most conspicuous cases being
the Louisville and Nashville. the St. Paul
and the Missouri Pacific The falling
away in the returns OF the latter road
may doubtless be referred iirectly 10
the shortage in the corn crop. a cause.
however, which is not applicable TO the
diminished returns Of either the St Paul
or the Louisville and Nashville COM
panies.
~. Paul Sold on.
AT the opening OF business ST. Paul sold
Off rather sharply, presumably OF account
of the heavy shrinkage in the company's
earnings for the third week of December,
but the stock subsequently participated
in the general rise in prices.
Missouri Pacific, notwithstanding the
comparatively poor showing made by that
company for the same period. was strong
throughout. and other firm features of the
railway list were Atchison. Reading, New
York Central and Union Pacific. Neither
Brooklyn Rapid Transit nor Metropolitan
Street Railway participated in the
strength OF Manhattan.
The industrials, aside from Sugar. were
generally firm, particularly for American
Ice. while United States Steel issues
moved up fractionally on comparatively
light dealings. Little was done among the
specialties, aside from Amalgamated Cop
per, which continued fairly strong.
Some Pronounced Movements.
Some of the more pronounced move
ments on the railway list were in a num-
Der OF the usually inactive issues, note
worthy cases being Kanawha and Michi-
gan, Hooking Valley and Delaware and
Hudson. Reports of the retirement OF
Hooking Valley preferred were again cur
rent ia connection with the advance
therein.
Delaware and Hudson was strong on
the belief that the dividend for the com
ing year Will be fixed at the rate of
per cent. There was some increase in
activity IN the anthracite coal stocks.
and the general market retained the firm
tone which II had shown from soon after
the initial dealings.
New York Stock Exchange. Dee. 20.