The Washington times., 1901-12-06
MANHATTAN AT
NEW HIGHPRICE.
Liquidation HaltS Market
Leaders Rise.
TEE GENERAL TONE CONTINUES FIRM
Money Conditions Steady-Chica-
go Interests Send Rock Island
Up Copper Moves Irregularly
Advance in General Electric.

NEW YORK, Dec. 5.-Nothing new in
the way of explanations could be brought
forward today to account for the move
ments in the stock market. During the
first hour. when activity was fairly well
maintained, there were number of mod
crate and several substantial gains.
At the high prices, obvious attempts at
pool liquidation appeared. notably in the
Gould stocks, and under the pressure Of
liquida ting sales, prices yielded rather
easily. As soon as this pressure was re-
moved. however, dullness and relative
frmness were in evidence to testify to
the prevailing condition of high concen-
tration of stocks.
Reason for the Strength.
In some quarters tie strength of the
market was partially attributed to antlcl-
patton Of the heavy interest and dividend
disbursements at the first Of the year
which usually result in an improved de-
nand for securities. Bankers are not ap-
prehensive of unfavorable money market
conditions as long as the volume of spec
ulation does not expand beyond present
limits.
Outside of possibly slight one-day
furry in call money. financial operations
accidental TO the opening of the new year
will likely be carried through without
disturbances. During the week the sub
Treasury has gained almost $1,000, Geo from
the banks. and although the movement OF
interior money is r5w eastward, IT viii
hardly be in volume sufficient TO offset
the Government absorptions.
Cessation of Gold Exports.
At all events. radical changes in the
bank statement are hardly probable, and
for that reason not very much market sig
nfficance Will be attached to the showing
1t seemed improbable today that there
would he further gold exports this week
although they may be resumed next week
The Bank Of England's statement for
the week did not reflect important
changes. while the Continental exchange
markets today were unchanged, and our
own steady.
Opening strong Manhattan became tie
market leader, and moved up to a new
high price. when liquidation appeared and
the rise halted. The only development
bearing on this movement was an unof-
lSldl report IildN dIEGuStlltulS lidA Dteu
made for a union station at Mott Haven
for the joint use of New York Central and
Manhattan. The other traction issues
opened sluggish and as no air of "nnys-
terry surrounded either, they inclined to
heaviness.
Rock Island Up.
Elsewhere in the railway list. Chicago
interests marked up Rock Island without
difficulty. while Chicago and Northwest
ern Missouri Pacific. Canadian Pacific,
and 500 preferred were notably strong
The early activity was succeeded by
reaction. 1dullness and cross movements
interests thai have been identified with
Manhattan took hold of Missouri Pacific
and advanced it rather easily while the
distribution OF stock was in progress in
Manhattan.
An exception to the general trend In
the railway shares was decided weakness
In the Chicago Terminal issues attrio-
utable to the efforts Of miner pool to
liquidate its holdings and to a recent poor
statement OF earnings.
Copper Very ErreguInr.
With few exceptions tae industrials
we're comparatively dull. Amalgamated
Copper moved irregularly and usually
counter TO the rest of tie market. An
early gain on reports of an advance in
copper at London and a continuance of the
covering movement noted yesterday was
followed by decline. The setback was
accompanied by Boston offers to sell the
next dividend under the last rate declared
by the company.
General Electric advanced 8 per cent
on rumors OF a scrip dividend that would
reimburse stockholders for the assess
rnent levied on the stock some years ago.
A moderate improvement in Sugar Rein
ing was subsequently, lost. The Steel is
sues we're firm and for the most part
without feature.
London Negative Factor.
Again London was a negative factor.
trading in not more han 1900 shares,
mostly purchases, and principally the
steeis. International stocks were so inact-
i've that arbitrago operations were impos-
sible
Some comment was aroused on the curb
by an effort to create interest in Sea-
board Air Line speculative affairs, owing
TO its extraordinary statement of earn
ings II was far from successful, for the
simple reason that the figures are more
calculated TO inspire skepticism than con-
pool operations in the stock has been
clearly defined in the public mind.
Notwithstanding the statistical attract
tveness Of the bait, all similar attempts
have failed in the past, and il is quite
certain that the same result Will be re-
corded once more.