The Washington herald., 1906-12-02
STOCK SALES LIGHT
Market LiStleSS and Changes
for Day Small.
ATCHIsON AT HIGH MARK
Rise Based on Prospective Dividend.
Reported Cloud On Title Depresses
Nipissing Shares-Buying of NJ, II.
& T. Abates on HiIPs Denial of
Intended Purchase of the Road.

New York. Dec dealings in stocks
to-day sank to a total of less than 100000
shares. and while certain stocks were
conspicuously strong and large advances
were made in others, net changes in
prices as a rule We're inconsequential, and
the days market as a whole was list
less affair.
Continued improvement in financial SEN
timent in London. owing to the rapid in
crease of cash holdings by the Bank OF
England. caused general strength to-day
in the English market, and resulted in
further purchases here of stocks for
London account
The position of the bank of England
has been in the last few weeks so for
titled that the banks discount rate prub-
ably Will be soon reduced As this is
a time, however, in England, no less
thar here, when a large seasonable de
mahd for money is experienced by finan-
cial institutions. it does not appear to
be thought in responsible quarters that
the Bank Of England will lose its rates
for money before the first of January.
Banks Surplus Low.
To-day's weekly clearing house state
ment here did not excite any particular
interest, as its showing was quite in &C.
cord with previous forecasts of its eharac-
ter. If the exhibit was not an especially
good one 1t was neither, on the hand, ex-
tremely unfavoTable. The cash held by
the banks decreased s.. .7S6.O00. or less
than half the sum estimated yesterday;
but the loans of the banks increased
S5.OS4.0OO so that the bank surplus fell OF
nearly $4,000 bringing the net surplus
down to Sl,449125. This is a low figure
for the time of year. the lowest, in tact,
for the final week in November since
1880; but the bulk of whatever adverse
comments there were upon tO-days bank
statement was centered upon the fact
that bank loans were not more in excess
OF deposits than at any time thus far
in the year.
AtchisOn shows Up Strong.
Among the standard stocks to-day the
greatest strength was exhibited In Atchi-
son common shares. which rose TO the
highest figure touched by them since the
recent declaration of the semi-annual
dividend upon the stock, and the advance
appeared to be based upon the belief, mat
it must be said seems very reasonable,
that the next semi-annual dividend upon
the stock viii be at the rate Of per cent.
It will be remembered that during the
week the Atchison published an extreme
" brilliant earnings statement for Octo-
Der, showing an increase in gross for
the month of nearly $1,5OO,Oo0 and in net
Of $4,000.
There was an upward movement to-
day. too, in Chesapeake and Ohio stock,
based also upon hopes of an increased
distribution of shareholders. Advances in
the inactive Virginia and Carolina Coal
and Coke and National Biscuit stocks of
So and rs points, respectively, occurred,
while toward the close Of the day there
was a more or less general buying move
ment in the stocks Of the railway steel
springs ano other railway-equipment
companies
NIpissing Mining stock Declines.
There was, Of course, d great deal Of
interest in the fluctuations in Nipissing
mining stocks in the outside market.
Dealings iu this issue amounted 10 10000
shares, much the largest on record in the
life of the stock, and the quotation for
the security fell to 1875 from yesterdays
closing figure Of 23l4. The reason COM
monty attributed for the heavy break in
the stock is that questions have arisen
affecting the validity Of the cOmpanys
title to its mining land, so that a hitcn
has come about in the proposed sale of
controlling interest in the property to
well-known and powerful capitalists. Up
to the close Of business hours to-day no
definite information on the subject could
be obtained, but later in the afternoon
it was learned that the Messrs. Guggen-
helm, who had taken an option on 10000
shares at > and had paid 100000 for
One-fourth Of this stock, had refused to
make the second payment, and, though
foTfeiting 10000 of the 100000 shares paid
for, had withdrawn from the transaction.
Demand for ", X. & T. Subsidies.
The last quotations of the standard
stocks in the security market to-day were
not widely different from those made
week ago. and the general tendency of the
market throughout the week was toward
a greater quietness. Fears at the begin
ming Of the period that questions might be
raised by lenders of money regarding the
status of the new certificates issued by
the Great Northern Railway Company
representing a principal interest in the
company's lease Of ore lands. practically
disappeared under the assurances given
by the leading banks that they would eX-
tend control upon the certificates in the
usual manner.
There was a cessation of the upward
movement that has been so noticeabIs re-
Gently in the Missouri, Kansas and Texas
stocks, following the denial Of James J.
Hill Of any intention on his part to ac-
quire control Of the Missouri Kansas and
Texas property. 1t is the prevailing be-
lief here in the financial district that the
property is destined soon TO pass 10 The
control of one of the large raiivS i
systems.
The market in its entirety held stead
lily during the week under a variety of
influences working in contrary directions
such as the improved condition of Bank
OF England. the Union Pacific's favorable
annual report, anxieties lest d squeeze IN
money rates might occur at the end Of the
month, and curiosity regarding the char
acter of the Presidents annual message
10 Congress.