Evening star., 1900-12-05
Rally in Federal Steel and in Atchi-
son issues.
GOOD DEMAND FOR CHANGERS
The Public at Present is Not
Buying Anything.
GEN NERAL MARKET REPORT
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK, December 5-Today's price
movement reflected considerable irregu .ari-
ty and emphasized the fact that the public
demand had slackened almost to the point
of disappearing as a factor.
London sent over a lower range of prices
and was inclined to the belief that dear
money on this side would shortly force con-
cessions. Local traders were not aggressive
in their selling, the size of the short inter-
est and the failure to force liquidation in
any but weak accounts having inspired
caution.
The relief from pressure was reflected in
the industrial department by recoveries
from the low points Of yesterday. and some
mand.
Federal Steel issues rallied easily, and
much confident talk of a dividend on the
common stock was heard. AS the date for
sucn dividend action approaches increased
activity may be expected in both issues of
this company. The Steel stocks were all
moderately steady, but the buying in most
OF them was below the average in char
acter.
A decline Of more than 3 per cent in
Amalagmated Copper added to the disap-
po1ntments Of purchasers who bought in
anticipation of a sharp rise Immediately
after the stock was listed. Instead of an
advance the stock has steadily declined.
until an extreme con, ession of nearly %
per cent has been recorded. The general
market ignored this decline some sharp
advances in the railway list being record
ed during the weakest period in the copper
shares.
Atchison issues rallied sharply, especially
the preferred stock, under what was per-
maps. the best buying in the market The
earnings OF the company considered by the
directors In connection with the dividend
declaration on the preferred stock are very
encouraging. The common stock was sold
on the prospect Of delay in putting that
issue upon a dividend basis, but the delay
lS not due to a lack of capacity, but Is
merely conservative regard for policy.
The buying of Texas Pacific attracted ut
tention early in the day, and rumors of
various kinds were freely circulated in ex-
PLANTATION of the advance. Following the
strength In this stock the selling of Mis-
souri, Pacific decreased. A better demand ad-
vanced the price beyond 60. The Pacific
group and the grangers fail to show any
snap in recovering, the short interest being
allowed to cover at only fractional gains.
Southern Pacific was heavy, and almost
nothing was heard Of the many undertak-
ings which were to advance the price in u
manner similar to the recent episode in
Northern Pacific
The large interests In the street are in
clined to the view that an irregular market
wIIl prevail for time, but no unsettling
decline Is looked for. Certain issues will
f1uctuate widely for special reasons, but
the undertone Of the market would suggest
maction merely. and not exhaustion.
The money rate will be the dominant in
fuence. and new undertakings may be
forced into the background until accounts
are adjusted at the end Of the year. There
Is confidence in ultimate results and weak
spots will in all probability produce cour-
ageous buying.