The daily morning journal and courier., 1901-12-11
E1ma1rcta1
THE STOCK MAkAE Fl.
Upward Rush at Opening, Downward
 Rush at Close.

I
 New York, Dec. 10.-There was a
 dearth of news in to- days stock market
 sonality of the operators and the inter-
 ests they were supposed to represent.
 The well defined movements of the day
 embracing the general market were
 limited to the upward rush of prices at
 the opening and the sudden relapse at
 the close. During the gerater part of
 the day the market was sluggish and
 irregular and traversed its narrow
 range of prices number of times in
 a totally inconsequential and dubious | manner. The opening burst of strength i was the natural momentum of yester-
 days late strong recovery, belated
 bears rushing to buy, but 1t soon be-
 came manifest that the short interest
 had been much reduced by yesterdays hurried covering, and there was no strong disposition manifested to ex- tend commitments on the long side. The eccentric course of Amalgamated Cop per threw the market into renewed con- fusion. After rising to 72 34 there was open selling by the brokers whose buy ing had been a strong influence in yes terday's rally in the stock, as they are credited with usually acting for inside interests in Amalgamated Copper. The consequence was that that stock com
 menced to sag again in an irregular way until it had dropped down to 69. The price then worked it's way up with occasional reactions to higher level of "A 3-4, representing a recovery of over 10 points from Saturdays level for the stock. The general level of prices was affected by all of these fluctuations, but only to a moderate extent, the ef- feet being more to discourage opera tions whether for the long or short ac- count. There were some individual points of strength, notably amongst the Vanderbilts with large demand for New York Central and number of less prominent railroads and industrials. Included in the latter class were Gen. eral Electric, American Smelling, American Car, Hooking Coal, Peoples Gas, Consolidated Gas and Interna- tional Paper preferred. The tone of the money market was much quieter dur ing the day and there seemed suffi- cient supply at 1-2 @ per cent. But late in the day belated borrowers caus- ed furry to 8 per cent. by their urg- ent efforts to cover their wants, and the stock market made an immediate re- sponse, the whole list dropping sudden ly to the lowest of the day on greatly increased dealings. Amalganated Cop per fell back to 69 1-2 and closed with a net loss of about point. St. Paul and Manhattan fell away rapidly under the selling, the former declining 3-S. There was no effectual rally in the market and the closing was heavy at about the lowest. The sterling ex- change market continued depressed. and there Is not much likelihood of gold exports while money rates hold stiff. A deposit at the sub treasury of $500,000 for transfer to New Orleans shows the continuous of the interior pressure for funds, The heavy profit taking of the day in the grain and cotton markets gave hope of some money market re- lief by liquidation in that quarter.
 The announcement that the secretary of the treasury would anticipate the January interest came too late in the afternoon to relieve the depression of the stock market.