Evening star., 1901-12-05
Stocks List Closed Lower Under
Heavy Bear Pressure.
ANOTHER SHARP DROP IN COPPER
Missouri Pacific Was Well Bought
by Gould Crowd.
GENERAL MARKET REPORTS

Special dispatch TO The Evening Star
NEW YORK. December BIN the London
market today American issues Were steady
at about on a parity with eur closing prices
OF yesterday in the early trading but sub
sequently the market for Americans showed
improvements Of from u TO II per cent
over yesterdays close here.
The local stock market opened with a
good deal OF strength displayed In the rail-
way list, some issues scoring decided ad-
rances. Rock Island, on a continuation OF
buying orders from Chicago interests, ad-
Yanced over points in the first half hour:
chicago and Northwestern opened up ~
per cent, Canadian Pacific gained 1 per
cent and 500 preferred IL.
Manhattan, the leader in the local trac-
ton shares. advanced per cent, while St
Paul gained u. and Missouri Pacific, on
heavy trading, advanced sharply over two
points
showed a tendency to heaviness compared
with the other railway issues Chicago
terminal stocks also showed weakness
under unexplained pressure to sell
Among the industrial stocks General Elec-
tr1c gained per cent and International Pa
per opened up point.
Amalgamated Copper for the first time In
many days received good support-said to
come from a recently organized bull pool
at prices q little under the closing of yes
terday. On this buying the stock rallied TO
Ioh. then reacted TO 1875. where the support
above mentioned was met and another rally
to I4az occurred.
After the first half hour Of business
scme reactions took place, but they were
only moderate, while the speculative un-
oertone of the market remained strong.
For half hour after the noon hour the
market was under heavy pressure. The
bear contingent, encouraged by the realiz-
ing sales after the strong opening, sold
stocks freely all around the room, directing
their principal attack against Amalga-
mated Copper, the stock yielding stubborn
ly to 7231.
The railway list. too, was under pressure.
the bears scoring declines OF from 1 to III
per cent in the shares that showed the
most strength In the early trading When
this selling was exhausted, however, the
market rallied fractionally.
In the early afternoon traders were in
cI.ned to test the market for soft spots,
selling whenever they saw what appeared
to be liquidation of long stock.
The Gould following were bullish on
Northern Pacific on account OF the sur
prisingly small effect the failure OF the
corn crop has had upon the earnings of the
company.
was Western Union. the stock advancing
rapidly per cent on heavy transactions.
There was no news to account for the sud
den squirt. -.'.
erable pressure soon after the opening, the
selling apparently being by Boston houses
There was no news on the stock to account
for the selling and the 2i2 per cent decline
that followed. To the contrary excellent
Information was obtainable to the effect
that the position of the copper market has
improved decidedly recently and those con-
sumers OF the metal who have been holding
on expecting a material reduction in the
price of copper by the Amalgamated Com
pany are now buying to, fill a part OF their
actual needs, which have become urgent
Sterling exchange rates still hold firm and
fr1a M sd tndn L. l.os -
more gold 90 out to France next week.
Money ruled around AZ per cent.