Evening star., 1901-10-09
Tendency Of Stocks as a Rule Was
Bearish.
SHARP ADVANCE In AfCHISOH
Buying Movement Met by Heavy
Realizing Sales.
GENERAL MARKET REPORTS


Special Dispatch to The Evening Star.
NEW YORK, October 9.-American rail-
way shares were only moderately active in
the London stuck market today, but the
tone was considerably stronger. prices there
showing advances OF from " to u In Nor
folk and Western and Atchison common,
while the rest of the list showed fractional
improvements. Today is the beginning OF
the fortnightly settlement in that market,
and the advances there are supposed to be
attributable to the covering of shorts.
In the locn stock market the opening
was steady, and with few exceptions the
tendency downward.
Brooklyn Rapid Transit Norfolk and
Western and Amalgamated Copper were
the strong features in the initial dealings.
The first named stock. after opening of 4
per cent from yesterdays closing. ralliad
sharply Ia to 80, mainly on short covering.
with little real buying, on the theory
that there would be no further adverse
rumors to depress the stock. now that the
annual statement has been published.
In Amalgamated Copper Boston houses
were credited with the recent purchases,
though the trading in the stock for the past
few days looks as il Standard OIL interests
had turned around on the stock and were
willing to see 1t recover some of the heavy
losses 1t has sustained within the past two
weeks. There is also said to be too much
company on the short side for those astute
manipulators.
When a stock like this has declined some
thirty-five points without much rally in
between Ii seems about time for the bears
to be more cautious I'm putting out short
lines of stock. Norfolk and Western was
a strong feature of the speculation, and
the buying which carried the price up IA
per cent this morning was said to be for
inside people.
pie connected with Pennsylvania railroad
and is considered one OF the best low
priced securities actively dealt in.
Atchison common acted rather disap-
M N fa he la~
over a point in the first half hours trad
ing, but when 1t is remembered that tho
shorts covered heavily in this stock yester-
day and insiders were the sellers at top
prices, IL would seem natural enough that
the stock should ease off little this morn
Ing In order to give those who sold ,es-
terday a chance to get back some of their
stock. Round lots were well taken on the
decline and the price rallied easily with the
rest of the market
In regard to the dividend opinion was stu
good deal mixed. In the first half hour OF
business the bears were allowed to sell
pretty freely. but after this selling was ex-
hausted prices were bid up all around the
room and the market quickly recovered the
earlier losses
Heavy trading in this speciality imme-
diately took place and the price was ad-
vanced a per cent to 1872 where heavy
realizing orders were met, and the stock
yielded y to 15s- The rest OF the list
shaded off fractionally, though most of the
trading centered In Atchison.
In the early afternoon a rally in the gen.
eral market occurred. led by Atchison COM
mon and Amalgamated Copper. both stocks
selling up to about yesterdays highest
Trading seemed to be only active in these
specialties. Good judges of the situation
think the market will do to buy on sharp
reactions
The particular feature of strength I'm
the late trading was Brooklyn Rapid Tran.
sit, the stock selling up above CO. against
5IA at the opening. AS there were no ru-
mors on this speciality the advance was as
cribed to the hasty covering Of shorts