The Washington times., 1901-12-05
COPPER SHORTS
SEND PRICES UP.
Covering at Close Causes
Better Feeling.
TONE OF TIE MARKET FIRMER.
Manhattan Makes Substantial Ad-
vance-New York Central Moves
Up Sharply - Strength in Both
Union Pacific and ST. Paul.

NEW YORK, Dec. 4.-There was a very
fair exhibition of strength by the stock
market this morning under the stimulus
of a favorable interest in the Presidents
message. The speculative tone of the mar
ket, however, did not expand beyond pro-
fessional limits and individual gains in
the temporary market leaders did not
bring forward any public buying of conse-
quence.
AS matter of fact. commission houses
reported limited business only. and if
anything, the early disposition was to sell
The conservative tone of the President s
message and his attitude toward indus
trial corporations were regarded as fav-
orable factors and it is not now believed
that trust legislation of a detrimental
character Will be enacted.
There was an absence of important news
developments. Railway returns were as
a rule, gratifying. London sent in high
er range of quotations for American
stocks. but the trading for that account
was not a factor of Importance in this
market. A slightly easier tone was re-
ported in the local foreign exchange mar
ket. while abroad, Paris exchange on Lon
don was a shade lower. with Berlin rates
unchanged.
Copper Lower i'm London.
A further decline was reported in cop
per at London. and the trade situation
continued extremely puzzling. Amalga-
mated Copper rallied a fraction in the
morning session. and tho. was disposi-
tion on the part of some to discontinue
operations on the theory that the extern
sive decline discounted many unfavorable
developments that have not yet actually
transpired.
As bearing on this quarter. it may be
said. that the scarcity Of facts has been
Of substantialaidt to the makers of rumors,
and this condition strengthens the idea
that the recent course of ANA lgamated
quotations is largely the result of manip-
ulation.
There was fractional Improvement at
the opening. New York Central moved
up sharply, in advance of dividend action
later in the month, although the drift of
opinion did not favor an increase in the
dividend rate. 1t was pointed out, though,
by sansuine observers, that Pennsyl-
vania's recent dividend action was not
generally expected. and that the stock
holders of the New York Central might
be pleasantly surprised
Manhatfnn's Big Game.
The substantial advance of Manhattan
to the highest point in this movement, and
in some years, caused good deal of COM
ment. Other than the change of motive
power from steam to electricity there was
nothing to account for the rise Of the
stock to 21z per cent basis.
II Is, however, 2 favorite, and a strong
bull pool formed therein some time ago
has experienced little difficulty in mark
ing up the price Elsewhere in the trac-
tion group the tone was dull
Strength in Union Pacific and St Paul
was accounted for by good buying on the
decline, which has decreased the floating
supply and disposition on the part Of
holders of commitments for the decline to
reduce their liabilities. Wabash issues
were firm on favorable rumors concern
ing the Pittsburg extension. and the tone
extended to ali the Gould issues
Manipulation in Rock Island.
Rock Islands advance was ascribei to
manipulation, and, as the stock is highly
concentrated, the execution Of limited or
ders produced wide fluctuations. Among
the industrials the steel issues were
strong on a fair demand. Pacific Mail was
higher on subsidy expectations.
covering movement In Amalgamated
forced the price ZIP sharply, and was re-
sponsible for a better feeling all along
the line.