Evening star., 1901-12-07
Stocks Were Weak and Lower ALI
Along the Line
COPPER LED IN TIE DECLINE
Prominent Railroads Also Suffered
in the Common Sag.
GENERAL MARKET REPORTS

Special Dispatch TO The Evening Star.
NEW YORK, December I'm the London
stock market today Americans opened
steady. but soon afterward weakened
Prices' In the main, however, were at about
a parity with our closing prices OF yester-
day. The copper shares in that market
continued to show weakness Rio Tintos
oeciining to 3lss- loss of a point from YES
terday. and Anaconda sold there equal to
So92. as compared with 81. here yesterday.
In the local stock market the feature at
the opening was the decentralization ex-
hibited In Amalgamated Copper stock
which. after opening of lts points. de-
chned steadily to 65Ss, drop of 81. points
from yesterdays highest quotation.
AS heretofore, there was no news on
this speciality to account for the further
decline, and 1t looked as IL the people who
nave been predicting % for the stock were
nearer right than some of the insiders
We're when. according TO rumor, predIc-
tions were freely distributed that the stock
would sell at 15o-it was then around i25,
and that has not been many weeks ago,
either.
Considering the sentimental effect of this
great weakness in Amalgamated Copper
the railroad list showed surprising resist
lower, but the losses in most cases were
not great, and those declines that extended
over per cent occurred In issues that
nave been marked up in the recent past by
manlpulative pool tactics. Manhattan ana
New York Central showed early losses OF
Ia and lAs, respectively. The former, how
ever. regained most OF its loss on covering
of shorts.
Rock Island lost X after opening up 4:
st. Paul and Union Pacific lost about IL.
There was some disposition to buy stocks
after the first break. on the theory that the
market was becoming oversold but the
publication of the weekly bank statement
showing an Increase of over five millions in
loans, and that the surplus reserve had
been cut in two, stimulated fresh sales for
poth accounts, which was further aggra-
yated by another collapse in Amalgamated
Copper stock, which sold at GA 5-s against
40 at the close yesterday
Inc absence OF support in this stock, ex-
cept trom the shorts covering. was accept
ed by many people as foreshadowing a re-
duction in the next dividend payment
New York Central was conspicuously
weak, losing nearly per cent, and the de-
cline was regarded as indicating the post
ponement OF the so-called Vanderbilt deal
st. Paul lost over per cent on western SELL
ing.
Union Pacific resisted stubbornly around
par, but finally broke a little under that
price owing to persistent selling. Atchison
lost about per cent. Notwithstanding in
side support Missouri Pacific was forced
down over 1 per cent, and after the first
hour OF trading there were numerous de-
ciines of 1 per cent and over in the general
railway list.
Manhattan was very erratic, the fiuctua-
uons being frequent and wide apart, but
the stock finally closed practically un-
changed from the opening price.
In the Industrial General Electric de-
clined about 21a and Sugar Ia. Ihe United
States Steel stocks. American Car and
Foundry and American Locomotive issues
all showed good resistive power consider
ing the general weakness elsewhere in the
market. In the final dealings the covering
OF short contracts caused a slight rally
from the lowest prices, and the general
market closed fairly steady.
Government bonds were unchanged: rail-
road bonds fairly steady and showed con-
siderable activity.
The weekly bank statement follows:
Reserve. decrease, S. SO6. 800 loans in
crease, $3.50. 800; specie. decrease, $685.
800; legals, decrease, $57s 700; deposits, de-
crease, LILO, 400; circulation, increase, $ll,-
400.