The Washington times., 1901-12-10
COPPER SCORES
ANOTHER RALLY
Holds Fairly Firm During
Early Decentralization.
fHE MARKET SHOWS LESS PRESSURE
After the Opening Hour a Firmer
Ton Develops-Mone Hardens,
Sending Rates UP and knocking
Out Prospects ofGold Shipments.

NEW YORK, Dec. g.-Broadly speaking.
tcday's stock market showed rather less
pressure than was apparent on either Fri
day or Saturday-that is to say. the liqui-
dation was not so neavy and continuous
and throughout the day a few stocks
showed some degree of support. On the
other hi nd, however, the dealings at large
were marked by occasional fits OF ex-
IRENE weakness, particularly in the fore
noon, ana in a number of stocks pressure
for both accounts was kept up persist
entity
Technical Considerations.
1t might be said with a good deal of
truth that the varied movements in the
market resulted chiefly from technical
considerations. The decline in prices has
obviously been sufficiently protracted as
TO result in the exhaustion of many mar
ginal accounts, and liquidation induced
thereby was plainly evident throughout
the day.
The large and alert short interest in
the market was, however, quick TO recog
nize the diminution in general liquidation,
and the covering of short contracts APP
peared to be the main cause for some of
the smarter Of the days recoveries, not
ably Amalgamated Copper.
A Confusing Game.
That now notorious stock market propo-
sition held fairly firm during the early
virtual Generalization evident in the trad
ing. and with the course of the day the
stock scored substantial rally from its
low level Wall Street has never been
called upon TO play such a confusing game
is that involved in speculation in Anal
eamated Copper where the unfortunate
Outsider has at once to consider the state
Of mind and the feeling OF the Roths-
thilds and the Standard OIL Company. to-
kether with the Heinzes and the Tom Law
Sons. Alliances and antagonisms be-
tween these great names are upon the
tongue of every bewildered speculator in
The stock. to lis own further confusion.
AS had been foreshadowed in Satur-
days bank statement, decidedly high
fates were quoted in the market, and in
the early part Of the day rates on call
money were quoted as high as per cent.
Many Of the banks marked up rates on
Standing loans TO 8 per cent. and 1t was
krotfnd that figure that the bulk Of the
bay's borrowing was effected.
Gold shipments Unlikely.
Cpiehy IN consequence OF lne nhlQeulns
Tendency In roney. and also because OF
buying of stock here for foreign account
here, sterling exchange reacted sharply,
4utting out Of tie question the proba-
biiity of gold shipments By tomorrow's
steamship.
Only few statements OF railway traf-
ha were submitted, and there was no
6tner definite news of Importance bearing
upon particulsf siooks. Among the weak
est features OF the railway list were ST.
PAIL and Union Pacific.
No more definite reasons attended the
special weakness In these stocks than
there were for the lesser and contrary
movements in other securities. The Atchi-
ton and wabash securities were com
paratively firm. Local fractions were
weak, notably Manhattan and Metropoli-
tan.
Steel shows Hecoveries.
The trading in the Industrial quarter
and among the specialties, apart from
Amalgamated Copper, was pretty much IN
line with that in the general market.
United States Steel stocks showed special
weakness at the outset of the dealings,
but subsequently recovered the greater
part Of their loss.
Londons purchases footed up a total OF
about 10000 shares.