Evening star. [volume] (Washington, D.C.) 1854-1972, 1901-11-29
Amalgamated Copper Was Weak
Again Today.
RUMORS OF CUT IN RAW MATERIAL
Southern and Louisville and Nash
vile the Strong Points.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK, November 29.-The heavy
tone in the London market, due to the
weakness in copper stocks at that center,
| had a depressing effect upon the local
| market during the opening hour this morn
ing. The volume of business. especially
such as came from commission houses, fell
off noticeably, and there was little inclina-
ton to buy except against previous sales.
The converting of Congress during the
coming week was deterrent influence and
had much to do with the absence Of new
business. A slight advance in the rates for
foreign exchange was another factor
operating against confidence in the imme-
diate course of the market.
Unless money rates advance here it is
likely that gold will go out again next
| week Between gold shipments and higher
| rates for money there is little to choose.
Neither course is encouraging to the
trader, and the banking interests are quite
! as able to protect the market against the
one as against the other. The course of the
money market, judged by surface indica-
items, is toward condition of relative
ease, loans being made at 4 per cent and
under today.
The flow of money from the interior is
increasing and the banks have gained, in
spite of losses to the subtreasury, some
where in the neighborhood Of 100000 so
lar InlS week. Inere mas Deen a Snl1t1nS
of loans, and upon the result of this action
the best features of tomorrow's bank state
ment will depend. At present there is con-
siderable uncertainty as to the prospects
| for a favorable exhibit.
The selling of Amalgamated Copper was
again called good and rumors of a cut
| in the price of the raw product were again
| circulated. 1t was impossible to confirm
such reports, but the street took it for
granted that some unfavorabe news was
| expected by the inside interests. Some talk
| of litigation was heard also, but this pros
pect was not urged vigorously as was
| the threatened cut in rates.
| The traction stocks showed a considerable
| volume of profit-taking sales, but the de-
| mand for Manhattan was still good on all
concessions.
In New York Central there was less con-
| fident talk of a merger of the junior proper
| ties and this resulted in sales to take
profits. Nearly all of the active shares re-
hected tendency to convert paper profits
| into cash, and the market being narrow the
| result was not wholly satisfactory.
Union Pacific and st. Paul advanced for
a time, but neither was able to hold its
gain. The speculative advance in both has
apparently run it's course, and the new
buying is of a better but less spectacular
character. The preparations for attacking
the new Northern Securities Company are
proceeding and the daily reports of some
advance made naturally deters the pub
lie from buying into those issues which are
directly interested.
The buying of Southern Railway shares
and Louisville and Nashville was good in
character and reports of a strong bull pool
operating in the latter were to be heard.
The coal stocks were very irregular and
the movement to advance them met with
little success The Steel shares were strong
during the morning under fair volume of
business, in which London participated
moderately.
Nearly all of the independent steel issues
and the industrial list generally were given
some prominence during the early trading
The pressure of stock to take profits was
| effective in unsettling the entire market
toward the end of the day, however and
the closing was decidedly irregular under
| mixed selling of professional character
The prospects are favorable to an unset
tied and reactionary market until after the
Presidents message is read to Congress
and some more definite understanding as
| to gold shipments is reached.