The times. [volume] (Richmond, Va.) 1890-1903, 1901-12-03
NET LOSSES WERE {:
CONSIDERABLE:
Stock Prices Drifted Down After
Early Shswof Strength.
FURRY IN CALL MONEY RATE.
This and Apprehension That the President
Would Take Grounds Against Great
Combinations We're Basis OF
Reaction.
nv Associated Prcss.)

| NEW YORK Dec. decided weak
/ ness in tbe stock market developed after
! some early exhibition of strength, ana
/ the last prices for the day show consld-
cradle net losses ana all of the carrier
gains wiped out. The principal factor IN
/ the carly strength was the recovery ~
| Amalgamated Corpcr and the decided re-
! bound in the price of raw copper IN Lon
! oon. The reaction was based Oh the goid
| esports and apprehensions that the
| Presidents message to be sent TO Con.
sress would take strong GROUNDS -aoyue
| great combinations of corporations WIN
! unfavorable effect upon liie MAJ me-
| values of lneir shares:
! a furry developed III the call money
! market late in the day, which accent
uated the weakness m the closing deal
| ings in stocks Professional bear orer2-
| tors were active in the decline ano 'oi.
+: lowed vigorous nlanlpulatlvc tactics, '' !.
| they met with little resistance 20 t',s
efforts in the way Of supporting o.ueIs
| and the market was apparently lslt uile
protected The resultant uncoverlnS OF
stop-loss orders dislodSed some IL! ~
Industrials. the Transcontinentta,i raj, raiio
ROADS and the VanGerhilts, which nave
been lifted on persistent reports OF dSais
and mergers. The violence OF tns req ~
crv in raw copper in London pointed 70
the conclusion that Saturdays demorai.
lied break was due 10 .speculative si. ,.a :
selling. or that late information vas
changed from that which prompted NY
selling The recovery III AmaiSalaaleu
Copper amounted to G:s. but the stoct
slumped again to 7234. helping 10 upset
the market. o
Southern Railroad and Sugar were
prominent features of the upward now
ment, and Long Island became active az
an advance of 3H. The announcement o.
GoiG exports to the amount of S2,o0o,o Go
was the turning point Of the market. al
! though considerable resistance was olleI.
ed to the decline after the announcement y
was made. The outward movement OF
gold had been generally expected, ana
Spectators for the advance trleo 10 pc
little its Importance. Their efforts were
partially successful until the party Oh re-,
action was reinforced by the anxiety
over the effect of the Presidents message
and possible congressional action on the
subject of combinu tons and the hurry III
call money The earlier ease of the
money market and the lateness OF me
hour at which the rise in rates occurred
gave rise to the supDositlon that II might
be partly due to manipulation.
There was a large disbursement OIL al
voends and interest during the day, but
the effect of such disbursements is ike
~ to be somewhat behaved in the New
York money market There was a drop
in New York exchange a Chicago to 40
cents discount. which indicated some re-
newed requirements for funds at that
center Professional opera tors and pools
were very active in the dealings. and
there was no evidence of a large share in
the transactions by outsiders.
The bond market was moderately active
and irregular The total sales. par value.
$500 600. United States refunding IS
advanced Il per cent on the last call
The total sales of stocks to-day were
$50. 700 shares.