Evening star., 1901-10-19
Copper and Sugar Refining Stocks
Active Today.
OTHERWISE THE LIST WAS DULL
Effort to Force General Cover
ing of Shorts Failed
GENERAL MARKET REPORTS
Special Dispatch TO The Evening Star.

Special Dispatch 10 The Evening Star
NEW YORK. October I9-Today was a
holiday on the London stock exchange
In the local stock exchange market there
were few changes Of importance az the
opening, and the initial dealings, with one
or two exceptions, notably Amalgamated
Copper and Northern Pacific preferred
were dull and uninteresting Northern Pa
cific preferred opened up Ia per cent and
quickly gained point on small transac-
tions. This advance. however did not last
and on little selling to take profits the
stock declined l-2 points. to los IL. subse-
auently rallying to opening figures Anal
gamated Copper opened at about yester-
days closing price but on rumors
of settlement OF differences between
a prominent Boston operator and the
Standard Oh interest the stock was rather
heavily bought from the start and the price
advanced over 2la per cent mostly on COW
ering OF short contracts. one room trader
covering 1000 shares during the first half
hour that he had sold at the opening.
Inc advance in copper brought about
sympat thetic movement In the railway list,
nearly all of the active stocks moving up
rractlonaily from Il to u per cent.
Trading in the local Traction shares was
extremely lifeless. and the little that was
done developed fractional weaknesses
throughout that group. Sugar stock fiuc-
tuated irregularly within a point
The market was allowed to drift irreg-
ularly until after the publication OF the
bank statement. when. because OF the nom
appearance OF pressure TO sell another at
tempt was made to lift prices under the
lead of Amalgamated Copper. The buying
of this stock, which was persistent and
credited TO Boston houses advanced the
price OF this specially to a new high level
81
Outside of this stock and Sugar Refining
hnf Af rx.ht
short interest is said to exist-the general
markets advance was only fractional and
long stock was met on each of the small
rallies. Every effort was made to start a
general covering movement, notwithstand-
Ing the fact that the bank statement was
manlfestly unfavorable, and IL was not sur
prislng that these efforts fell fat in regard
TO the general railway list.
According to the bank statement issued
TO-DAY the local banks have lost 81 All 100
In lawful money, which is about $500 900
less than the estimates. The increase I'm
loans was attributed in a large part to the
shifting of accommodations from the for
eign exchange market to the local market
The Increase In deposits is very nearly con-
Slstent with the charges In cash an1 IN
loans. and the net result brings the sur
plus down toy S15467.775.
Ihe statement follows: Reserve decreas-
ed S2.O1i 400; loans. increased 81 OBS 800.
specie, decreased $3.50. 900: legals decreased
sS1l. 100: deposits. increased 50 425 200. cir
culatfon. Increased 1892 900 Summing I'M
the market for the day. the feature aside
from Amalgamated Copper. which was ac-
tive and accounted for more than half of
the total transactions was the intense dull-
ness and general lack of character i'm the
speculation. This speculative apathy was
Variously attributed to the absence of for
elsn trading, expectation, from the start
of an unfavorable bank statement and uu-
certainty regarding the Northern Pacific
deal And 1t might be added also TO a
feehng, on the part OF some of the shrewd
room traders. that not enough reaction has
occurred in the active railway shares since
the heavy covering movement in these
shares earlier I'm the week and by which
process most Of the short interest in the
market Che really sustaining clement in
the market for the past three weeksl was
made to cover their outstanding contracts