Evening star. [volume] (Washington, D.C.) 1854-1972, 1901-12-03
Presidents Message Had Reassuring
Effect on Wall Street.
PRICES HARDENED ALL ALONG LINE
Toward the Close Drive at Cop
per Unsettled the List.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star
NEW YORK. December 3.-opening prices
In today's stock market were Irregular. but
in the main fractionally under last nights
closing parity. The first hour was given
over to professional selling and the gem
eral tone OF the active list was heavy. To-
ward midday the market lapsed into dull
ness aaiting the text of the presidential
message. Upon the publication OF this doc
ument prices rallied from II to l per cent
from the low level OF the morning hour.
The message was well received in Wall
street and was regarded as lacking In radi-
cal recommendations on all the subjects
in which the street has a primary interest.
The suggestion of publicity is entirely IN
accord with the views OF the financial world
and no corporation can withhold facts and
Keep even public sympathy in the present
educated condition Of investors. Bankers
want the facts in order that loan value
may De established and the present dis
elimination against industrial securities as
class, be relieved.
A few inside speculative cIioues NAV be
inconvenience, but the suggestion IL acted
upon, VIII go long way toward removing
the popular skepticism as to the value OF
class Of securities in which 80 per cent OF
the daily business is recorded
Another interesting clause In the message
was the testimonial to the excellent results
of American railway enterprises, and the
suggestion that the popular outcry against
the closer relationship between such rail-
ways may be due to a wrong conception OF
the object sought.
At this time the reference is very nat
urally. taken to include the project repre-
scented by the Northern Securities Company
and is especially interesting In view OF the
active steps being taken by the state OF
Minnesota to test the legality of the I'M
dertaking. There are excellent reasons for
believing that the entire transaction Will
meet With strong QpD0sitiOu and nett q
side Is willing to acknowledge any weak
ness In its position. In numerous COM
mission house circles the fear of a contest
over the enterprise upon which the solution
OF the Northern Pacific episode hinges
keeps clients from entering the market at
this time.
Gold shipments by Thursdays steamers
are considered probable and call money
rates may be bid up again. as was done
yesterday toward the end of the day The
action Of Copper is being carefully watched
as any considerable change in price might
give direction to the whole list II Is not
considered probable that the decline in that
property is over. the present lull in the
selling being due to a desire to await a
rally from the effects of last weeks liqui-
dalton. -. = =
In the railroad list there was much ir-
regularity, but in the main a tendency to-
ward concessions was noted. The selling
of railroad stocks is not all short selling.
but represents a considerable amount OF
liquidation by holders who see no indica-
ton of better prices in the immediate fu-
ture.
Commission houses get selling orders In
spite OF the assurances that the market IL
substantially based upon values. There is
no doubt that lower prices are expected by
the public, and that the various syndicates
are striving to prevent them. There is the
old mistrust of the market while gold ship
ments are ir progress and while January
disbursements are to be arranged. Good
buying is not in evidence In any part OF
thxa v,aa - h..A L. g. -
large number Of buying orders are under
the market in anticipation OF a setback
from which satisfactory rally will start.
Weakness in Copper during the last hour
unsettled the entire market and rumors of
an open cut In raw copper were numerous.
A recently formed pool in the stock was
made the subject of attack. with the result
that long stock was thrown over. Western
houses sold a miscellaneous line of stocks
and the closing suggested new liquidation
in the railroads.