The Washington times., 1901-12-07
BOTTOM DROPS
FROM THE RISE.
Manhattan Down in Com
%. pany With Copper.
DECLINES IN STEEL AND IN SUGAR.
Osher Stocks Share the Weakness
General Electric Makes an Ex-
port Gain-Higher Money Rates
an Unfavorable Factor.

NEW YORK, Dec. 6.-The operations
of pools in distributing stocks through
out the week and again today, with
number of rumors and prospective un-
favorable minor factors, caused q few
rather sharp declines this morning and
gave an appearance of heaviness and ir-
regularity to the stock market
There was an irregular opening and
moderate volume of transactions. Over
night there was cabled a firm range of
quotations for American stocks in London,
while consols advanced IL per cent on
reports of an early cessation of hostil-
tiles in South Africa This factor was
entirely ignored by the local market.
Setback Leads TO Liquidation.
A sharp setback in Manhattan led to
4 liquidation elsewhere throughout the list,
and during the greater part of the morn
ing session the market reflected declin-
ing tendency. At the decline the market
hardened and became quite dull, resuming
activity again at the expense of values.
e Reports that Mr. Hartman was i'll We're
promptly denied.
The approach of the Amalgamated Cop
per dividend day led 10 rumors of prob
D, depressing effect on Copper.
Then again, bearishly inclined traders
were disposed to take somewhat dubious
view of the monthly outlook, on the prob
ability that the banks and trust COM
90 panies would be compelled to call in
loans to meet the heavy January dis
burSements Call money was firm. The
expectation was general that further gold
exports would be made next week, and
that tomorrow's bank statement would
not be encouraging to the speculative
During the week the banks have lost
approximately s., GOO coo on their trans
actions with the Sub-Treasury. London
traded on a small scale cnly and was
not factor.
Manhattan Under Pressure.
With the exception OF Manhattan, which
opened lower, changes al the opening were
confined to small fractions. Throughout
the morning, Manhattan was under steady
pressure from brokers, who have been
conspicuous in advancing it to AS. At
the same time. while marketing Manhat-
tan. an attempt was made to give an ap-
pearance of strength to Missouri Pacific
and the report vas sent out that the next
dividend would be 212 per cent, CT at the
rate of per cent year.
Traders on the break in Manhattan tool,
the bear side. and the early steadiness
gave place to decided weakness. St Paul
was notably weak in the railway list, and
Union Pacific wGs also heavy, notwith-
standing unofficial statements Of an ex-
cellent showing TO be made ty the com
Pany for the year ST. Louis Southwest
ern Issues were weak on small offerings.
Attempts were made to rally Amalga-
mated Copper and American Sugar in the
industrial quarter, but they were only
Temporarily successful. Copper met liqui-
dation, apparently fCr the account of Bos-
ton. Sugar. selling ex-dividend. aud on
IN advance in the refined product, scored
an early gain, but could not Withstand the
weakness elsewhere.
Steel Makes Recessions.
General Electric was advanced G per
cent on moderate buying, later reacting
sharply on the declaration of the usual
dividend without change. but subsequently,
recovering the lost ground. The Steel is
sues, while firm at the opening in sym
pathy with London. developed weakness
on moderate offerings, and not meeting
very vigorous support, declined easily
London's total transactions were about
siee0 shares mostly purchases, including
United States Steel. Southern Pacific. and
baltimore ana Ohio- 1here was con-
siderable foreign demand for the latter
The weeks currency movement indicates
that the banks have lost IS, COO Ge0. and
the appearance of these figures strength
ened the belief that tomorrow's bank
statement would show a shrinkage in sur
plus reserves.
Very Weak Closing.
-- Renewed weakness in Manhattan and
Amalgamated Copper was responsible for
further sharp decIi2es and weak clos
ing. Sentiment was unfavorably affected
by the money rates. which showed a ten
dency to work higher.
New York stock Exchange. Dee. 3.