Evening star., 1901-09-18
Bear Drive at Amalgamased Copper
Partially Successful
UNION PACIFIC UNDER FIRE, TOO
Sharp Advance in Sugar Duo to
Action at Meeting.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK. September 1S.-The market
for American railway shares In London to-
day was quiet. owing to the prevailing dis
position there to do nothing In advance OF
the holiday here tomorrow. Prices there
were a shade below our closing OF yester-
day.
In the local stock market prices were
steady at about yesterdays closing figures.
with the exception Of Amalgamated Copper.
which showed an opening decline OF Y of
point and very quickly lost y per cent
more on a renewal of the heavy selling
which has characterized the trading in
this speciality for the past two days. The
bearish rumors on this stock in the early
dealings were to the effect that there
would probably be a reduction In the next
dividend declaration.
In Union Pacific common a determined
effort was made to break the stock soon
after the opening AT least 10000 shares
were thrown on the market In the first
twenty minutes of speculation-the price
yielding only n point from initial figures
on account of the excellent support given
1t. This hammering soon wore itself out,
and the stock ralliedsstrongly to 90. point
above the opening price.
ST. Paul was noticeably strong. gaining
IL points in the first half hours trading.
Strength was also noted in the Morgan
stocks and the Gould issues. Missouri Pa
cific. one of this latter group, advancing :
points.
The initial transaction in Rock Island
showed per cent advance over yesterdayS
closing figures, and it was quickly bid up
2as per cent to 1i6Ss. Atchison common.
Southern Pacific and q few others of the
active railroad stocks rallied n to y per
cent in the first hours trading. The local
traction shares were about steady, but not
active.
Some important interests in Amalgamated
Copper characterized the early -umors In
regard to the next dividend as purely
guess work." and this statement was used
to rally the stock to about the opening
price-but the pressure to sell continued
and the stock again yielded 2k per cent
to 1O4.
The strength In Union Pacific and st.
Paul and the weakness in Amalgamated
Copper had tendency to mix the traders
in their opinions in regard to the markets
immediate future, consequently there were
some irregularities in the speculation after
the first hours trading, and business be-
came somewhat restricted.
Sugar refining stock was feature In the
early afternoon trading, the stock advanc-
ing over points on a report from Jersey
City that at a special meeting In that city
today the directors Of the company had
been authorized to cancel the $1o.000,UU
mortgage bonds created when the company
was organized-but which were never is
sued-and to issue $l5.000U00 additional
stock-half common and half preferred
stock-present stockholders Of each class to
have the privilege Of subscribing at par to
the new stock at the rate of one share OF
new for every five shares of old stock.
In the late dealings the market, though
somewhat professional, maintained q
strong undertone, especially noticeable in
the Changers, southern railways and the
low-priced Vanderbilts, Nickel Plate issues
were also feature Of strength on the talk
generally beiieved-that 1t Is the inten-
ton Of the directorate to double the divi-
dend on the seconds.
As the bank statement Saturday Is ex-
pected to be a good one. it may be the
intention Of the larger interests in the
street to prevent a reaction until its pub
lication.
The subtreasury'a debt at the clearing
house this morning was 81, ,158, ,493, due
chiefly to interest and pension payments.
The banks had gained from the subtreas-
ury up to the close Of business yesterday
$11, $4,000. The time money market was
nominally 5 per cent for all periods, but
business was extremely light.