The Washington times., 1901-12-04
RALLY AFTER
THE MESSAGE.
Amalgamat0d Copper Alone
Fails to Respond.
STOCK DECLINES TO new Low LEVEL
Presidents Paper Affects Indus
trials Favorably-Export of Gold
Steadies Sterling Exchange-Re-
action at the Close.

acIlOl at Jh9 CiOSO.
NEW YORK, Dec S.-Prior to the pub
lication OF the Presidents message t.
Congress. stock market movements. Will,
somewhat irregular. were generally to.
ward a lower level Scrutiny of the doc.
ument produced, apparently, reassurinl
effect, and at all events there was. soo1
after midday, general and material rail-!
in prices.
The attitude assumed by the Presiden
upon the so-called trust question ap
peared 20 meet with general commenda
tion, With the present lesson of th'
Amalgamatod Copper concern in mind, tn,
public at large and the Wall Street com.
munity in particular is quite ready to ap,
pIaud any recommendation that a proper
amount of publicity il regard TO the af-
fairs of the industrial combinations
should be enforced by law.
Folly of UnreasoninE CIamor.
President Roosevelt, however, also laid
stress upon the folly and the futility of
the unreasoning clamor against the great
Industrial combinations in general, and
pointed out that they represented nothing
more in effect than normal industrial ey-
olution The Presidents message dis
posed summarily of the reports which
were current some time ago that he
would urge strongly restrictive and even
prohibitive legislation against the trusts,
although why any such ideas should have
been accepted in view of his solemn as
surances upon the occasion of his taking
the oath OF Office is not easy TO under
stand.
The position assumed by the President
upon other of the several great political
and financial questions of the time was
also decidedly effective in giving more
confident tone to the speculation ;han it
has had for several days.
The general market opened fairly steady,
hut it soon relapsed into the irregularity
and weakness which marked yesterday af-
ternoon's dealings. ard number of stocks
broke very badly. Cases in point were
Great Northern, st. Paul. and Union Pa
cife. all CT which were unfayorably af-
fecIed by the current attacks en- the le-
gality of the formation of the Nc- bern
Securities Company emanatirg in the
Western States and supplemented in other
directions.
Selling by Western Houses.
Western houses continued heavy sellers
of these stocks, but the largely Increased
borrowing demand fer them in the loan
market indicated that much Of the selling
these stocks, however. that an increased
borrowing demand appeared, for 1t was
evident practically in every direction.
Other notably weak features of the
carly dealings were the Vanderbilt stocks,
which, however, subsequently recovered
rapidly, and Texas and Pacific. In the
industrial quarter the trading was active.
but z fairly firm tone prevailed there
Notwithstanding further reduction in
the price OF copper In the London metal
market and yesterdays reduction in the
dividend on Boston and Montana stock,
Amalgamated Copper was, for the time
being, firm.
It seemed to be the common opinion
that about all the untoward developments
possible bearing upon this storS had now
been made known, and lsTgely On this the
ory quite a lively covering of short con-
tracts was conducted. Other firm fea-
lures in this direction were Pacific Mail.
Tennessee Coal and Iron, General Elec-
trie, and Peoples Gas.
Rally Follows the Message.
The industrial quarter, generally speak,
fng, moved in line with the rest of the
market, being weak in the forenoon and
rallying after the publication of the Pres
ident's message. The United States Steel
stocks were logically favorably Influenced
by the recommendations OF the Execu-
tive regarding industrial combinations,
the suggestions that the duties or Cuban
products should be reduced
The London market for American stocks
did not reflect the unsettlement which
prevailed at the close here yesterday,
and, Ia fact, was quoted above parity with
yesterdays local final prices.
Foreign houses on balance were buy
ers here to moderate extent. Sterling ex-
change was easier as a re-ult of yester-
days engagements OF gold for export, and
the money market was fairly steady, with
the bulk Of the borrowing on call effected
between and AZ per cent.
Copper's New Low Level.
With the course Of the afternoon Anal
gamated Copper developed renewed weak
ness, and declined to the lowest figure the
stock has yet attained As was TO be ex-
pected, the renewed weakness in ANA lga-
mated checked the improving tendency in
the remainder Of the market and led TO a
general reaction.
There was nothing novel bearing upon
the stock, and its decline seemed to be
owing simply to 4 fresh outhurst OF the
liquidation which has been conducted in
the stock for the past three months. The
dealings in Amalgamated overshadowed
those IL the remainder OF the market
throughout.
New York stock Exchange Dec 4