The Washington times., 1901-12-14
MARKET DULL
BUT IMPROVED.
A Distinctly Professional
Tone in Dealings.
MORE MANIPULATION IN ClPPER
Money Rates Still Dominant Fea-
ture in Stock Trading-St. Paul
Heavy Situation at Foreign Bx-
changes Decidedly Better.

NEW YORK, Dec 13,--Thc stock mark
ct today was easily the dulles; of the
week. Speculation in the carly session
yas held in check by 4 variety OF inilu-
ences. and for the most part the ;one was
distinctly professional, although prices
substantially recovered.
Commission house business throughout
the day was in restricted volume, and the
fluctuations during the forenoon were
comparatively narrow. London cabled a
higher range Of quotations, extending
from II to 7s OF l per cent, and this was
reflected in a steady opening here. There
was an obvious disposition in the early
part of the day to await the first call
money rate, and when the quotation was
reported at 81. per cent there was a mod
crate recession, and the temper OF the
room improved.
sbriniSagc in Reserves.
The principal movement Of currency
this week indicates that the banks have
lost sG.4Ol 900. This undoubtedly fore
shadows shrinkage III the modest surplus
reserves tomorrow, for it is hardly be-
lieved that the contraction OF loans will
Offset the loss noted.
Sterling exchange this morning was
steady, but the market was waiting one,
dependent upon local money rates which
are at this time practically making the
exchange rates.
While the outlook is for an unfavorable
statement tomorrow, yet ii seems very
probable that there will be a very con
siderable Improvement in the situation
next week. On Saturday the Sub Treas
my will begin to anticipate interest pay
anents normally due on the first Of the
year. ard next week, gold arrivals
are expected in this city from the Pacific
Coast.
Check on Gold Exports.
The prevailing money rates Will serve
TO check further gold exports, while at
the same time they will be calculated TO
attract money to this centre from the in
terror, as bankers Of ether cities will be
desirous Of participating in loans made at
or above the legal rate.
A somewhat disturbing fa-tcr in the
situation this morning was 4 circum-
stantial report that more or less promi-
nent man of affairs in this city had be-
WAS compelled to seek relief from leading
fnanciers at present engaged in extremely
large enterprises. The difficulty was not
believed TO be serious, yet its influence
was not of reassuring character.
Boston House Fails.
One of the results OF the copper mystery
and the big decline in Amalgamated Cop
per was the failure Of a Boston stock ex-
change hcuse. which. however, had no
extensive interest in Wall Street.
A number CT excellent railway returns
were received Copper sustained a further
decline In London, and this was again re-
neeted in early weakness In Amnlgamat-
cd Copper. Announcement by the United
Metals Selling Company OF a cut in cop
per inspired rally in Amalgamated. that
stock again rejecting insiders maaipula-
ton. Abroad the securities markers gen
orally were cheerful, and the tendency at
London is TO regard the situation in
South Africa Is rapidly improving.
ST. Paul Down.
After orening steady room traders sold
a few stocks on the belief that the call
money rate would be advanced to a higher 4
point than yesterday. ST. Paul and Anal
gamated Copper were heavy. but firmness
was shown by Union Pacific, Pcnnsylva- 1
mia, and the Atchscns.
The St. Paul movement was due 70 Chi |
cago operators who have recently with I
drawn from the market and are taking a I
more active interest in grain. another .
reason advanced for the depression was .
desire on the part Of the leading Operators |
TO accumulate the stock at this level. /
When call money opened the market was
dull, with q firm undertone. and under the .
stimulus OF moderate purchases for both /
accounts it rallied rather easily.
London Buyer.
London was also a buyer. taking about I
20 600 shares. including Union Pacific, |
Southern Pacific. Norfolk and Western, /
Reading, and the Steels. Arbitrage houses f.
said that the purchases for this account 1
would have been larger had It not been
for the fact that the cables were not T.
freely.
On the rally particular strength was
displayed by the coaiers and the Gould |
stocks. Lackawanna. Delaware and Hud- |
son. the Readings. Eries. and Norfolk and /
Western and Wabash issues recovered /
sharply on moderate purchases.
GouIds Also Leaders.
The Gould stocks were also leaders In |
the Improvement, and in other quarters /
where the market has been oyersold. no. |
tably Union Pacific among the railway,
Metropolitan among the fractions. and
American Sugar and the Steel issues in
the Industrial department, recovered con-
siderable lost ground
New York Central was somewhat in
clined . heayiness on the belief that the
recen, pool therein had lost part Of its
and also on the Pennsylvania
into Manhattan Island Penn
sylvanla was strong on the announcement
of its plan to tunnel the North and East
Rivers.