The Montgomery advertiser., 1901-09-29
WALL STREET REVIEW A SHORT SESSION AND LITTLE
 INTEREST. Heavy Liquidation from All Sources Was Apparent and Some of J. the Traders Took
 Their Profits.

NEW YORK, Sept 2S-with only two hours of trading today and yacht race tn prcgress large part of the usual in, and the affair was principally one of small professional operations. There were yer some heavy blocks, running from common and preferred, New York Gen. tral and Union Pacific. transferred in the opening dealings and the market gen. A number of obscure stocks were brought forward as yesterday, some new ones be- ing added to yesterdays list; Amalga- ing small fraction at first and meeting support at early declines. The whole market sold off in the second hour, when traders took their profits. and Amalga- vanderbllts were also notably affected by the realizing in the absence of the buy ing from the sources which were re- market closed weak. The Bank state ment. showed a larger gain in. cash re- serves than was anticipated, but failed the loan account from the stock market liquidation. Preparations for October disbursements for subscriptions to sever al municipal bond issues during the week. probably account for the offset to the repayment of loans by stock markets.
 Heavy liquidation from all sources has been apparent in the stock market all the week. The motive of this liquidation was obviously mixed and seemingly somewhat conflicting. What are called the large financial interests showed evi- dsnce of dividend nd dn1 Htoe early yon in tinued to advance with signs Of inside support after all evidence of support had been withdrawn in the stocks in which
 Standard Oil interests are dominant.
 There has been activity for some time
 past by the speculative pools in the mar
 ket based on the assumption that the
 great financial powers were united in
 determination to support prices and pro-
 fect the monev market as they did
 through the crisis following President
 McKinley's assassination. The fact of a
 divergence of policy among these influ-
 ential capitalists was sufficient to check
 the activity of the professional pools,
 even while the one party continued their
 measures of support which was only for
 Not only did the brokers who have acted as agents for the supporting powers In the market discontinue their measures, but they become large sellers of the shares accumulated by their heavy buy ing at recent periods of weakness. Joined with the rush to realize by professional pools, the effect was to throw the mar ket at times into a state bordering on de-
 uoralization. The disconcerting effect on speculative sentiment of the develop
 ments in AmaIgamated Copper doubtless was an important element in deceding the change of policy on the part Of the leaders. The conditions in the copper trade which are assigned as the cause of the present demoralization in copper mining stocks, are not new subjects in Wall Street. Even the omission of the customary extra dividend on Amalga- mated Copper Stock was industriously rumored for many days before the fact. It was news to the speculatorS in the stock that foreign consumption and eX- ports of copper had decreased enormous ly, owing to trade depression and fall ures of electrical enterprises in Ger many. Copper trade statistics were in circulation in Wall Street for weeks be- fore the collapse in Amalgamated Cop per came, even while its price was soar ing to near it's record figure. It was only on the very eve of the dividend action by the directors that the manipulation to advance and support of the price ceased. Tho rush to sell after the reduction in Ahe dividend found the market practically bare of demand, and the drop in the last week. before the dividend was an- Iicunced to SS 3-S on Wednesday was prac- tically perpendicular. The selling of stocks elsewhere in the market was due m large part to speculative losses h. cured by the drop in Amalgamated Cop q,er. The whole speculative one became Dessimistic, and there was large selling If long stock and short selling by the bears. The general outlook was consid- cred discouraging. and views were ex- nregsed that the circle of prosperity had fhe Abandonment of some Of the import ant financial projects looking to exten- aaon of community of interest and an- nouncement, accepted as authorized. was made that measures for financing the purchases of Northern Pacific shares on hahalf of Union Pacific were to be post uoned until the more favorable condi-