The Washington times., 1901-09-27
IRREGULAR and UNSTEADY
No Sustained Tone Developed in
the Stock Market.
Foreign Houses Extensive Sellers
EarIy-Heaviness Follows Liqui-
dation for London AccOunt-The
Effect of the Break i'm Copper.

Effect of the Break in Copper
NEW YORK, Sept. 26.-Foreign houses
continued to sell in todays stock market,
and liquidation for local account was ap-
parent from the opening until the close.
There were virtually no new develop
ments overnight TO which could be as
cribed the tendencies of the market, but
apparently the situation in the copper
trade still occupied the foremost position
in general interest.
Current reports regarding actual con-
ditions in the copper industry are con-
flcting and it is difficult for the lay mind
to draw any conclusion from the evidence
at hand. Apparently, there does not eX-
list in the domestic copper market any
such Decentralization as is evident in the
foreign markets According to trustworthy
authority there are no such stocks in
the hands of the producing companies as
were being carried at the time of the
famous secretan collapse in Paris few
years ago, and indeed. it is said that cur
rent supplies are well below the normal.
The subject however, is one regarding
which persons outside the trade are COM
PEELED to rely upon the testimony of those
on the inside. Whatever the real situa-
ton may be. it is within the lines of con-
down in the securities of the copper min
ing companies has produced a more un-
favorable effect than was caused by the
shortage in the corn crop and the steel
strike, and, while the imme ediate market
effects have not been so general and pro-
nounced it might almost be asserted that
the copper incident has deranged specu-
lative confidence almost as much as did
the assassination of President Mckinley.
That such a particular incident should
have produced such a general effect can
only be accounted for by reason of the
standing of Amalgamated stock in the
market for securities. The identity of
the directors of the company would, of
itself, furnish some reason for the dis
quietude created by the reduction in the
dividend. The very names of these men
have become associated in the Wall Street
mind with all that is held powerful and,
within recent years, dominant in a specu-
lative sense. Wall Street has become used
to handling such titles as the City Bank
and the Standard OIL" as essential parts
In the manipulation of the market.
The accuracy and the justice of this
view may be questioned, but there is no
doubt 20 the fact of the consensus of
opinion. On this account, the street has
assumed that the reduction of dividends
on Amalgamated Copper and Anaconda
Mining was ordered on account OF the
speculative attitude of certain powerful
interests. At all events, the purely spec
ulative element of Wall Street has dis
covered new nut to crack, and the
problem offers even greater difficulties
than those which have been presented by
other of the so-called blind POOLS of
! familiar memory.
The stock market showed considerable
-irregularity in the initial dealings, but
subsequently heavy tone developed As
already noted. foreign houses were fairly
heavy sellers here, disposing of upward
of 5000 shares of stock on balance. There
were no developments of general impor-
tance overnight. and intelligence bearing
on particular stocks was confined to the
days reports of earnings and dividends.
Money on call continued easy, but rates
were well maintained for time loans.
Sterling exchange was steady at about
yesterdays levels.
Market movements. as whole follow
ed purely technical lines determined by
the general influences already set forth.
The Vanderbiits were again comparative
ly firm features of the railway list,
were also the Wabashes, Louisville and
Nashville, and Chicago Terminal
The movements in the industrials, in
cluding Steel issues. were very limited.
Copper shares, Notwithstanding the es-
TEEN in which they are now held. were
relatively firm. Apparently the belated
Information regarding the industry which
has been purveyed to the public has re-
suited in the creation of considerable
short interest. Hence 1t may be that the
news for the time being may take a
: more cheerful aspect
The general character of the market
may be understood from the fact that for
no prolonged period did it manifest a
definite or sustained tone and irregular
and uncertain movements followed on
each other from opening to close.