The Savannah morning news., 1901-09-26
STOCKS AND BONDS.
The General List shows Declines
Under Pressure of Liquidation.

Under Pressure of Liquidation.
New York. Sept. 25.-The stock
market was weak under a rather dras-
tic speculative liquidation. Probably
speculative losses incurred as a result
of the violent collapse in Amalgamat-
ed Copper were responsible in large
part for the selling to-day, but other
considerations of more general char
acter played their part.
Amalgamated Copper itself showed
some evidence of support in the open
ing dealings, opening unchanged and
rising q over last night. There was
also some resistance in this stock to
the decline which set in in the general
market, but the weight of the selling
pressure grew heavier and as the hour
approached for the assembling of the
Anaconda directors Amalgamated Cop
per broke through its previous low
point on the movement at 80 and sold
as low as 1885, closing only a fraction
higher at a net loss of A. The decline
in the stock was accompanied by the
circulation of much statistical infor-
nation bearing on the copper trade.
The same information, however, was
available and was circulated at the
time the stock was moving up to above
1874 The violent decline in the price
since is what gives force at the present
time to these statistics, and old reool-
lections of the collapse of several years
ago of the syndicate which ATTEMPTED
to control the worlds copper product
were revived.
The omission of the customary ex-
tradividend on Anaconda, although
expected, added to. the weakness OF
both those stocks. In the general mar
ket, the Junior Vanderbilts were ad-
vanced sharply after the opening, but
it soon became evident that large real
izing was going on at other points OF
the list. Ultimately all attempt al
support of the market was abandoned
and brokers who have recently as
sumed this task were open sellers all
around the room. The conspicuous
operator who has been supposed to di-
rect the support of the market was
credited with having turned to the bear
side. The declines all through the list
ran to and 2 points at the least.
There was no disturbance in the
money market beyond that caused by
the calling for additional collateral on
loans. due to the shrinkage in value
but the liquidation was accompanied
by the paying off of loans on a large
scale. Although London took the buy
ing side this morning, exchange con-
tinued to advance The demand for
exchange is in the nature of short COW
ering. The operation in effect is the
paying off of loans in foreign markets
by domestic borrowers, who counted
upon the large supply of cotton and
grain bills normal to this season tc
cover former sales of exchange at a
profit. But cotton is being held al
the South for higher rates and the
grain movement last week had become
so small as to lead to open cutting OF
freight rates.
Railroad bonds were but little af-
fected by the weakness in stocks, gains
and losses being mixed. Total sales
par value, $2,035, 900. u. S. old As de-
clined II per cent. on the last call
The total sales of stocks to-day
were 10000 shares, including Atchi-
son, 81 100; do preferred 100; Balti.
more and Ohio, $500; Erie, 26,200; dc
first preferred, 1900 Louisville ano
Nashville, $500; Manhattan, 1900
Metropolitan Street Railway, $500;
Missouri Pacific, $500: New York Cen,
trail, $500: Norfolk and Western, II,
sylvania, 1900; Reading, $500; ST
Southern Railway, 42,100; do preferred
800; Texas Pacific, 1900; Union Pa
cific, $4,000; Amalgamated Copper, 1872.
100; Anaconda, 23100; Brooklyn, 18,400;
Peoples Gas, 1900; Sugar, $3.50; United
States Steel. 24,100; do preferred, 1900
Western Union, 6,100,.