The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-09-24
Big DECLINE in COPPER
AMALGAMATED AND ANACONDA SUI
FER a HEAVY Loss.
Early Resistance in Railroad Stocks
Caused whole Market to Turn
Weak-stock quotation.

NEW YORK, Sept. %. Amalgamated
Copper fell sA below the final prices of
Saturday late in the day to-day, and after
a two-point rally on covering by room
shorts was running off rapidly again before
the close. the last price showing a net loss
of ia following the ga loss of Saturday.
Anaconda, the only one of the controlled
companies dealt in on the exchange, fell
an extreme GA and lost SIS net. This COM
prised most of the market for the day.
There was some early resistance in a few
railroad stocks, but it was abandoned in
face of the persistent and heavy liquidation
in Amalgamated Copper, and the whole
market turned weak. The net losses run
between l and over 2 points in an ex-
tended list of important stocks. Such a
violent decline as that of Amalgamated
Copper is bound TO affect the stock mar
ket by sympathy, whatever the conditions
elsewhere. The A-malgamated Copper
movement gained in influence by reason Of
collateral differences drawn from it by
spectators. Although a highly manipula-
tive speciality, the stock has been more
favorably regarded than some other in
dustrials by reason of the influential char
acter of the control of the company The
reduction in the dividend and the collapse
~ NAC DAA1C ~ ~ AN AA6 III "a
shortcomings in management and finances
OF the same character recently disclosed
by several of the minor industrial COM
panies. The effect was to engender dis
trust Of all the industrials and their blind
pool methods. Also the reduction of the
~Amalgamated dividend following upon the
conservative refusal by partly identical
interests to advance the st. Paul dividend
was taken as a broad indication of the in
disposition of Standard Oil capitalists to
stimulate a rise i'm prices. As the fact has
been obvious that insiders were advance
ing the Morgan railroad properties and the
Gould properties, Southern Railway Erie
and Manhattan continuing an advance even
this morning, Spectators were inclined to
draw an inference of renewed discOrd
quarrel precipitated the Northern Pacific
corner. In addition the government fiscal
operations are not expected to yield such
resources to the money market as was the
case last week, while the heavy move
ment of currency to the interior continues.
Another day of reverses to the British arms
in South Africa seemed to bring home to
the London market that they must face
another government loan at an early period
TO meet the protracted war expenditures
doubt into the problem of the amount of
gold which foreigners will part with for
the coming import movement to New York.
The advance in the discount rate to-day by
the Imperial Bank of Germany was an
other element. The foreign exchange rate
hardened to-day, ending the talk of further
immediate engagements of gold. The mar
ket closed weak.
Railroad bonds were strong early. but
became irregular as stocks turned weak.
Total sales, par value, $2,575,W0. United
States new tours advanced y per cent. on
the last call.
Following are the days share sales and
the recorded price changes: