The Washington times., 1901-12-08
COPPER TAKES
MARKET DOWN.
Liquidation General in
Nearly All Quarters.
AN UNFAVORABLE BANK STATEMENT
Rapid Transit, on Small Dealings,
the Only Stock to Enjoy an Ad-
vance Short Covering Checks
the Drop in the Closing Hour.

NEW YORK. Dec. THE stock market
today was dominated by the course Of
hmalgamated Copper end by bank
statement which was much more unfa-
rcrable than the most discouragin OF the
preliminary compilations cf the known
movements Of money.
The declines in security prices will OBJ
riously operate to lessen the immediate
demand for money. and, as not unfre-
Cuently happens when the monetary out
look is cloudy relief may be Forthcoming
from unexpected quarters At the mo-
mcnt. however, the indications point to
firmer money market and to more pre-
cautionary attitude CT the banks in maxi
ing loans.
The sub-Trcasury holds credits for
large sums of gold approximating 81. .OO0.-
GOO and upward. which should soon be
available.
The Hank Statement.
Today's statement Of bank averages
showed q decrease in surplus reserve OF
Sc.SOG. SEQ reducing holdings to SG,607. .G75.
The less in cash was s7.234.5O0. which was
ever S1.5lo,cO larger than had been cx-
pcctod. An increase in loans Of S5.SS2. 500
was distributed between three prominent
institutions. and although one Of the
larger banks individually decreased de-
posits about $4,000. COO. the general show
ing of that item was a decrease of only
S.7iC. 4Oo.
Higher rates for money would in all
probability oGectually debar shipments of
gold to Europe On a purely commercial
-stfni ind +=
will be offered to draw the gold as com
modify can only be ccnjectured.
Rumors abcut Copper.
Regarding the statistical position Of the
copper industry. the most conflicting cir
cumstantial theories are current. but in
some usually well-infoTmed quarters It is
claimed that there has recent. been de-
cided Improvement in the situation, and
that consumers who had been holding of
in anticipation OF a sharp drop in metal
until their requirements have become
urgent have bought considerable guam
tity OF copper under guarantees against a
possible cut in prices.
The continued exceptional activity in
Amalgamated Copper and the violent
downward course OF the stock are regard
ed by the financial community al large as
foreshadowing a more or less heroic ac-
tion on The diyidendfor the quarter at the
meeting OF the directors, about two weeks
hence.
Amalgamated Copper accounted for
more than 174.0 600 shares OF transactions
agcregating 69S,0G0 shares. and showed a
net decline of 3ia points. The movement
WAS accompanied by a variety of dis |
tressing rumors. some Of which have ref |
erence 10 the financial position of Bos- |
ton operator. At todays extreme decline 4
Amalgamated Copper shows loss of over I
Go points from the high figure of about |
the middle OF June.
The Liquidation General.
The general market reflected liquida-
tion, which was practically uninterrupted |
until the last few minutes OF business,
when purchases to cover shorts caused |
slight rallies from the lowest figures In !
the railway list leadership in volume Of |
dealings was held by Manhattan Rail-
way. which. after fuctuating within a |
range Of over two points, closed at a
( actional net decline
Union Pacific came next in extent of |
trading. and after an eXtreEne recession l
of about = per cent, left ofI'oyer a point
below Fridays final figures. other
stocks that recorded fairly large totals
poi-ts lower; Southern Pacific and South
ern Railway. which sustained only frac-
t:onal net declines; Missouri Pacific; New
York Central. which recovered point Of /
an early drop Of per cent; AtchisoD com
mon, and Pennsylvania
Rapid Transit Advances.
Rapid Transit. on less than 10000
shares. enjoyed the only distinction OF an
advance closing nearly q point higher
than yesterday. Sugar Refining, Conson-
dated Gas. General Electric and Tennes-
zee Coal and Iron, Of the industrlals, sds-
1ained losses Of to 2&s per cent.
In tie outside market trading was for
The most part light, and the course OF
prices was irregular. The stock market
closed heavy IL tone.
New York stock Exchange. Dec. =.