The Montgomery advertiser., 1901-12-01
WALL STREET REVIEW
AMALGAMATED COPPER SEES
 FURTHER vICISSITUDES.
Brooklyn Transit Was Another Point of Acute Weakness-The Bank
 Statement Affected the En-
 tire Market Adversely.


 New York, Nov. 3o.-Amalg amated Cop Der shares saw further vicissitudes to- day and maintained their influence on the general market The raw copper markets abroad were reported quieter to- day after yesterdays enormous maui, here. reaching a point above last mght. This had revivifying effect on. the long lists and upward movements began here and there. These were among the coai- CTS, lard and soft. L. and M. and Man haitian Sugar was marked up over a point Then Amalgamated Copper re- sumed its recent occupation or ma4ing new low records and touched 7zl-2 ln the course of the morning. very clreum- stantial assertions were made that large sales of copper had been contracted Tor terially lower than ths list price. No official admission of the assertions ccuio be secured Bears covered in the stock at the decline, and closed at 4 l-s' net decline of point.
 Brooklyn Transit was another point of acute weakness. with loss Of nearly points on account of the decrease in De- tober net earnings caused by the increase ket gave way, lead by these two stocks, when the bank statement appeared. Tne increase in loans and the consequent m crease in deposits resulted in rsducing Ihe surplus over $1 100000 by reason or xhe expanded margin of requirement. The hymness of foreign exchange markets
  creasingly problematical. The final cov- ering by room shorts made closing prlces materially better, and the market closed active and firm. The movement ot prices during the week has been somewhat IT, regular and hesitaEng and the promise of vigorous upward movement has not been realized, There have been strong spots in the list and only few stocks have suffered marked losses, but the market has shown the effect to some ex- tent of a recrudescence Of uneasiness over the possible year-end developments ip the money market. There has been realizing here and there on the publica- ton of anticipated good news and some selling by disappointed holders over the failure Of expected good news to mate riaiize The delayed meetings of Wander bilt railroads directors did not bring the hoped for announcement of the deal of which there has been vague talk for weeks and some of the members of that group suffered in consequence. Ctners advanced further and the demand efor New York Central has been continued confident on all recessions. The violent and cratic fluctuations in Amaigamated Copper have been another disturbing in- fuence. This stock rallied sharply on Monday morning on the denial or lasl Saturdays reports that papers were pre- pairing against the company in the Alt torney Generals office in Washington; but the opening price on Monday proved to be the highest of the week and heavy offerings of shares have been a feature of the market Rumors of coming cut in the price of copper here and No- lent break in -tise-prics @ or de',a metSt in Tn spite of official aenials Of the intention tc reduce prices tn1sNew York. There have been frequent reports of plans form ulati0g for Federal steps against the great consultations of capital including the Northern Securities Company. The probable attitude to be taken by Presi- message to Congress has much can vassed. It is expected as a foregone con clusion that agitation on this subject will have prominent place in the pro ceedings of the coming session of Con- gress. Stocks of industrial combinations, outside Amalgamated Copper, have been little affected, owing to counteracting in hope of 6 reduction or abolition of du- ties on raw sugar from Cuba and the new island possessions Peoples Gas has rallied on the hope that the Supreme Court decision in Kansas City stock yards case would afford a vantage for the gas company against the Illinois franchise tax law. The steel stocks have held activity in the iron and steel trade. The opinion of the leading authority in the trade as published that next years bus iness may exceed the country's unprece- capacity and that of works in process of erection will be needed to meet the re- quirements of the first six months of 1902, has fekorably affected not only the steel group, but the whole market. The difficuIty of obtaining material on ac- count oe insufficient car supply seems to be the only drawback in this trade. while 1t is evident that the railroads have all the business they can handle at present profitable rates. The reports of railroad earnings as published bear out this as- sumption. The downward course in the foreign exchange market which set in late last week has given place to sharp recovery and led to renewed anxiety over possible gold exports. The recovery was partly due 10 the competition and ton selling to realize bv bankers long Of ex- change in the expectation that require ments for remittins subscriptions on the final instailment of the British loan would maintain tn rker at the gold export point. It al sArs that New York borrowed in Paris to some extent during the week, which helped to ease the mar gold at Paris has obviously relaxed, but the coming year end requirements in London are coming forward for consid- eration. This weeks stock exchange set clement in London has driven borrowers to the Bank of England and as the Gov ernment has curtailed disbursements, that institution is in position to make its rate effective in the open market. The Government loan subscriptions are payable in London next week. The price of gold is advancing again in London. If the Bank of England desires to at- tract gold in proportion for the yearly settlements there Is the probability that 1t will be able to do so. A feature of the week in the financial world has been The covering movement by bears on the Berlin Boerse and slight awakening in German business affairs. The return of S25 GOO OO0 paid to the subscribers Of the United States Steel Corporation under writing syndicate is supposed to have in a good demand for bonds and rather Irregular price movement. In United