The age-herald., 1901-09-26
STOCK MARKET
 WAS VERY MILD
 - Suffered Under Drastic Specu- lative Liquidation SOME RESISTANCE LATER ON Ultimately All Attempts at Support of the Market Were Abandoned and Strong Brokers Were
 Open Sellers.

New York, September 25.-The stock market was weak under rather drastic speculative liquidation. Probably specuia- tive losses incurred as result Of the violent collapse in Amalgamated Copper was responsible in large part for the sell ing today, but other considerations or more gefferal character played their part Amalgamated Copper itself showed some evidence of support in the early dealings opening unchanged and rising x over last night. There was also some resistance in this stock to the decline which set in the general market, but the weight of selling pressure grew heavier, and as the hour approached for the assembling of the Anaconda directors. Amalgamated Copper broke through its previous low price at 90. and sold as low as Ss3s, clos ing only a fraction higher at a net loss of 41h. The decline was accompanied by the circulation of much statistical infor- nation bearing on copper trade.
 The same information, however, was available and was circulated at the time the stock was moving up to above 124 The violent decline in the price since is what gives force at the present time to those statistics and old recollections of the collapse of several years ago of the syndicate which attempted to control the worlds copper production were revived. The omission of the customary extra div idend on Anaconda mining. although ex- tra, added to the weakness of both those stocks.
 In the general market the junior Van derbits were advanced sharply after the opening, but it soon became evident that large raalizinG going at other points of the list. Ultimately all attempt at support of the market was aban- doned, and brokers who have recently as stunned thi5 task were open sellers all around the room The conspicuous opera tor who has been supposed to direct the support of the market was credited with having turned to the bear side. The de- clines all through the list ran to l and points at the least. Missouri Pacific lost in all points, St. Paul 3h, Baltimore and Ohio 3, Manhattan PA Peoples Gas 2at, Union Pacific 2%; Pennsylvania. New York Central and Sugar 2A, and other less prominent stocks from to 5 points. 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 iiquida- tion was accompanied by the paying off of loans on a large scale. Although Lon don took the buying side this morning, exchange continued to advance. The de- mand for txchange Is In the nature of short covering.
 The operation in effect is the paying off of loans in foreign markets by domes- tic borrowers. who counted upon the large supply of cotton and grain bills nor mai to the season to cover former sales of exchange at a profit. ~
 But cotton Is being held at the south for higher rates. and the grain movement last week had become so small as to lead open cutting of freight rates. The ad- nitted Generalization l. the eastbound freight situation heavily discredits the much-yaunt~d community of interests as security against this development, and has a wide-reaching effect on speculative sentiment Although the rise in exchange shuts off the import of gold from Europe direct, today's announcement Of another shipment from Australia to San Fran cisco of $2,500,000. Is 6 significant offset. There we~s also reports of large receipts of Klondike gold at Pacific coast points, and a S250, 600 installment of last week 8 shipment from Paris was received here today Owing to government bond re- demptions, the sub-treasury also contin- ues tn yield large sums to the money market.
 Railroad bonds were but little affected by the weakn ss in stock gains and losses being mixed. Total sales par value, $2o35,c0o.
 United States old 4s declined A per cent on the last call.
 New York Stock Market.
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