The Washington times., 1901-12-15
THROWING OFF
COPPER RULE.
Market Tries to Free Itself
from the Stock.
PRICE REACHES A new low LEVEL.
Active Features Close at Improved
Figures-St. Paul Makes Decided
Gains-Esavy Trading in the
Wabashes End Of Metal War.

NEW YORK. Dec. 1.-THE stock mar
ket has been severely tested this week
by the further liquidation in Amalga-
mated Copper and the activity in me
money market. Either OF these occur
rences was sufficient ordinarily to have
established decidedly lower level Of
prices: but Notwithstanding the spasms
OF weakness during the last six days. the
market. as whole. makes a much better
showing as to prices than generally ex-
pected at the beginning OF the week.
Net Declines Few.
The noteworthy net declines IL the ac-
tive list are very few. St. Paul common
is 3ia points lower than last Saturday,
Manhattan Railway 2i5, and few others
sustained net losses OF point or a lit
tie more.
Certainly the majority OF prices at the
close today furnished no indication OF
the trying experiences of the week. Anal
gamated Copper. in which speculative in
terest has centred more largely than in
any other stock. is only a point lower
than last Saturday.
The Bank Statement.
The weekly statement OF averages Of
the associated banks was much more IA
vorable than had been expected, owing
chiefly to the large decrease in the loans.
Besides the decrease in lawful money
was not as large as as foreshadowed by
yesterdays compilation OF the known
movements of money by about Sl.JOG 0t0.
The loss in cash and the reduction IN
loans have affected the deposits to an
extent that required nearly S4,Oo0,Oo0 less
reserve than last week. and in conse-
quence the previous surplus was drawn
upon 10 the extent Of only SL152Go0
leaving that item less than 81 100000
smaller than q year aco. Next weeks
statement Will be shaped to an extent by
the anticipation Of interest on the public
debt due January l. Of which about SS,5vO.-
coo VIII be disbursed at this centre on
Monday.
Market Quiet and Firm.
Transfers OF a considerable amount Of
gold for the Pacific Coast to this centre
are likely to take place in the near fu-
ture
Today's stock market was quiet, and in
the main firm, until after the publication
Of the bank statement, when ii became
aggressively strong. In the carly deal
ing Amelgamated Copper dropped 20 the
lowest price yet recorded for 1t, and at
rally of more than point closed ! per
cent lower than yesterday.
Other active stocks closed fractionally
higher than last night, with the greatest
Improvement in st. Paul. That stock and
Union Pacific were the leaders in re-
spect to activity.
Advances in Wnbnrhes.
There was Aeavy trading in the Wa
bashes at advancing prices, and the pre-
ferred enjoyed net gain of more than
point. A smaller improvement is to be
noted in St Louis Southwestern preferred
and in St Louis and San Francisco. Col
orado Fuel and Iron advanced ~ points
or denials Of reports OF dissensions in the
mana cement.
other inactive stocks that made good
showings were General Electric, Aineri-
can Locomotive common, and Rubber
Goods common. The market as whole
showed a disposition TO cut loose from
Amalgamated Copper; still, speculative
interest is likely TO centre largely In that
stock now that war of prices has begun,
and also because OF the action that will
be taken on Thursday Of next week re-
gardlng the quarterly dividend.
End of the Copper War.
The decision OF the management OF the
Amalgamated Company to abandon its
policy OF holding the price OF its product
at II cents pound, together with the
fact that independent producers have al
ready begun TO cut under the price fixed
by the Amalgamated Company yesterday,
would seem to indicate that the market
for the metal is likely to seek its natural
level.
Lower prices will certainly curtail pro-
ductIoa and also stimulate coEsuTnp-
ton. A decline may also bring about
the community OF interests among copper
producers that the Amalgamated Com
pany has been endeayoring TO establish.