The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1901-09-26
STOCKS AND BONDS.

New York, Sept. 25.--The stock market
was weak under a rather drastic specula-
tive liquidation. Probably speculative
Losses incurred as a result Of the violent
collapse in Amalgamated Copper were re-
sponsible in large part for the selling
today, but other considerations of a more
general character played their part.
Amalgamated Copper itself showed some
evidence of support in the opening deal
ipgs, opening unchanged and rising three
quarters over last night There was also
some resistance in this stock to the de-
cline when set in the general market, but
the weight of the selling pressure grew
heavier and as the hour approached for
the assembling Of the Anaconda direc-
tors Amalgamated Copper broke through
it, previous low point on the movement
at so and sold as lowEas $685. clio ,il.. only
a fraction higher at a net loss OF ~.
The decline in the stock was acc ompanied
by the circulation of much statistical in
formation bearing on the copper trade.
The same information, however, was
available and was circulated 1T the time
the stock was moving up 20 bove ]2i.
The violent decline in the prics since IS
what gives force at the present time to
these statistics, and old rec0.iections OF
the collapse of several years ago of the
Sccrctan syndicate, which attempted to
control he words copper roduct were
received.
The omission of the Customary extra
dividend on Anaconda Mining. althou.~h
expected, added to The weakness of both
those stocks. In the general market, The
junior Vanderbilts were advanced sharp
~ after the opening, a't it soon became
evident that large realizing WAS going
on at other points of the list. Ultimate
ly all attempt at support 81 the market
was abandoned and brokers who have
recently assumed this task we're open
sellers all around the room. The con-
spicuous operator who has been supposed
to direct the support of the market was
credited with having turned to the bear
side The declines all through the list
ran to one and two points at least.
There was no disturbance in the mon
ey market beyond that caused by calling
fer additional loans, due to the shrink
age in values, but the liquidation was
accompanied by the paying off loans on
a large scale Although London took the
buying side this morning, exchange con-
tlnued to advance. The demand for OK
change is in the nature Of short cover
ling. 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 normal
to this season to cover former sales OF
exchange at a profit. But cotton is oeins
heI1 at the South for higher rates ana
the grain movement last week had be-
come SO small as to lead to open cutting
Of freight rates.
Railroad bonds were but little affected
by the weakness in stocks, gains and
losses being mixed. Total sales (par val
ue) s2.035, 600.
United States old As declined u on
the last call
The total sales of stocks today were
1SO,2H0 shares, including the following
A;chiscn, 81 100; Atchson preferred, 100;
Baltimore and Ohio $500; Erie, s, c9C:
Erie first preferred, $500; Louisville and
Nashville, 1880; Manhattan, 19,io0, Met
ropoltan, $500; Missouri Pacific. SO 600:
Norfolk and Western, II .0OO New York
Central, $500; New York, Ontario and
Western, $500; Pennsylvania, 13. 200;
Reading. $500; ST. Paul. 80, 900; Southern
Pacific, 25,300; Southern Railway, 42i0o:
Southern Railway preferred. 800; Texas
and Pacific, 1920: Union Pacific, So, 500:
Wabash. 5000; Amalgamated Copper t22. !
10A0; American Smelling and Refining