The Montgomery advertiser., 1901-09-22
WALL STREET REVIEW
wEAKNEsS OF AMALGAMATED
 COPPER AFFECTED MARKET.
Cause of Drop Was Failure of the
 Directors to Pay the Usual 11a
 s Per Cent Extra Quarter v es sly Dividend.

New oYrk, Sept. H.-The acute weak. ness of-AfmalGasnated Of Copper as a result of the omission at the directors meeuns SnarteriS usissTf diVide1T % # i-s per cent with the regular 11-2 per cent. was an unset 1ingslnfiuence onNtae whole market 70, siay5wThe reticence of all having official connection with the company about oner- ing any explanation for the action or any assurances as to the conduon or the ence of the break. The policy of the in- ssiders in the stock seemed. to DO 70 let the sellers make the opening price which was from foS to l9i on n simuitafnsoTs af s,,ps port was accorded after this, although the price touched par during the second hour, an extreme decline of 1-2 Tor yes terday's close and 30 points from the hign level of the year on June II. The stock closed at 100 3-4. a net loss or S-A SelIne for London account also was depress- in south Africa discouraged recent hopes of an early termination of the war. brisk bidding up of the local traction stocks was the only notable influence ,towara an an bank statement, in spite or the week activity by speculative polls in the stock market relieved some apprehension and allowed the surplus reserve to derive ad- iitional advantage from the gains in cash In the sub-treasury operations. lively demand for l.. and N. and Union Pacinc steadied the market but the closing was
 
 The price movement of stocks this week
 has constituted a remarkaoie demonr s the financial fabric and the assurance of continued prosperity. On Monday, which
 was the first day of trading In stocks after the death of the President by as-
 sassination, prices recovered practically all the losses of the week before, the market opening with a buoyant uprush of prices and closing strong at the top ArtfA check general selling by real holders or securities who act always on their own conviction that the value Of their shares has become impaired. The action or the market on Monday morning showed con clusively that there was no general nQuo" ation to be faced. Real holders were con" Id class of holders had evidently done their selling during the previous week at the threatened calamity which fell upon the market during Friday night: the professional bears instead of seeing prices dip so as to afford a profit on the short sales saw sudden rebound which forced them to buy back sha at sSs loss egpnsssSEns mp Evidently the action Of the market was a surprise to the whole speculative world. Commission houses had orders to buy at the market which represented the hopes of bargain hunters that the opening drop in prices would afford price level that would make profitable investments These orders were executed at prices from to points higher than the previous Erie day. This condition of affairs added to the enormous supporting orders for the m inc over-stimuIation of the market. Many brokerage houses also had addi- tional orders to buy at fixed prices be- low the market, which would nave nave technical causes must not be lost sight of instantly and the manner or the re- covery although they do not impair the significance of the fact. Undoubtedly the opportune relief to the money market by the treasury measures were doml, nant factor to steadying the market ana acute A striking contrast is afforded by the easing conditions of the money mar ket this week and the daily conferences last week of the clearing house authort fies and the deyising of measures to meet what had reached the proportions of a crisis. The gain in cash from the soarv rni1Iions through. the redemption of government bonds, the diversion of inter- nal revenue collections into bank depos- It's. the anticipation of October govern; IYlent interest payments and the normal increase in pension payments incident to the mid-monthly period Last week loan contraction, resulting from the liduidatinn in the stock market also sen eIbIy relieved the position of the banks The importance of early imports of golc has somewhat diminished in view of thIi relief from domestic sources, but the al most hourly expectation of gold engage inents has played its part In sustaining the stock market. The fact that exchange ratee have not actually crossed the pront able gold import point, although one small engagement was made, is account cd fer by the less urgent pressure for money in New York. A movement of gold New York Is confidently anticipated. but exchange authorities differ widely in their opinions of the probable volume of tie movement. The amount of this countrys unlimited credit balance abroad has grown debatahle owing to our large purchases of home securities from for efgu holders and large borrowings by American syndieates from foreign capi- taiists. The recent large receipts of Australian gold which have found their way ultimately to New York bank re- serveg cqts off. customary source oi TgnnidaTfoIi of London obligations to New York, thus Iessening future claims. Tn Austro-H Hungarian bank continues to buy cold in European markets for current purposes. The latest estimate of & &th' Russian loan to eb taken at par Is S2OC;