The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-09-26
STOCKS ARE WEAKER
df
LIQUIDATION ON AhARGE SCALE
= APPARENT IN WALL STREET
T'A3 11A.
REcEss1oNs AL AROUND
Decline i'm Ama1gamated Gopher
Continues, Price Falling Net
1-2 Points Below Tues
days Closet r
Bar silver, New York. .s5S1h 5,
Gail money, New York. ........ .2ib-4 g..

1850 " K u
NEW YORK, Sept. 25.-The stock mar
keE was weak under "a rather drastic
speculative liquidation. Probably. speculao
tive losses incurred as az result of the vio-
lent collapse fnszAmalgamated copper wa
responsible in large part for the selling
To-Day put other considerations of a
mere general character played their
part. Amalgamated Copper itself show
| ed some evidence of support in the
early dealings, opening unchanged and
rising y over last night. There was also
some resistance in this stock to the de-
| cline which set in in the general ma rlxet.
put the weight of the selling pressure
grew heavier, and, as the hour approach
ed Tor the assembling of the Anaconda
directors, Analgamated Copper broke
through its previous low point on the
movement at so. and sold as low as SSsa.
cf CT only traction higher at loss
OF 412 The. decline was ACCOMPANIED by
the circulation of much statistical infor-
nation bearing on the-eopper trade The
same information, however was ayaila-
Die and was circulated at the time the
stock was moving up Ito above 1A 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 Sc
cret syndicate which attempted to control
tna worlds copper product were re-
vived.
The omission of the customary divi-
dend on Anaconda Mining although ex-
pected, added to the Weakness of both
those stocks. In the general market the
junior Vanderbiits We're advanced sharp
~ after the opening, but it soon became
evident that large realizing was going
on at other points of the list. Ultimate
iy all attempts to support the market
were abandonedf and brokers who have
recently assumed this task were open
sellers all around the room. The con-
splcuous operator who has been sup
posed to direct the support of the mar
ket was credited with having turned to
the pear side. The decline all through
the list ran to 1 and 2 points at the
least. Missouri Pacific lost in all 6
points; ST. Paul, 91s; Baltimore & Ohio,
5; Manhattan, ~; Peoples Gas, 2% !;
Union Pacific, 23s Pennsylvania New
York Central and Sugar, " and other
less prominent stocks from 1 to 8 points
IherG was no disturbance in the money
market, beyond that caused by the call
ing for additional collateral on loans
due to the%shrinkage in value, but the
liquidation was accompanied by the pay
ing of loans on large scale. Although
London took the buying side this morn
ing, exchange continued to advance. The
demand for exchange is-in the nature of
short covering. The operation in effect
IS the paying off of loans in foreign mar
kets by domestic borrowers, who count
ed upon, the larger supply of cotton and
grain bills normal to this season to
cover former sales of exchange. at a
proht But cotton is being held at the
south Tor higher rates, and the grain
as to lead to open cutting of freight
rates. The admitted Generalization in
the east-bound freight situation heavily
discredits the much-vaunted community
OF interests as security against just that
development, and has a wide reaching
effect on speculative sentiment AL
though the rise In exchange shuts off
the import of gold from Europe direct,
today's announcement of another. ship
ment from Australia, ito San Francisco
OF $500 isEa significant offset ThSre
were also reports of large receipts of
{ dS gold at Pacific points, and a
$250,O0O installment of last weeks ship
ment from Paris was received here to-
today. Owing to government bond re-
demptions, the subtreasury also contin-
ues to yield large sums to the money
market.
Railroad bonds were but little affected
by the weakness in stocks, gains and
losses being active. Total sales, par
value, $2,G35, coo. United States old As de-
clined Il per cent on the last call.
STOCKS.