The age-herald., 1901-12-08
VIOLENT DECLINE IN STOCK MARKET Spectators Long of Stocks { Rush to Sell HEAVY LOSSES IN COPPER Bank Statement Was Even Weaker ] Than Was Expected, the Loss
 In Cash Reserves Reach ing Over $7,ooo,ooo.
HEAVY LOSSES IN COPPER

New York, December [. Spectators long of stocks rushed to sell today anu tprecipitated violent decline which cur ,ried prices below, last Saturdays leNei' tleaving no vestige of the weeks gains j, ,Amalgamated Copper led the van, with Manhattan a close second. The copper stock touched G4ss. loss from last hlsh' tof 5ss. The scramble to cover among the shorts reduced the net loss to 3la.
 I- Manhattan the extreme decline was i%. and the net loss only 4. The stoeh 5touched 136 several times in It's cratic lamentations. On the first break In the market many railroad stocks and the limited States Steel stocks were little affected and resisted the decline stoutly. On tho second break after the appearance of tho bank statement the weakness be- came very general at declines of to points. New York Central Great North tern preferred, St. Paul, Chicago and Northwestern, Rock Island, the Buffalo, Rochester and Pittsburg stocks and Gen geral Electric were especially weak. The bank statement was even weaker than ex- .Apected. The loss in cash reserves reach ed over $7,oOO,OOO, and an expansion of lover s5OOO,OO0 in the loans stretched the Illegal reserve requirement so that the lsurplus was cut in half and brought to Abelow $7OOO,OOO. Heavy losses in Amai- < gamated Copper necessitated sacrifices in Bother stocks. It was manifest that re- s5cent pool support in various stocks hdu sbeen Withdrawn the insiders having pre- Jsumablv taken their profits on the week Arise. The transfer of funds for specula- Ation to the grain and cotton markets nm 'fringes on the supply available Tor the stock market Liquidation for the ac- count of an important firm about to re- , fire is believed to figure largely in the selling. Fhe acute weakness of Am erlcan Tin Can stocks on the curb was an incl dent of the days market. The closing was feverish but slightly better than the worst.
 There have been periods of general strength in the stock market this week and points of continuous strength, put the spirit of sdoubt has been sufficiently obvious. The operations were by pro fessional traders, sometimes combined ln- to strong pools. and by banking interests and large capitalists.
 The present activity of the iron trade and the demand for future requirements continue to break all records. General trade In all lines is reported active ana prosperous The contrast with the com mercial and industrial depression reported in foreign countries is striking. lncreas- . ing attention is given to the course of 7. our foreign trade, which reflects the de- . pression abroad The question is asked :. whether this condition of the outside world can fail to find an ultimate refec- tion upon our own conditions. Our iron and steel exports have fallen off $23 900, GOO, or 21A per cent. in ten months of 1901, compared with the corresponding period of 1900.
 In copper the decrease has been $2S GOO, but the per cent. is 45ls. It is claim ed that the domestic requirements of iron and steel are so large that none can be spared for export.
 Railroad bonds this week. mostly of the speculative and semi-speculative class, were held for slight advances.
 The United States refunding 2's advanc- ed ss, and 3s registered IS per cent. over the closing call last week.
 Total sales of bonds par value $2,97S, ,000!
 New York Stock Market.