The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-09-29
STOCKS ARE LOWER
PROFESSIONAL TRADING THE FEA-
TURE OF THE SHORT SESSION
OF YESTERDAY
BROKERS WATCH THE RACES
Amalgamated Copper Closed 1-2c
Below Last Night, and Other
Stocks Generally Show
Small Net Losses.

NEW YORK, Sept. 2s.-With only two
hours of trading today and a yacht race
In progress, large part of the usual in
terest in the stock market was diverted
small professional operations There
were some heavy blocks, running from
LOCO to $500 shares of United States Steel
common and preferred, New York Cen
tral and Union Pacific. transferred in
the open dealings, and the market gen.
orally went higher during the first hour.
A number of obscure stocks were brought
forward as yesterday, some new ones be-
ln9 added to yesterdays list. Amalga-
mated Copper fuctuated uncertainty, ris-
ing small fraction at first, and meeting
support at early declines. The whole
market sold off in the second hour, when
traders took their profits, and Amalga-
mated fell "a below last night. The Van
derbilts also were notably affected by
the realizing in the absence of the buy
ing from the sources which were respon-
ket closed weak. The bank statement
showed larger gain in cash reserves
than was anticipated, but failed to re-
fleet the expected contraction In the loan
account from the stock market liquida-
ton. Preparations for October disburse-
ments and for subscription to several
municipal bond issues during the week
probable accounted for the offset to the
repayment of loans by stock markets.
REVIEW OF THE WEEK.
Heavy liquidation from all sources has
6een apparent in the stock market all the
week. The motive of this liquidation was
obviously mixed and seemingly somewhat
conflicting. What are called the large
financial interests showed evidence of a
dividend sentiment early in the week.
Morgan and Gould stocks continued to
advance with signs of inside support,
after all evidence of support had been
Withdrawn in the stocks in which Stand
ard Oil interests are dominant. There
04ti 70, Ixy
the speculative pools in the market, baS-
ed on the assumption to support prices
and protect the money market, as they
did through the crisis following Presi-
dent McKlnley's assassina ton. The fact
of divergence of policy among these in
huential capitalists Was sufficient to
check the activity of the professional
pools, even while the one party con ,inued
their measures of support, which was
only for a short time Not only did the
brokers who have acted as agents for
the supporting powers in the market dis
continue their measures, bat they be-
came large sellers of the shares accumu-
lated by their heavy buying at recent
periods of weakness. Joined with, the
rush to realize by professional pools, the
effect was to throw the market at times
into state bordering on decentralization.
The disconcerting effect on speculative
sentiment of the development in Anal
gamated Copper doubtless was an i'm
portant element in deciding the change
conditions in the copper trade, which are
assigned as the cause of the present
decentralization in copper mining stocks, I
are not now subjects in Wall street
Even the omission of the customary eX-
ira dividend on Ama1gamated Copper
stock was industriously rumored for
many days before the fact. 1t was news
to the spectators in the stock market
that foreign consumption and exports of
copper had decreased enormously, ow-
ing to trade depression and failures of
electrical enterprises in Germany. Cop
per trade statistics We're in circulation
In Wall street for weeks before the col
lapse in Amalgamated Copper, and even
while it's price was soaring to near it's
record figure. 1t was only on the very
eve of dividend action by the directors
that the manipulation for the advance
and support of the price ceased. The
rush to sell after the reduction in the
dividend found the market practically
bear of demand and the drop in the
week before the dividend was announced
to 1895 on Wednesday was practically
perpendicular. The selling of stocks
elsewhere in the market was due in lrage
part to speculative loss incurred by the
drop in Amalgamated Copper. The whole
speculative tone became pessimistic and
there was large selling of long stock
and short selling by the bears. The gen
eral outlook was considered discourag
ing and views were expressed that the
cycle of prosperity had reached the crest.
The condition of the copper export
trade is suggestive of the possible eff
feet upon other trades of stagnant trade
condition in Europe, and decreased de-
mand for our commodities and, in some
cases, increases competition from con-
gested stocks and lower prices abroad,
1t is evident also, that the weeks de-
mand for foreign exchange was due in
part to demand from shorts, which is
in effect a repayment of loans from for
eign borrowers made some time since.
On account of subscriptions
to the British consul issues also played
a part. But on the other hand the week
has seen the receipt of $2,500,000 in Aus
tralian gold at San Francisco and the
shipment of like amount from Sydney.
Large redemptions of government bonds
have relieved the drain to the Subtreas-
ury or revenue account.
The weeks liquidation in the stock
market has in itself greatly strengthened
the conditions of the banks and relieved
the speculative situation, and sentiment
greatly improved towards the close of the
week.
There has been no notable selling pres
sure in the bond market outside a few
speculative bonds.
U. S. refunding rs advanced Is, the IS
y and the new As II over the closing call
of last week.