New-York tribune., 1901-09-26
BONDS.
THE DAYS OPERATIONS IN STOCKS.

THE DAYS OPERATIONS IN STOCKS.
The stock market was weak in the greater
part of the day In the initial dealings an ad-
vancing tendency was noted. but in the sub
sequent transactions an active selling move
ment developed in the course of which declines
OF from to 2la per cent were recorded. In the
afternoon dealings further selling for both ac-
counts was reported, and despite a slight rally
In the last hour the final level showed sub
stantial net losses in the majority of active
Issues.
The movement of values in the day apparent
ly was controlled by the course of the copper
stocks Further liquidation in these issues de-
veloped in the early dealings, and throughout
the day a large amount of Amalgamated Cop
per and Anaconda came on the market. Much
of the selling for Boston account. while
buying was said TO be for important New-York
financial interests The position of the cop
per market has created uneasiness in specu-
lative circles but according to the best informed
men in the copper trade there is absolutely no
occasion for alarm It is true that the foreign
situation is not altogether bullish and it is
probable that exports of copper from this coun-
try will continue TO decrease for some time to
come The industrial situation abroad exhibits
marked signs of depression, and il is therefore
natural TO assume that the demand in the for
eign market for American copper Will be con-
siderably curtailed for many months In this
country however. there appears to be pros
pect of an immediate decrease in the demand
for copper. Trade authorities report active
business, and it is expected that prices Will be
maintained OF course, if foreign consumption
should exhibit declining tendency for an ex-
tended period the earnings of the American
copper companies would show material declines
\ from last years remarkable record.
u The money market situation also contributed
10 bear sentiment in yesterdays market. The
demand for money from the interior was heavy,
while the foreign exchange market presented
no symptoms of relief for the monetary situa-
fion. The supply of bills in the sterling eX-
change market is small, owing TO the holding
back of cotton by Southern planters, who expect
10 get higher prices for the product later on in
the season. The advance in the last few days
in sterling rates removes for the time being the
possibility Of gold exports from foreign coun-
tries to the United States The United States
Treasury continues to disburse money bond
account. This method of relief however can
not last long, and unless there is a decided
change in the foreign exchange market. higher
rates for money may be expected at this centre.
Absolute stringency is not in sight. however and
if money rates advance the higher level
The selling of the Gould stocks in yesterdays
market was due TO further reports regarding a
break between the Gould and Pennsylvania in
terests. II may he said excellent authority
that there is absolutely no truth in the current
reports regarding the interests just named. II
IS probable that the Pennsylvania Railroad and
the Wabash will find a way TO settle their diff
ferences in the Pittsburg district without devel-
opng stock market battle. And the same
thing may be said regarding the alleged fight
between the Rockefeller interests and the Van
derbilt and Gould interests The larger finan-
cial powers have too much at stake TO risk a
dFawn battle through the medium of the secur-
ities market Much of the talk regarding the
Nanderbilts. the Rockefellers and the Goulds is
the result Of the idiotic imaginngs of certain in
terested Wall Street spectators.
The more important losses in the day We're
made by Missouri Pacific. which lost over five
points; Amalgamated Copper, Anaconda Balti-
more and Ohio, st. Paul. Consolidated Gas
Manhattan. New-York Central. Pennsylvania
Peoples Gas and Union Pacific.