The Washington times., 1901-09-24
THE MARKET REACTIONARY
Effective Pressure Evident in
Nearly Every Quarter.
Severe Declines in Amalgamnted
Copper and Anaconda Mining
Some Firmncss in the Railways,
Howeycr-Depressio in London.

NEW YORK. Sept 2S.-The decidedly
roactionary tendency in this morning
stock market was commonly attributed
to the demoralizing influence of an addi-
tional point break in Amalgamated
Copper. Whether that incident could be
accepted as the correct explanation of the
stated tendencies OF the market or not. 1t
was a fact that material and effective
pressure was evident in nearly every
quarter.
The few stocks which moved counter TO
the general drift Of prices had their course
sufficiently accounted for through purely
technical considerations. There was no
change in the character of the gossip and
discussion attending the severe decline IN
Amalgamated Copper. 1t was noted, how
ever, that Anaconda Mining, 4 constltu-
ent concern of the Amalgamated, surfer
ed almost as severe a loss as was shown
in the latter stock a circumstance which
was taken as confirming TO a great extent
the reports current in the depression OF
the copper trade.
At tn same time, it would appear that
the ordinary speculator and investor in
Amalgamated Copper ought to receive
the current reports bearing upon the prop
erty with strong mental reservation
They heard nothing of them, in TACT
when the stock was 20 or 80 points hlgher
and 1t is only reasonable to suppose that
the very extensive decline of the last few
weeks was owing to the advance sales OF
what are commonly called inside inter
ests'' undertaken in anticipation of the
disclosures which are now common prop
erty.
The virtual reduction of the DIVIDEND
on Amalgamated Copper, following upon
the recent disclosure of the affairs of
number of the industrial corporations
has been made the occasion of an out
hurst of denunciation directed against all
industrial enterprises. The United States
Steel Corporation, in particular, largely
on account of the conspicuous position oil
the property and more particularly be-
cause of the recent protracted strike OF
the employees of some OF the consttueht
companies has been picked OUT as
special object of attack. As regards TINS,
ii was authoritatively stated today, now
ever. that there has been very little di-
minution in its income because OF the IA
hor troubles. both by reason Of the abllty
Of the company to transfer to those or
its plants which were in full operation the
production of the mills which were IN
whole or in part shut down by reason OF
the strike, and also because the company
has been able to undertake needed re-
pairs and improvements on the shut down
plants, and in addition, OF course mas
saved large amounts through the nom
payment of wages, in the meantime. TO
its striking employees.
The stock market opened with an un-
certain tendency and later on, upon the
further break in Amalgamated Copper
developed decided weakness lr the fore
noon the Erie issues. Southern Railway
common, Union Pacific and Manhattan
showed aggre ssive strength. but the ad-
vances scored in these instances were
subsequently shaded or lost in sympathy
with the decline in the general market.
a notably firm feature OF the railway
list was Cleveland. Chicago, Cincinnati
and St. Louis, and several of the usually
inactive stocks. particularly St Louis and
San Francisco. showed comparative
strength on light transactions. On the
other nand, Tndterleti lanli,..s We're scored
cifc. and St. Paul. Neither Brooklyn
Rapid Transit nor Metropolitan Street
Railway participated IL the comparative
degree of strength displayed by Manhat-
tan Railway. The Industrial quarter gen.
orally moved in line with the remainder
of the market and no particular gossip
attended the dealings in that direction.
The London market for American stocks
was heavy in sympathy with the weak
ness in other quarters of the market
there. The dealings both in the local and
London markets were doubtless material
ly restricted by the observance at both
points of the Jewish holiday, which in
volyed the absence of number of i'm
pcrtant capitalists and operators. Specu-
lative sentiment in London was addition
ally depressed by the unexpected and seri-
Gus reverses TO the British forces in South
Africa, as it was believed that the course
of hostilities there would involve the fo-
tatfon of another war loan.
Foreign houses sold on balance about
1900 shares of stocks in this market.
There was no material alteration in for
eign exchange conditions and there were
no further engagements of gold for i'm |
port announced
The money market ruled on the level |
that prevailed at the close of last week. |