New-York tribune., 1901-09-25
RONDS.
THE DAYS OPERATIONS IN STOCKS.

Liquidation In the copper shares was again a
prominent influence in yesterdays Irregular
stock market. Although there was moderate
strength in many issues in the early dealings
declines OF from 10 per cent were general De-
fore noon while at the close the greater num-
Der of shares showed. despite late rally. net
losses as compared with Mondays final level.
At the opening pressure was noted IN poth
Amalgamated and Anaconda. but the declines
made were not especially heavy or representa-
tive Of important selling. Small investment
sholders were disposed TO sell. but there was
good demand from the West in the local ana
Boston markets. said TO be based on the beller
that even with the reduction in copper prices
the stocks can show dividends earned. " al
Street traders who have lost money IN copper
stock speculation continue TO assert thal llle
failure of the directors to declare the usual -
of ] per cent dividend on Amalganated shafes
was more for speculative than trade reasons
hut. of course, intelligent men understand that
the Amalgamated directors acted on conserFa-
tive business lines. and reduced the dividend be-
cause of the accumulation of copper by copper
producing companies due TO reduced consump-
t;on IN Europe and because of the ReinZe in
functions against the Boston and Montana prop
ertv The copper situation is not particularly
bullish at the moment, but, according TO the
best informed men in the trade. there is nothing
alarming in current conditions and nothing tnat
warrants the present extreme weakness in the
copper shares. In the last hour Amalgamated
recovered its early loss covering OF shorts
Wall Street is doubtless more alarmed over
reports of the attitude of the so-caIed Standard
Oil party on the stock market than over the
trade position Of copper. Weakness in Stand
ard OIL shares generally frightens the specu-
] lative community, and encourages active
operations by bear interests for lower prices.
In the present the theory that powerful
financial interests not working in harmony
on the market that the Rockefeers op-
posed to the Goulds and Vanderbts. finds
many believers, despite the fact that there is
little reason TO believe that the theory is well
founded. Bull enthusiasm that developed with
the upward course OF values last week has been
upset by the movement of the copper shares,
but the general situation has not been changed,
Securities are not dear at ruling figures.
Money market conditions do not warrant a big
bull movement but they present no reason for
worry the part Of well protected operators
The break in the copper shares has of course
forced liquidation elsewhere in the list. many
traders have sold good railroad shares in order
70 protect their copper holdings.
Money market rates were unchanged, but in
the foreign exchange market quotations We're
again higher There is q scarcity Of cotton bills,
owing doubt TO the disposition Of Southern
planters TO hold the product back for better
prices although there is little to sup
pose that they will gain much by the operation.
Under present conditions gold imports not
probable, as sterling rates are well above the
point at which the yellow metal may be brought
IN at a profit. The movement of money 10 the
South heavy yesterday, but the banks
showed a gain on Sub-Treasury transactions
since Saturday Of about So. 600 900. In the last
hours trading stocks exhibited rallying tend
ency due TO the oversold condition Of the market.
The copper issues naturally led in the recovery.
The Reading Issues were especially strong. In
the industrial list there quiet but good
demand for International Pump common from
people who know something about the property.
Earnings Of the company heavy. and the
nature Of the business done is such as to war
rant great confidence in the securities. The
common stock pays quarterly dividends Of
per cent, yet it sells under 30. This is mani
festly too low price, and this level the stock
presents one Of the most attractive bargains on
oae Of the attractive industrial issues that ought
TO sell higher. In the last two months, which
are considered lean months, the company
showed a surplus above fixed charges Of about
100000. The preferred dividend for the time
would require 100000. leaving balance of
100000.
THE DAYS OPERATIONS IN BONDS
GOVERNMENT BoNDs-Market firm F1na,
quotations follow: