The Washington times., 1901-09-25
COPPER THE MAIN FACTOR
The Stock Market Movements
Dominated by These Stocks.
London and New York Affected by
Break in the Amalgamnted and
Auacondn Issues-Genera1 Liquidn-
tion shown by the Days Dealings.

NEW YORK. Sept 24.-The stock mar
ket continued TO be dominated to-day al
most exclusively by the movements in the
so-called Copper stocks. together with the
trade conditions, which are generally
credited as being responsible for the fail
ure of the directors of the Amalgamated
Copper Company to declare the \ per cent
extra dividend heretofore ordered on the
quarterly.
Both Amalgamated and Anaconda
scored further exceedingly sharp declines
or the opening of business. and the gen.
efal influence of tho break in these stocks
extended even to the foreign stock ex-
changes, where all Copper securities Were
notably weak. Rio Tinto shares declined
nearly points in the Lor don market,
and, in addition, the metal market at
that point showed a very snarp shrink
age in the quotations for spot copper.
1t might be said, indeed that specula-
tive interest centred almost exclusively
around the conditions prevailing in this
important industry, and Wall Street was
flooded with dispatches from the various
points of production setting forth all
manner Of untoward developments.
1t seems scarcely probable that there
should have been at this particular time
such a remarkable combination of unfa-
vorable developments in the copper trade,
but at all events Wall Street is now learn
ing of them virtually for the first time
now that Amalgamated Copper has de-
clined some 20 points within a fortnight.
1t might be added with propriety that
further sinister influence bearing upon the
dealings at large today was furnished by
reports that a large financial institution
which had been closely identified with the
promotion of the Amalgamated Copper
Company was discriminating against the
stock as collateral
So far as could be ascertained these
statements were misleading. and the fact
was said to be that the institution had
refused to accept the collateral in loan
an undue proportion of which was made
up of Amalgamated Copper. Probably any
other bank would have followed the same
course, but the identity of the institution
in question, together with the recent col
lapse in Amalgamated stock, gave, of
course. exaggerated Importance TO the in
cident in question.
AS already noted. the London market,
particularly for American stocks, was
materially affected by yesterdays break
in Amalgamated Copper, and the quota
tions from that point showed declines
which in several cases were in excess of
one point. Foreign houses followed up
this lead by heavy selling in this market
of the international stocks. disposinG on
balance of upward of $1,000 shares. The
local dealings showed more general liqui-
dation than has been observed in a long
time. This liquidation was not confined
to any particular stocks or special quar-
tiers of the market. but. on the contrary.
was fairly general A few stocks of the
general class of c. c. c. and st. Louis.
Canada Southern. and Lake Erie and
Western were comparatively firm on light
dealings. but otherwise market move
ments were more or less uniform.