The Washington times., 1901-12-01
COPPER RULED
THE MARKET.
ALI Other Movements on
Change 0VGFShadOWed.
SPECULATIVE POOL RESPONSIBLE
Transactions Exceeded 100000
Shares, or About Forty Per Cent
OF tna Entire Capitalization
Majority of Stocks Showed Ten
dency to Advance.

NEW YORK. Nov. 3O.-The decline of
nine ard a half points in Amalgamdted
Copper this week, thirds of which oc-
CURED yesterday and today, has over
shadowed all other movements en- the
stock exchange.
The capitalization of the Amalgamated
Company is so large and its stock has
apparently been so well distributed that
this last decline added to the ifty-point
previous depression from the top price
last summer, has had an uusettling effect
upon the entire market for securities.
Without doubt tenacious speculative
holders of the stock have had to sell other
securities either TO protect their ven
lures in the. blind pool in Copper or to
make good losses they have sustained.
Moreover, the possibility of a further
shrinkage in the market value of Anal
gamated has induced conservatism that
has restricted buying of other stocks and
Influenced some liquidation.
speculative Pool Responsible.
1t is currently reported that the prin-
cipal selling of Amalgamated Copper yes
terday and today was by a speculative
pooi that was responsible for the last rally
in the price, and which was left with
some 50 ,OO0 or so, 600 shares on hand when
reports of action against the company by
the Federal authorities and rumors of
sharp reductions in the price of copper
became current.
The transactions in Amalgamated this
week we're in excess of 100000 shares, or
about 40 per cent of the entire capitaliza-
ton While the decline in it has unset
tied the remainder of the list, it has re
suited in only a few noteworthy net
losses.
Majority Tend 10 Advance
Brooklyn Rapid Transit. Baltimore and
Ohio and Metropolitan Street Railway
Company are the only active stocks that
closed materially lower than last Satur-
day. As a matter of fact, the market for
the great majority of stocks has shown
tendency TO advance, and number of
them, notably sugar Refining Manhattan,
louisville and Nashville, Peoples Gas,
Pennsylvania and United States Steel,
closed higher than a week ago.
This mornings market was moderately
active with Amaigamated Copper sipIly-
ing % per cent of the transactions, After
a fractional rally at the opening, il broke
10 72Iz, and al a recovery of rs per cent
closed point lower than last eight
Rapid Transits Decline.
Brooklyn Rapid Transit was exception
ally weak at net decline of 3ss per cent.
The selling of it was based upon the un-
favorable showing of earnings for octo-
ber In explanation of this statement. it
is said that the company is now rprsuing
the policy of charging Improvements to
the operating account
The other weak features were st. Paul,
Metropolitan, New York Central. Ameri-
can Smelling and Refining and Union Pa
ciic.
On the other hand. Manhattan made a
further advance, closing with a net gain
of point Norfolk and Western and
Sugar Refining were also exceptionally
strong. and the United States Steel stocks
held very firm, in spite Of the almost
general reactiongry tendency.
Deals in Bonds Larger.
While the dealings in stocks have been
smaller than last week those in bonds
have been considerably larger. There has
been good demand for investment is
sued, foreshadowing probably an even
more active enquiry when investors be-
gan 10 anticipate the reinvestnent of the |
January disbursements for dividends and
interest. The outside market for securi-
ties has also been fairly active this week,
and in the main strong.
The Bank Statement.
The weekly statement OF averages Of
the associated banks shows a much larger
gain in cash than had been expected, the
increase in reserve being $685. ,OO0 An
increase of over s., 600, ,OO0 in loans was as
much Of surprise 10 the street as the de-
crease OF nearly twice that amount was
last week.
The increase in deposits is very nearly
consistent with the two changes already
noted. The decrease OF a little over ST.
100000 in the surplus leaves that item
at $l3, 0GO.
Cold to BE Exported.
Present indications are that the banks
will have to supply some gold for export
the coming week, as the demand for ex-
change is unusually brisk and heavy, and
the facilities for shipping are excellent,
owing to the speed Of one or two steamers
that will clear for Continental ports next
week. The chances are that the amount
will not be very large.