New-York tribune., 1901-09-27

The stock market WAS irregular in the greater
mart of the day. with small changes at the close
As rule final prices showed net gains as COM
rared with the preceding days last quotations.
Further consideration Of the copper situation LED
TO no definite conclusions regarding the posi-
bil:ty of the copper developments having been
discounted as stock market factors. Strength in
the copper shares was due. of course, to a specu-
lative reaction from the recent heavy decline
while a tendency TO rally elsewhere in the list
WAS based upon similar conditions The fact
that prominent trade authorities are beginning
10 disagree about the copper situation forces the
layman TO proceed with extreme caution in OPP
erations in the copper shares. while ii also IN
duces caution in all departments of the STOCK
Exchange list. MANY people naturally argue
that the heavy falling off in copper exports from
the United States foreshadows corresponding
reduction in the outward movement of general
merchandise as the chief influence in decreasing
copper exports-namely. industrial depression
abroad-will. it is contended. affect all lines OF
our export trade. Exports of copper for the
current year TO date have been 10000 tons less
than for the same time year ago. while i'm
ports in the same time have increased l5ooo
tons. In value this means loss of s2otooooo
as compared with last years business.
In view Of the known factors in the domestic
and foreign copper situation. it appears reason
able 10 believe that the Amalgamated company
will be unable to maintain the price of copper
at its current level. The output of copper last
year aggregated 100000 tons, of which the
United States supplied about 2oo.ooo tons VI
the latter amount the Amalgamated company
produced not more than 100000 tons, SO that
the contention that the Amagamated company
controls such a large part of the worlds cop
per as TO control prices does not appear to he
well founded. If the export trade is TO be kept al
all it would seem if there ought 10 be
decline in domestic copper prices 1t is now SAID
IN some quarters that copper can be imported
from Europe and refined at cheaper price than
that now quoted by the Amalgamated company
The interests in control of the Amalgamated are
careful men, and II is likely that they will
take any action that will upset their own bust
ness Their action in reducing dividends was
conservative and similar conservatism in ad-
justing the market TO changed conditions may
be expected.
Money market conditions were again factors
in the days dealings but there was, however,
little liquidation in stocks as a result of money
market uncertainties The fact that the Bank
of England did not raise ito discount rate was
taken 10 indicate that the monetary situation
in London sound. while no further advance
in sterling exchange rates helped TO restore con-
fidence in the local situation There is no i'm
mediate prospect of stringency in money rates.
as the city banks have a substantial surplus
above legal requirements. In the last hour of
trading all stocks exhibited great firmness, and
!n most cases where declines had been made
earlier in the day, complete recoveries were re-
corded. Amalgamated closed at a net gain Of
as points and Anaconda at 31s points. The gen.
eral railroad LIST, after considerable weakness in
the forenoon dealings, closed net gains for
most issues. with especial strength in the
nickel Plate" shares and Pennsylvania. Brok-
representing important market interests
bought in the final dealings.
THE DAYS OPERATIONS IN BONDS.