Evening star., 1901-09-26
FINANCE AND TRADE
Fears Epgendered by the Movement
in Amalgamated Copper.
BUYING OF THE VANDERBILT ISSUES
Rally of Western Shares Credited
to Demand From the Shorts.
GENERAL MARKET REPORTS


Special Dispatch TO The Evening Star
NEW YORK. September s.-opening
prices this morning were irregular with a
tendency toward heavfness After the first
few minutes. however a strong covering
movement in Amalgamated Copper carried
the price up pa per cent and helped to
steady the entire list.
The recent movement in copper has un-
settled the market considerably and has
given rise to fears that another erratic in.
dustrial is to succeed the American Sugar
stock as disturber of prices. Clearly, the
present property is to be marked up or
down at the wish OF a few individuals.
The copper trade has not changed so
radically as recent reports would indicate
or else the reports OF midsummer were
never justified. As both came from one
source the suspicion of manipulation Is not
to be ignored. There has been some excel
lent buying of copper In the lower aOs,
and the short interest may be used to make
such purchases profitable at an early date.
In the railway list the buying was simi-
lar in character to that OF the last few
days but the selling was not so good.
Pools have lightened their loads here and
there in anticipation Of getting them to-
gether again at a lower level. The low
prices have attracted buyers. however and
actual accumulation has been going on in
certain issues in spite of surface iIdica-
tions to the contrary.
larry Lake Erie and Western and Nickel
Plate. has been of the best. These pur-
chases have not been made in the ordinary
speculative way. but have been based upon
belief in growing merit and semi-delinite
assurances of important inside develop
ments.
The Gould stocks lag because Of fears
that the ambitious plans of Wabash may
cause rupture with Pennsylvania The
developments around Pittsburg are well
worth attention. but it is hardly likely that
any expensive qualifications of vanity will
be indulged IN by either property.
Erie and Atchison show a steady demand
from sources in position to Judge best as to
value and prospects. Both properties have
controversies with employees just now. but
there seems to be no good reason for eN-
pecting open rupture. The stocks were
given excellent support and are expected TO
work along toward a higher level as the
general market warrants.
St. Paul and all the western roads rallied
during the last hour under demand which
was credited to the short interest. The
demand showed only a small amount Of
stock for sale and the price advanced easily
in consequence.
The money market showed no pronounced
changes and the prospects for a good bank
statement continue to improve.
Thus far this week the banks have gained
$4,0o0000 from the subtreasury, mostly on
account of bond purchases. The rates for
time loans vary from Az to per cent. and
indications are that an active demand Will
spring up before the end of the year.
This outlook is about the only one which
conservative operators seriously consider
A steady advance in prices is not likely
while money is dear, but general condi-
tions are sufficiently encouraging to pre-
vent any serious setbacks. The market
should have a series of advances and de-
clines for a time, and the large interests
cent onesidedness to traders in both 40
counts.