The Washington times., 1901-11-24
RALLY FOLLOWS
SHARP BREAKS.
Amalgamated Copper Has
Further Decline.
MARKET GENERALLY REACFIONARY.
Vanderbilts Show Well Maintained
Strength-Hea Pressure in Su-
gar Refining = Bank Statement
Better Than Expected.

NEW YORK, Nov. 2S.-since midsum-
mer, and particularly during the last
month, the market for securities has
plainly been held in check by unusual
monetary conditions, which have induced
conservatism on the part of investors,
and at time apprehension on the part of
spectators.
A Radical Change.
This week has witnessed radical change
in those conditions. The shipment Of
nearly IS, 900, 600 gold to Europe, nearly all
of it on single steamer, early in the
week, appears to mark the end of Eu-
ropean demands upon this country for the
settlement of extensive credits granted
last spring.
There is no longer any occasion for
concealing the fact that large part of
these credits were obtained in connection
with the remarkable contest for control
of the Northern Pacific Railway. Now that
that controversy has been amicably set
tied, and arrangements perfected for the
retirement of Northern Pacific preferred,
the reason for foreign accommodations on
a large scale has ceased TO exist.
Foreign Exchange Weak.
Both the foreign exchange and the DO
mestic money markets have been affected
during the latter part of the week by the
return flow of money from the interior
and by the increased supply of cotton
bills. Foreign exchange was very weak
today and bills for delivery next week
were shaded below current quotations.
The market for securities has respond
ed promptly and materially to the i'm
proved change that has taken place in the
monetary situation. Spectators have, OF
course, contributed their full share TO the
large dealings and the improvement in
prices, but they have been working upon
the substantial basis OF extensive pur-
chases of both stocks and bonds by in
vestors of the first Importance. 1t cannot
be truthfully said that the public is taxi
ing an active interest in the stock mar
ket. but there are unmistakable signs that
il is beginning to do so.
The Slump in Copper.
Amalgamated Copper is one of the few
stocks that closed lower than last Sat
urday. large part of its decline took
place today, following the publication of
reports from Washington that the Attor-
ney General OF the United States con-
templated proceeding against it, presum-
ably because of its attempt to manipulate
or maintain the price of its product.
Today's market was active and strong
until it .ras unsettled in the last half
hour by the break in Amalgamated Cop
per. The noteworthy dealings were in
New York Central at 4 net advance of
nearly 2 points; Norfolk and Western. at
an advance OF 1ss; Chesapeake and Ohio,
Southern Railway common. and Tennessee
Coal and Iron.
Sugar Refining Depressed.
Profit taking in Sugar Refining de-
pressed the price of that stock nearly 215
points. Less active issues that closed ma
terially higher were the Buffalo, Roches-
ter and PittsDurg stocks, 800" preferred,
Kansas City Southern issues, and Long
Island Michigan Central. on the purchase
of 100 shares, made another advance of 10
points, making a total of 3012 for the
week.
Other extraordinary net gains for the
week are those of nearly 3S points in Lake
Shore S in Adams Express, and nearly 4
points in American Express. The weekly
statement of averages of the Associated |
Banks was much more fvaorable than had
been expected.
The Bank Statement.
The increase of over 81, 100000 in law
fGl ropey was largely in excess of the
amount indicated by the known move
ments of money this week. The decrease
of over $500, 600 in the loans was also
a surprise The net result brings the
surplus reserve up TO nearly s14500, goo.
The influence of the statement was Of
set in the final dealings by the usual end
of-the-week profit taking, which was
made more pronounced than usual by the
break in Amalgamated Copper.
Now York Stock Exchange, Nov. 23.