The Washington times., 1901-10-01
THE STOCK MARKET WEAK
Professional Traders Quick to Ex-
pose the Short Side.
Rapid Declines i'm the Junior Van
derbiIts-BrcnfS1 iH Many Quarters,
the Prevailing Tendency Bcing
One of Fressurc-Noncy Firmer.

derbiItS-BrcniSs iH M,1y Quarters,
the Prevailing Tendency BEING
One of I'ressurc-Honcy Firmer.
NEW YORK. Sept. 2O.-Today's stock
market opened weak and with the eNcep-
tion of a few transient and apparently
wholly technical reactions. it retained
that tendency during the greater part of
the business session. At the same time.
It did not appear that actual liquidation
was in very large volume. and most of
the selling for long account appeared to
be induced through the publication over
Sunday Of a number Of particularly
gloomy views regarding the financial sit
uati6n at large, and. more directly, the
copper trade.
These articles. in fact, were generally
referred to on the floor of the stock eX-
change as being the most effective intlu-
onces in such scattering liquidation as
was noted While not in large volume.
there WAS enough. of this liquidation and
sufficiently heavy selling for foreign ac-
count to induce the professional element
of the street to espouse the short side.
and they sold stocks agsressively
throughout the day.
IT was noted that slight rallies follow
ed each suspension Of pronounced activi-
ty. a sufficient evidence that genuine liqui-
dation was by no means general TH'
foreign houses sold he9 . '-.v, uispos-
ing on balars- ~ upward Of 5000 shares
of $. 81. Before business opened Lon
uon sent in a materially lower range Of
prices for American stocks, the losses in
several eases extending TO fully ! point
and the early cables reported pronounced
pressure upon all the Copper stocks in
London. the heavy selling Of these issues
by Paris being the main feature Of the
dealings. 1t must have been, however
wholly in sympathy with their own mis-
fortunes in South Africa that British
spectators ascribed the weakness in
american stocks to the comparatively in
significant disaster to our forces in the |
Philippines.
1t seems now evident that the public |
is to be treated to "A war of words over |
the situation in the copper trade and it |
is equally evident that, aside from such |
inferences as may be drawn from the |
course Of the price of the metal itse,f, the /
public understanding Of the controversy /
IS not apt To be very complete. Wall /
Street seems indisposed to :alle the /
slightest account Of the fact that so lately !
as June last Amalgamated Copper sold as /
high as 100, or over 40 points above its 1
price of today, and that in the same 1
month the stock Of the concern was in /
creased nearly 100 per cent for the pur- !
pCSe Of acquiring the Butte and Boston I
and Boston and Montana Copper Com
panies. Just why the management of the |
Amalgamated Copper should have elected .
a period OF declining trade conditions as !
a good reason for increasing their own
output or that of the companies under
their control is question which has not /
yet been fully explained. The acquisi /
lion OF the two companies named was at /
the time described as a most advantage
Gus move, and indeed was one of the /
reasons advanced in connection
wlth the rise in Amalgamated Copper to
the figure named.
The severest declines in the railway list
TOOK place IN the so-called junior Wander
Lilt issues, where the losses scored were
lully as rapid as We're the almost daily
advances of the last fortnight The alb
SERGE OF any confirmation of the reports |
recently current which attended the rise
in these securities, and the publication
This morning of certain statements which
were almost tantamount TO declaring that I
no REIMBURSEMENT in the organization of
the Vanderbilt properties was meditatad |
accounted sufficiently for the reactiouary |
movements in these stocks. The declines !
In the Nickel Plate issues. Lake Erie Z
and Western and Canada Southern were
especially extensive. but New York Cen
tral was comparatively steady
The weakness in the Copper stocks and
the Vanderbilt issues extended to all /
quarters Of the market In the railway
list notably sharp declines appeared in
St Paul, Rock Island Missouri Pacific /
md Louisville and Nashville Among
.he specialties, Peoples Gas and Conson-
lated Gas were heavy. and in the indus
rial quarter Sugar Refining broke badly
Except for the influences already cited
here was nothing that was specific to be
,ited in connection with the movements
loted in particular stocks.
The United States Steel issues were
dull. but relatively steady
n advance Of the dividends to be acted
IN tomorrow.
Today's money market had a slightly
irmer tone and many lenders advanced I
he rates on standing call loans 10 4 per (
,ent The bulk of the days borrowing |
was effected between 3is and ! per cent. ,,
The associated banks appear to have
gained from the Sub-Treasury since last
friday in their transactions with that in :
titution about a.5DO.0O0 and in addition :
o tOdays French steamship delivered :
lere TO various consignees about 81, ,0O0,011 ,
more.
The Governments interest disbursa- !
nents, having been anticipated early in !
he month. will play comparatively small
art in the October ! payments.