The Savannah morning news., 1901-09-25
STOCKS AND BONDS.
The Market shows signs of Relief
and Rallies.

New York, Sept. 24.-There were in
cations of support for Amalgamated
Copper by inside interests to-day for
the first time since the reduction in
the dividend was announced last Fri
day. The rapid downward course of
that stock was thereby arrested and
the whole market showed signs of re-
lief from the nervous strain engender-
ed by Amalgamated Copper's violent
decline.
There was little actual news to take
account of in considering the days
movement of prices as they were gov
erned almost exclusively by technical
causes growing out of the collapse in
Amalgamated Copper. Copper mining
stocks all over the world showed the
effect of this development this morn
Ing and spot copper in London scored
violent decline on account of a prev
alent rumor that the Amalgamated
Company was about to reduce it's SELL
ing price in order to work off an ac-
emulation of it's product. Selling by
foreign holders of American securities,
including railroads stocks, was an i'm
portant influence in the opening de-
cline here, which reached from / to 3
points in important cases. Amalga-
mated Copper sold at 80 during the
first few minutes of the trading which
proved to be the low point of the day.
1t was after the stock had steaded
that the severest pressure developed
again at the general list. A promiscu-
Gus spilling out of stocks carried the
level of the prominent railroads and
specialties from to 2% below last
night, the Pacifics, Southwesterns,
Changers and Sugar being the princi-
pal sufferers.
1t was believed that recent losses in
Amalgamated Copper were responsible
for the liquidation elsewhere. Several
alarmist stories put out this morning
indicated the exhaustion of ammunl-
ton by the bears. The support de-
veloped in Amalgamated Copper and
the postponement of the meeting OF
the directors of the Anaconda Com
pany, which it was feared would re-
suit in another dividend reduction,
completed the discontinue of the bears
and they covered heavily during the
latter part of the day. The earlier de-
clines were largely wiped out and a
fair proportion of net gains establish
ed. Points of conspicuous strength
were the Vanderbilts, Manhattan and
Wabash. A feature of the day was
the selling of stocks usually employed
by other leading capitalists, which
served to emphasize the uneasiness
felt yesterday of a renewed outbreak
of hostilities between financial powers.
A good deal fthe selling of Amalga-
mated Copper was of this character
and seemed to be designed to force
inside support of that stock In the
late buying movement practically all
of the large sellers of the last few
days were represented. The selling OF
stocks for London account made an
active demand for exchange, which
forced rates up an additional fraction
away from the gold import. The hard
ening of discounts in Berlin was an in
fluence in the same direction. Cotton
bills continue scarce in the exchange
market, but there is a better supply
of grain bills.
The railroad bond market was quite
active and weak in sympathy with
stocks. Total sales, par value, $780,
900. United States 3's and the old As
advanced a per cent. on the last call.
Total sales of stocks to-day were
725, 500 shares, including Atchison, 49,
900; Atchison preferred, 6100; Erie, 49,
300; Erie first preferred, $500; Louis
vile and Nashville, $500; Manhattan,
39,100; Metropolitan, 800; New York
Central, $500; Missouri Pacific, 7,1O0;
Norfolk and Western, 9,400; Pennsyl-
vania, 100000; Reading, 5000; st. Paul,
q. 500; Southern Pacific, 42,l00; South
ern Railway, 29,100; Union Pacific, 3d.
$500; Amalgamated Copper, 1877, 100;
Anaconda Mining, $4,000; Brooklyn
Transit, 1900; Sugar, $500; United
States Steel, 10000; United States
Steel preferred, 1920; Western Union,
100