The Washington times., 1901-11-30
Government Honns.

Rid. Asked
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The pounding given Amalgamated Cop
per yesterday in the stock market and the
very gloomy news expressed regarding the
copper trade outlook at last caused
snail recession in the general market,
though during the entire morning the
railways and many of the industrials were
strong and seemed TO be little affected by
these influences. In the last hour there
we're declines of from a fraction to two
points There was no approach to demor-
alization however and the street did net
infer that the break was likely to extend
much further.
Conservative critics of the market make
the comment that it is doing remarkably
well under the circumstances They sug-
gcst that ordinarily such slump as that
in Amalgamated would almost bring on a
panic II is fairly apparent that the
larger interests are supporting the gen
eral list and endeavOring to free 1t from
the Copper shadow This would seem 10
be the sensible thing to do, as there is
every reason to believe that the trouble IS
a local and particular one, rejecting no
weakness on the general business situa-
tion.
4 Good Bank Statement Expected.
The experts look for good bank state
meut today. The movement Of money from
the interior to New York has been in
creasing, and for the week the balance
has been well over 81 .00o, 600. The banks
have lost some cash TO the Sub-Treasury,
but not as much as they have gained from
the interior. There have been no gold eX-
ports The loan item OF the statement IS
as much in doubt as usual, but it is said
TO be fairly certain that there will be
shown a decrease. This would indicate
an increase Of the surplus reserve. The
street is not inclined TO take gloomy
view of the monetary outlook, despite the
advance in the sterling exchange rate
yesterday. which may presage a renewal
of the gold exports next week.
Gloom in Copper Circles.
Anal lgamated Copper dropped points
during the day to IS, ard it closed prac-
tically at the bottom level. Apparently
the stock had no friends. Ii was sold by
the inside interests, according to some of
the market critics. 1t was sold short by
the professionals. Stop orders were
reached in large numbers with every drop,
and aided the movement materially. The
stock has been more generally held by the
public than any other on the list, with the
possible exception Of the Steel securities.
C4r,Vafs baV Il fal
it would reach IS. There will be much
interest today in watching its course for
this reason.
The food Of disCouraging news and ru-
moTs regarding the trade and the Anal
gamated Company in particular reached
another top wave yesterday. There was
nothing good TO say of the situation in
any quarter apparently. The London spot
copper market showed a sharp decline,
and futures were even weaker than cash
prices other metals were weak in sym
pathy. Foreign copper stocks were also
depressed, and the situation on the other
side generally was demoralized.
II was said in New York that as a result
of the break in London the Amalsamated
Company would be forced Immediately 10
cut its price below II cents a pound. No
information could be obtained from Off
GERS of the company, but IT was reported
that they We're refusing 10 see reporters,
which was regarded as an jminous sign.
Perhaps because trade rumors were suf-
fciontiy gloomy for all the bears pur-
poses the talk of an administration attack
On the company was not heard again.
Advice Not to Sell short.
Amaigamated is a much manlpt lated
stock. Some people say the prevalence of
disheartcning rumors is too conspicuous.
They advise against selling the stock
short. 1t has become quite the fashion
able thing to take a flyer on the short
side during the last few days. Copper Is
a very useful metal, and there is every
reason TO suppose that in time fhe de-
mand for It VIII be greater than it has
ever been before
The Amalgamated Company Is backed
by many important fnanciers and many
shrewd business men. and II may sue
ceed in living despite all the bear argu-
ment. If 1t does the break OF 55 points in
the price Of its stock may be very nearly
enough 10 discount the poor trade situa-
ton Ono Of the few hopeful people said
yesterday in discussing the outlook for the
company. The building Of the Pacific
cable now seems assured. The cable will
require an immense amount Of copper and
it will 10 much toward tightening the sur
plus stock Of the metal"
Mr.. heene BuyInE the steeIs.
The Steel securities we're both strong
all day. showing more activity than for
several weeks past, and they closed with
net gains in a generally declining mar
ket. II was said that Mr. Keene was an
active buyer OF the stocks. and it was in
ferTed that they are not TO be unsup-
ported, despite the payment OF $25, 600 900
TO the members Of the Steel syndicate
last Monday. Conservative market peo-
pie have expected Il movement in these
securities for some time past, and its
failure to appear has caused much com
ment The steel trade is as prosperous
as the copper trade is depressed, and the
experts tell of a very handsome outlook
for 1902
Roosevelt on the suf:nr Tariff.
The movement in Sugar. begun so aus
picIously before Thanksgiving. was in evi-
dence again yesterday morning, ana the
stock showed more bu0yancy than at any
time recently The street believes that *
has reliable information that resident
Rooseyelrs message viii advocate an i'm
| pOrtaut reduction in the tariff on Cuban
raw sugar. and as the Sugar Trust has
| been working for this reduction the street
infers that it will be an excellent thing
| for the company and its stock.
There was a rumor Of an increase in
| the Sugar dividend yesterday, but very
| likely this was based simply on the hope
| for larger earnings when the company
| has cheap raw sugar There vas another
rumor that the fight with the beet sUgaI
people has been settled. If this is ;ru"
| there Is every reason TO belieVe that II