The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-09-22
DAY IN WALLlSTREET
COURSE OF COPPER CAUSED MAR
RoWNEss IN HLANY OF THE
ACTIVE STOCKS
LONDON NEWS D1soU1Er1Na
Recent Activity of Boer Forces
Causes Some Selling I'm New York
for British Account Re-
ductiOn in Loans.

~ Closing
Sat Fri
Bar silver, New York. .,..... .5S% 5Sa
Call money, New York.. Nominal 31a-4js
NEW YORK, Sept. 2.-The acute weak
ness of Amalgamated Copper as a re-
suit of the omission at the directors
meeting yesterday to declare the usual
extra quarterly dividend of u per cent.
with the regular III per cent, was an I'M
settling influence on the whole market
today. The reticence of all having offi
cial connection with the company about
offering any explanation of the action
or any assurances as to the condition of
the company's business added to the IN
fuence of the break. The policy of the
insiders in the stock seemed to be to let
the sellers make the opening price which
was from 1903 to 101 on simultaneous sales
of $500 shares. Some degree of support
was accorded after this, although the
price touched par during the second hour.
an extreme decline of IL per cent from
yesterdays close, and 8 points from the
high level of the year on June IT. The
stock closed at 100%, "a net loss of 6X
Selling for London account also was a de-
pressing factor, where news of another
setback in South Africa discouraged re-
cent hopes of an early termination of the
war. Brisk bidding up of the local trac-
ton stocks was the only notable ir1fiu-
ence toward an advance. Prices were gem
orally below last nights level when the
bank statement appeared The loan re-
duction, in spite of the weeks activity by
speculative pools in the stock market.
relieved some apprehension and allowed
the surplus reserve to derive additional
advantage from the gains of cash on
the subtreasury operations The strength
of the local fractions and a lively demand
for Louisville & Nashville and Union Pa
cific steadied the market, but the closing
was Irregular and with the days net
changes mixed.
REVIEW OF THE WEEK.
The price movement of stocks this
week has constituted a remarkable DEM
onstration of confidence in the stability
of the financial fabric and the assurance
of continued prosperity On Monday.
which was the first day of trading in
stocks after the death of the president
by assassination, prices recovered prac-
tically all of the losses Of the week be-
fore, the market opening with an up
ward rush of prices and closing strong
at the top level. This movement was not
less significant as a demonstration of con-
hdence because it was to some extent ar
t1ficial and due to manipulation Arti-
hc1al support is powerless to check gen
VI al oC1l1llS ny real nOlQ6rS OF securities.
who act always on their own conviction
that the value of their shares has become
impaired. The action of the market on
Monday morning showed conclusively tina t
there was no general liquidation to be
FACED Real holders were confident in the
value Of securities. The timid class of
holders had evidently done their selling
during the previous week at the threat
OF the calamity which fell upon the mar
ket during Friday night. The profession
al bears, instead of seeing prices dip so
as to afford a profit on the short sales,
saw sudden rebound, which forced
them to buy back alta loss, emphasizing
the recovery by their bidding for stocks.
Evidently the action of the market was
surprise to the whole speculative world
Commission houses had orders to buy
at the market. which disappointed the
hopes of bargain hunters that the open-
ing drop in prices would afford a price
level that would make profitable invest
ments These orders were executed at
prices from to points higher than the
previous Fridays closing This condition
of affairs, added to the enormous sun
porting orders for account of great cap
ltanSts, resulted in the Ver-stimulation
of the market. Many brokerage houses
also had additional orders to buy at fixed
prices below the market which would
nave proved an obstacle. to any fan.
ihese technical causes must not be lost
slght OF IN Justly estimating the manner
OF the recovery, although they do not inn
par the significance of the fact I'm
doubtedly the opportune relief to the
money market by the treasury measures
was a dominant factor in. steadying the
markets and relieving the anxiety. which
had become acute
a striking contrast lis afforded by the
easing conditions of the money marker
this week and the daily conferences last
week OF the clearing. house authorities.
ana the devlsIng of measures to meet
what had reached = the propor
tlons of crisis. The gainrin cash from
the subtreasury had been augmented to
many millions through the redemption
OF government bonds, the diversion of in
ternaI revenue collections into bank de-
posts, the anticipation Of October gov
eminent interest payments and the nor
mai increase in pension payments Incl
dent to the midmonthly period. Last
weeks loan contra elton, resulting from,
the liquidation in the stock market also
sensibly relieved the position of the
banks The Importance of early i'm
ports OF gold has somewhat diminished
In view of this relief from domestic
sources, but the almost hourly expec
taton of gold engagements has PLAYED
It's part IN sustaining the stock market
Inc TACT that exchange rates have not
actually crossed the profitable gold I'M
port point, although one small engage
ment was made is accounted for by the
less urgent pressure for money in New
YORK. movement of gold to New
York is confidently anticipated, but ex-
change authorities differ widely in their
opinions of the probable volume of the
movement The amount of this coun-
tryS unliquidated credit Balance abroad
has grown debatable, owing to our large
borrowings by American syndicates from
foreign capitalists. The recent large re-
ceipts, of Australian gold which have
found their way ultimately to New York
bank reserves, cut off a customary
source of supply for London, and in fact
represents liquidation Of London obliga-
tons to New York, thus lessening flu
bank continued to buy gold in European
markets for currency purposes The lat
est estimate of the Russian loan to be
taken at Paris is 5000, 900 coo, and German
capitalists are floating a lesser loan for
Russian railroads. The present abund-
ance of resources of the great European
banks is therefore MOTTO be counted upon
as freed from future large obligations.
1t is therefore not Impossible that money
market considerations may occur when
the effect of the treasury measures of
relief begins to be lost again.
Railroad bonds have recovered in SYM
pathy with stocks, bit in much less de-
gree. f2
United States refunding IS advanced u
and the new As 1 per- cent over the clos
ing of last week.
STOCKS. n