Evening star. [volume] (Washington, D.C.) 1854-1972, 1901-11-30
Amalgamated Copper Stock Hard Bit
Again Today.
FORCED 10 4 new Low RECORD
Manhattan Was the Strong Fea-
ture of Days Trading.
GENERAL MARKET. REPORTS

Special Dispatch to The Evening Star.
NEW YORK, November 30.-A further
decline In Amalgamated Copper to the low
est point yet recorded and disappointing
bank statement resulted in an unsettled
and generally reactionary market this
morning. The newspaper accounts of the
condition of the copper markets both in
this country and in Europe were respon-
sible for the free selling of stocks, based
upon the product.
Many weakly margined accounts were
forced into liquidation and numerous stop
loss orders in Amalgamated were uncovered
between IS and y. Later in the day the
covering Of short stock forced a recovery
from the low level. Whatever may be the
actual condition Of the trade in copper,
there is also the fact that two millionaire
interests are in conflict and the battle is
being fought out in the stock market.
One faction claims a breach of faith on
the part of the other and is seeking to adj
minister a proper rebuke. The other fac
ton is on the defensive and thus far has
given little indication of exhaustion. 1t
may be necessary. in order to cripple the
latter, to cut the price Of the raw product
to the point ST making mining an unprofta-
BILE speculation.
Much of the pessimism as to the future
Of the copper trade is directly traceable to
the interests now seeking to control the
Wall street end Of the conflict. When the
matter Is finally adjusted, 1t is likely that
the copper markets of the world by limit
ing production, will be disclosed Mean
while the street is standing aside until
some assurances are given that the bottom
OF the selling movement has been reached,
or sighted.
| Sentiment in the main is rather hopeful
and higher prices in the railroad list are
not improbable should the leaders succeed
| in divorcing the general list from the in
! fuences Of the copper war. Several times
during the present week there have been
| indications Of an attempt to advance GER
| tain Issues, but at the new level there
Pools have been active in Manhattan, the
| Vanderbilts and the various Pennsylvania
| properties.
| The coal shares, under the leadership of
Reading. and the southern issues have all
had periods Of exceptional strength under
buying credited to strong interests In a
ma jOrity OF the instances noted, prices have
| held well in spite of the drawbacks.
| Manhattan reached its top price today
and held remarkably well in spite of the
bank statement. The Vanderbilts reflected
| profit taking, due to the natural result of
such an advance and the room story that
the plan of consolidation would be with
held.
Union Pacific, and, in fact, all the issues
| interested In the success of the new North
ern Securities Company failed to develop
or to maintain any strength during the
week. The leaders of that enterprise are
quoted as being confident of success, but
are entirely willing that they should not
| be embarrassed by display of confidence,
such as a general advance in the market
might indicate.
The feeling as to the Industrial list is
rather more cheerful, presumably by rea-
| son Of the hope that no radical trust legis-
lation will be undertaken In Washington
this winter. The United States Steel shares
are increasing in favor and considerable
| demonstration In them Is likely, once the
market situation will justify activity.
The bank statement reflects a gain oil
1854, 400 in lawful money all in legal tenders
An increase of 81, LOG, 200 in loans was an
unexpected and an unwelcomed change.
! The deposits are larger by $1711 600, and
the reserve is decreased 81 ,O72 $50, or to a
total of S13,414, 575 above legal require
ments. Gold shipments are to be expected
during the coming week, and the unsettled
condition incident to the holiday season is
not likely to be omitted this year.