The Washington times., 1901-11-30
MARKET FEELS
DROP In COPPER.
Weakness Abroad Affects
Sentiment Here.
seine LINES HOLD FIRM, HOWEVER.
Sugar Refining and United States
Steel Show Advancing Tendon
cies Shifting or Speculative At
tention From Railways.

NEW YORK, Nov. 29.-The really Sc
we're decline in the price OF copper in the
London metal market unsettled the deal
ings in securities at that point and no
tably. of course, IN the Copper shares, and
largely in consequence thereof London
furnished range of prices for American
stocks. in which a number Of declines eX-
tending to / per cent were shown.
An UnfnvornbIe influence.
The local market opened unfavorably,
influenced by this circumstance, which
was indeed about the only new develop
mcnt which was presented for considera-
ton. As was to be expected, the worst
instance was AmalgGmated Copper, which
opened weak and scored severe decline.
The average speculator in this stock IS
altogether at sea in regard TO his position,
as he is in regard to what may be the
actual conditions prevailing in the trade
1t is entirely safe to say that perhaps 80
per cent of the outside interest in Anal
gamated stock since its Introduction 10
the public was based on the imp0s ng per
scnnel Of the directorate of the company,
although Wall Street has found out many
times before that personnel, in this re-
speet amounts to sound and little else.
London sells Heavily.
London followed up the lead set in the
lower prices for American stocks by sell
ing about 600 shares of various issues
in this market. an amount sufficient with
other circumstances in view to carry some
effect in shaping sentiment. At the same
time the market as a whole could not be
described as being weak or in seed any
thing more than irregular
Aggressive stock strength appeared IN
a number Of directions and in a general
way q somewhat firIuer tone developed
with the course of the day, although
trading throughout was characterized by
no httle uncertainty. Both the money
and the foreign exchange markets re-
tanned the tendencies they displayed on
Wednesday, me first named being easy
and frmer at the same time. The sug-
gestian that the export movement OF gold
might be resumed shortly did not appear
to cut much figure in the days specula-
tion.
The returns Of railway traffic submitted
summed up all the news there was bear
ing upon particular stocks, apart. OF
course from the violent break in copper
per trade were QIoted as making iish- OF
the break in the metal abroad, although It
is not easy to see how the New York mar
ket can ignore such q decline
Shifting of Speculation.
The speculation showed some appear
ancos Of shifting for the time being out
of the railway list into other quarters Of
the market. At all events. the greater
part of the activity and the more pro-
nounced movements were not in the
former
Firm features of the railway list were
the Reading shares, the Wabash stocks.
and in an uncertain sort of way, St. Paul
and Union Pacific. The Vanderbilt stocks
were comparatively neglected at a lower
range Of prices. Other strong features in
that quarter, aside from those noted,
were Louisville and Nashville, the Color
ado Southern shares, and Southern Rail-
way.
The local traction issues were more
quiet than for several weeks, but con-
tinued steady. In the specially quarter
Consolidated Gas was weak, presumably
because of disappointment that nothing
more than the regular quarterly rate of
dividend was declared American Loco
motive declined sharply on unsubstantiat-
ed reports of the dissolution OF the pool
which had been active in the stock. and
General Electric failed to hold a material
early advance.
Steel and Sugar Strong.
Firm features in this quarter were
Tennessee Coal and Iron and Peoples Gas.
There were large dealings among the in
dustrials, which we're strong, with sub
stantiai advances showing in Sugar Re
fning and the United States Steel stocks.
The advance in Sugar Refining was again
apparently based on the notion that ac-
tion favorable 10 the company in tariff
on Cuban sugars might be taken at the
approaching session Of Congress.
Aside from the splendidly maintained
prosperous condition in the steel Industry
there was nothing 70 be cited in oonnec-
tion with the strength displayed by United
States Steel stocks.