The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1901-10-05
Financial
4 NE SIOCK M1Kk nj.
IndustriaIs Continue to be a Disturbing
Feature

IndustriaIs Continue to be a Disturbing
New York, Oct 4.--The eccentricities
of the industrial stocks continued to be
a disturbing factor In the market to-
day. Yesterdays list Of semi democrat
lied stocks was added to to-day by a
number which were not tested yester-
day during the progress of liquidation.
The lowpriced non dividend paying
railroad stocks were also In marked
disfavor and suffered severe declines
on selling out of holdings. But the still
more potent factor towards reaction
was the renewed pressure to liquidate
in Amalgamated Copper, which carried
the price down an extreme ~, to S6%,
which is the lowest price on the present
movement
There was suggestive break in the
price of spot copper again in London
this morning, which served to indicate
that the present fortunes of Amalga-
mated Copper are more or less init
mntely connected with the maintenance
of the price of raw copper But an i'm
portant factor In the weakness both of
that stock and of other industrials was
the scrutiny by the banks of the colIat-
eral in their loans and the disposition to
call loans in order to limit or throw out
industrial stocks from the collateral.
No special discrimination was exercised
against Amalgamated Copper yester-
day, but some such discrimination was
reflected in to-day's acute weakness of
the stock. The same was true of the
Consolidated Tobacco per cent bonds,
which fell an extreme point, Other
stocks notably affected were General
Electric 81, Diamond Match 5, United
States Express 4B, Consolidated Gas 4,
National Biscuit preferred 8, Sugar 31s
and Smelling "a, Among the low
priced railroad stocks Lake Erie and
Western lost 81, st. Joseph and Grand
Island second preferred Az Minneapo-
lis, st. Paul and Sault Ste. Marie pre-
ferred AZ, Evansville and Tsrre Haute
and Kanahwa and Michigan 3 and the
st. Louis and Western stocks
2R each.
Some of the severest losers yesterday
showed ralying tendency even before
the general market turned upwards, and
In the late recovery there were some
net gains of point and over achieved.
National Salt recovered II points of
AK loss on three transac-
tons The late rally seemed to be due
entirely to covering by shorts and was
made in spite of the promise of only a
favorable bank statement
The interior movement of currency
Turing the week has again been very
neavy, so that the gain on account of
bond purchases and Aus
.ralan gold has been almost offset. 1t
s hoped that the liquidation in the
stock market will be reflected in loan
contraction, as no special operations in
he money market are known which
would offset this influence, unless it
night be renewed borrowing from the
ocal banks of the loans to foreign lend
RS, which are being constantly liqui-
lated, as reflected in the sustained
strength of the foreign exchange mar
1et. The stock market closed quite ac-
i've and strong al the recovery
The railroad bond market was more
Effected by selling to-day than on pre-
-ious days of the week. Total sales par
-alue "a, 100000.
United States bonds were unchanged
n the last call.