The sun. [volume] (New York [N.Y.]) 1833-1916, 1901-10-06

S%ArURDAY, Oct.

HH"'h 49, '" y
IN concert or not no on" who does nov orf.v
their confidence can tell II j. evident ~
there h. a uuaurmily Of opinion am,.s
them that ia" time i- not rap" Tor agGr.>.E-
operations on the long side. aud thai r.
W." 20 let scattered holder. ~ varI.f.S
securities mat" their own market for tt-m
tcmpuranly VITA both the public aud ,Ha
interests referred to out of tho mark.' -
supporting factor- professional opora,.f.
have been ahlr to do about a. they pl",-,
with prices and he situation l. on" vl.,n
they invariably take advantage 81 20 cs'aI.
l-h a lower level - values Their came
pa.gning this week has been agRre-sIya
and Effective. and without doubt they have
preClpitat.i a grea' deal 81 liquidation.
II has been mos pronounced m the minor
industrial stocks A. the sans" time there
has been very heavy selling Of AmRlgama'.d
Copper. ~ extensive In fact that the Inc
ference j. entirely warranted that II ht,
been bv some Of the large holders ~ tho
stock Sugar Refining has also been con-
spiruous In m" downward movement
Th. reasons for the deCun" IN the two
stocks mentioned are well known Ths
copper market j. overstock"d and 80
Amalgama'.l Company l. carving 80
greater part 81 the eXces- 81 supply ana
~-ndeavoring 20 hold prics~ for II AZ current
figures The general belief 10 that Tbs
COMPANY j. strong financially ana equal
- the operation which II has undertaken
Anyvay. the controlling interests In th-
company are enormously rich and hav.
vast r,--ourcs,s which they can command
flr tho succe$- of the policy they havs
adupted The situation in which the Ameri-
eau sugar Refining Company And itef
l. somewhat similar Ia hat OF the Anal
gauIsied Copper Company. In addition
"a having considerable surplus product
on hand. The company has engaged In q
savage war against the sugar best pro-
ducers OF Nebraska. The selling Of other
industrial stoCks can hn directly traced
To- a large extent 20 the policy they pursue
regarding their stockholders Ia the matter
Of Withholding exact Information regards
ing their operations and financial con-
di,iou Thi- short-sight~d and unjust
treatment, Of shareholders and 81 the public
was brought into strong relief this wes6
bv the action Of tho United State~ Steel
CORPORATION IN publishing a detailed state
ment ~ the results Of il business for tho
Ala months ending sept. 80. In conse-
uu.nce the shares Of tho United State
steel Corporation have been compare
lively little sfectsd by tha liquidation
and resulting decline Ia other industrial
issuee
The considerations noted above have
also exposed the weak market position
Of many Of the less active railway shares.
A lArgp numt-r Of them have sustained
net losses fully ~ great as 'ho-e that have
been worried for industrial issues Irahio
returns and PROSPECTS Of the absorption
Of smaller roads by larger once have been
isnord ia this movement, II would nos
u. surprising II the declines that have
taken place were entirely agreeable 10
,hn-. who are working out plans for further
railway consultations. The retTogrsds
movement In prices. even should II con-
tinus furth.r, 10 not likely 20 derange tho
machinery Of Wall Street In the slightest
dsgree, for the reason that tho stock brok-
erase community ~ a whole was probably
ne v-r In a stronger position than II IL to-
day Enormous sums have been mads
In commissions In the last few years. and
in c~on-eauenoe brokers are using moro
OF their own capital and less borrowed
money than heretofore in conducting th"r
business. Moreover. the wide fuc'ua-
ton. In priop In the lat str months hA's
made brokers unusually conservative IN
the matter Of insisting upon ampl" mar
gins from their clients. II there IL a tom
porary congestion 81 securities, a. @"ems
nrohahla In view 81 the steady liquidation
this week. (, i the public and not Wall
Stree, that L. suffering from Il
The DAYS market was dull and irrogu-
lar during the first hour, and positively
weak in the late trading A~malgama''i
Iopper made another scnHa'lora, break
81 moro than tpolnts, and showed n"t'gu'
Of recovery AZ the finish Other weak i'a'-
urc- were American smelling sugar r.
timing. Anaconda. Consolidated ''a- froIi'T
Gas and Tennessee Coal and Iron. H. 90
railway iist Oh" principal sufferers "'''
the local traction stocks on hght tran~a
tions. Missouri Pacific, New York, Chi'aS'
4 ~ LOUIS i~sIca ard - Louis 4 san fran-
CISCO The United States Stec! stocks were
c1nparativelv ~n-gleCtod, and closed ou.V
,rs,ti,nallv lower than Yesterday Tie
hauk statement wa more favorable than
had cen expected IN tina Il showed az IN
crease Of sl.4IS,Oo In lawful money.
which j. 81 OoO 30 morr than wa indicated
la Yesterdays .-t hassd on tho
Imam movement Of money for the Weck,
An Increase ~ nearly sd,o'on In IN" loans
doubtless results from the financing -
"A nutlNHF ~ rI"'N"A 'hHf
~ The stock market. and. a. was the case
Is-' week from the transfer 81 a consider
die amount 81 Obligations from the foreign
.,rhang- market to'h" iocal money market
Tn. increase Of over t7.Uu,sn m the dee
= ,.t,-. brought about hy th" ~" changes
s~lr.aiv noted. required moro reserve than
va. supplied hv th" iucrNas" IN lash In
consequence. last weeks surplus wa drawn
un,r tu ,nc extent 81 t7H1cH IN" As~o-
crstri bank stiii,nayc "A fairly large sur
min. for this s.sssun II L'h" wear II v two
and A half umr- larger than a wear ago, and
,isUu Unn larger than two YEAR ago.
A. 20 the iuin"disi" "uurS~ oi IN" mar
he, there apJsar- 'o II. very lf'i" difference
~ orIuinu Ia the street. The prevailing
Wow - that the downward movement
has gained sunicirn' momentum Ia cary
u further. even n there should continus
T., H. An nh-enc- 81 unfavoTaos Develop
n.u,- outside 81 Wall STREET y should
D., noted. however that the Liquidation
. thi. N,-k las NOT teen general, but m the
mann limited 20 ia. -o-cail"d inactive
.,,.,- The usual i"ad"r~ 81 the mar