The times. [volume] (Richmond, Va.) 1890-1903, 1901-10-29
MARKET
WAS VERY WEAK
Threats of Gold Exports Made the
Spectators Nervous,
AND PRICES WENT DOWN
Rumors About Steel srd Can Denied, But
Steel Stocks Went Dowu-Prospe,ity
OF the American Locomotive
Company.

The stock market yesterday was weak
from start to finish and closed at the
bottom. ST. Paul led in the decline for
the railroads, with Il loss from highest to
lawest CO more than three points. while
copper led in the industrial list. and
showed practically no rallying qualities.
The market seemed to be absolutely with
out support. and the room traders had
the situation in their own hands
THE REASON.
The explanation given was the posi-
bility of gold exports this week and the
lack Of any definite news concerning the
Northern Pacific matter, together, with
vague rumors of a hitch in the negotia-
tons. c. ]. Hudson & Co., in theil letter
to Scott & Stringfellow. said:
All positive news to influence stocks
there was little of to-day. The general
situations is no worse than it has been
for some little time now, but neither is it
any better However, the optimism in
many quarters is less pronounced. and we
believe that those who have been look
ing for a sustained upward movement
will be disappointed. Prices, in our es-
timation, are high enough, in view of
prevailing conditions"
A CURIOUS CONDITION.
1t is a most remarkable thing truly
that. with the balance Of trade largely in
our favor there should be any possibility
of gold exports at this season of the year,
when we ought to be importing gold in
large quantities. But we have been Dor
rowing money from foreigners and they
are calling us for it. Cold is BADLY reeded
on the other side. and the price of ex-
change has almost reached the gold ex-
porting point. There is in point of fact
nothing alarming in this, and would not
be alarming even if Europe should draw
some gold trom New York, for, has
been said. the trade balance is largely in
our favor, and in q little while cotton,
which up to this time has been held back.
will be going abroad. and the gold will
have to come back to us. But when spec
uators get nervous they take none of
these things into consideration and If
there should be a shipment of gold from
New York Wall Street would most prob
ably go into Mysteries and prices would
be lower still. In view Of this, even
those who have entire confidence III Amer
lean securities at present prices are nat
urally disposed TO hold off. believing that
a little later they will be able to buy
cheaper.
y CAN RUMOR.
York Sun of Sunday to the effect that
war was possible between the United
States Steel Corporation and the so
called Moore interests. growing out OF
the failure of the Moore Brothers to sell
the American Can Company to the Steel
Corporation. The can company was or
ganiZed about six months ago and has
a capital stock CT s6S COS, 0G9. 1t controls
So per cent. of the can manufacturing
plants Of the country and is at present
wholly dependent upon the American Tin
Plate Company, one of the Steel Corpora
tiCn'S constituent companies. Tor Its IA"
material The Moore Brothers are said
to take the position that the patronage
Of the can company is essential to the
prosperity of the Tin Plate Company.
They control the can company and are
understood to have had long negotiations
with the Steel Corporations officers re-
garding rs being absorbed by that cor
poration. The final result is said to have
been that the Steel Corporation refused
to take the can company over at the
valuation placed upon it by the Moores.
The New York News OF yesterday says
II at an official Of the United States Steel
CO. Doiat.on declares that there is moth
ing N The. report and AIDES thai some OF
the largest interests who recently formed
the American Cal Company are also
even more interested in the United States
AA'-''
be. Steel stocks We're very weak yester-
day and the preferred sold down to 30 Is
without any supporting orders.
AMERICAN LOCOMOTIVE.
The New York Sun also prints the IN
terestns statement that the American
Locomotive Company has practically
ceased taking orders for delivery next
year, having made contracts to the fuii
capa city of it's various uiantS-
Railroad earnings continue to show ar
increase over last year and trade con-
ditions in this country are excellent, but
the general public show no disposition
whatever TO take hold of the market ana
the traders thus far have hcen utterly
unable to tempt outsiders 10 buy. That
is one of the remarkable things about
spectators Six months ago the public
were tumb.ing over one another to get
into Wall Street and lrly stocks. But
now when stocks are certainly worth
very much more intrinsicaIly than they
were then, nobody wants to buy.
The Produce Market
Game will begin to show up on the
produce market on and after Friday next.
when the season opens. Deer is sold now
to a certain extent, bringing about 8
cents per pound
Good eating apples are scarce, owing 20
the spectators. who buy them up and
put them away in cold storage. An in
stance of this was noted yesterday.
Messrs. E. W. Evans & Co. received a
carload of APPLES from one of their pa
irons containing 14S barrels. The lot
was sold easily and brought si33.a0. Over
a hundred barrels were bought by one Of
these SPECTATORS. On the market here
apples are selling between $3.50 and $3.50.
Some FEW go higher and some lower. A
variety OF fancy eating apples has sold
as high as S per barrel.
Eggs are scarce again. and have moved
10 a point. They sold yesterday at 10
cents per dozen. an advance OF cent
over the day preceding.
Cabbage are plentiful and are going at
moderate prices. Merchants get them Coz
ssl4 to Sis per ton They are New York
state stcca ara are excellent in quality.
potatoes are selling wen at 50 cents per