Evening star. [volume] (Washington, D.C.) 1854-1972, 1901-09-30
Weakness in Copper Caused Whole
List to Sag.
LIQUIDAfING IN TIE VANDERBILTS
Public is Shy of investments
Under Present Conditions.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star.
NEW YORK. September 3O-In sympathy
with London the local stock market opened
at irregular changes from the closing par
ity, but the undertone was distinctly IA
vorable to lower prices.
The Indications are that there is a lack
of harmony among the millionaire interest
and that the actions of one portion of that
Influential circle do not meet the approval
nor suit the commitments of the other por-
ton.
The recent decline in Amalgamated Cop
per seems TO be entirely warranted by the
conditions of the trade, in which over
production is conspicuous adverse factor.
The fact that the stock is allowed to sell
under So however. gives rise to the belief
that insiders withheld the facts from the
public until their own holdings were mar
keted. In allowing Copper to break the
entire market has been threatened to the
extent that the public refuses to come in
and buy the stocks of more deserving prop
critics. FL
Many speculative pools are consequently
q loaded well up 10 their capacity with prop
critics that have no good liquidating mar
ke;. Repeated newspaper attacks upon
Copper methods and the rather plain talk
used in criticism of certain consolidation
schemes have made higher prices more or
less impossible for the present.
The Vanderbilt group showed signs of
profit taking today, and the holding-com-
pany plan is said t. be too far in the fu-
ture to warrant hasty action.
This group has been the bulwark of the
market for more than week. and its lack
of snap today was discouraging. Less was
heard of the announcements to be made
upon the return of Mr.. W.. K. Vanderbilt
during the present week.
Standard on influence dominates the poll
Icy of Amalgamated Copper, so that the
prospect OF Union Pacific getting new
director with strong Standard Oil affilia-
tions failed to arouse the interest that
might have been expected a month ago.
The stock sold down over l per cent dur
ing the morning, but was given some sup
port at the low level St. Paul was sold
by London and traders, in spite of the sug
gestion that developments are making for
closer relations with Union Pacific. The
Gould stocks were weak as the result of
the selling of Missouri Pacific and the evil
dent lack OF inside support.
While no serious declines were recorded
and while none are likely perhaps, the ten
dency OF todays trading would indicate a
rather widespread confidence in the pros
pect of buying stocks to better advantage
before the year is out.
The point 10 consider is whether the
stocks selling above value will be equal to
dragging those of undoubted merit toward
temporarily lower plane.
In the opinion of certain good judges,
this is not unlikely. Active money would
contribute to this end. would also the
yertficatfon of recent suspicious that some
old grudges are to be paid off before long.
The steel strike was not conducted along
lines entirely harmonious il is said and the
tension OF waiting for public demand to
make profit for all concerned may lead to
some nervous attack at the least desirable
moment.
There is nothing in earnings or the VOL
ume of general business to cause the least
concern. but the conditions which need
watching are those in Wall street and not
throughout the country. The latter will
prevail in the long run. but the former sug-
gest the wisdom of patience and extreme
caution The buying on the declines is very
good but the selling on the rallies Is not
as Insignificant as indicated in certain opti-
mistic quarters.