The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-10-05
DAY IN WALL STREET
LIQUIDATION IN INDUSTRIAI,S CAR
RIED DOWN THE PRICES OF
MANY OF THEM
RECOVERY ON a LATE RALLY
Loans Being Called In by Banks
That Are Suspicious of Shares
in IndustriaIs as CoIIat-
eraI Security
RECOVERY ON A LATE RALLY
Closing.
NJ. rNN

Closing.
Fri. Thurs.
Ear silver, New York ..>....... SIS IS
Call money, New York. .2A-SA S-5
NEW YORK, Oct. 4-The eecentrieities
of the Industrial stocks continued to be a
disturbing factor in the stock market to-
day. Yesterdays list of semi-demoralized
stocks was increased today by a number
winch were, not tested yesterday during
the progress of liquidation The low
priced non-dividend paying railroad
stocks We're also in marked disfavor and
suffered severe declines on selling out f
holdings. Another factor was the re-
neWed pressure to liquidate in Amalga-
mated copper, which carried the price
down an extreme ~ to S6a4, which is the
lowest price on the present movement
ever allowed for the H. per cent interest
which has come off. There was sug-
geStlVe break in the price of spot copper
again. In London this morning, which
served to Indicate that the present for
tunes of Amalgamated Copper are more
or less intimately connected with the
maintenance of the price of raw copper
An Important factor in the weakness,
both OF that stock and of other indus
TRIALS, however, was the scrutiny by the
banks of the collateral 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 Cop
per Yesterday, but some such discrimina-
tion was reflected in today's acute weak
ness OF the stock. The same was true OIL
the Consolidated Tobacco 4 per cent bonds
WhiehfeH an extreme 2 points. Other
stocks notably affected were: General
Electric, 534; Diamond Match, 5; United
States Express, As; Consolidated Gas, 4,
National Biscuit preferred 8; Sugar, 21s
and Smelling, "a. in the Iow-priced
railroad stocks Lake Erie & Western lost
ga. st. Louis & Grand Island ID pre-
ferred 21a, Minneapolis, St. Paul & Sault
Ste Marie preferred 81, Evansville &
Terre Haute and Kanawha & Michigan j.
and Toledo, st. Louis & Western stocks
213 each. Some of the severest losers
yesterday showed a rallying tendency
even before the general market turned
upward, and in, the late recovery there
achieved. National Salt recovered IL
points of yesterdays La loss on three
transactions. The late rally seemed to
be due entirely to covering by shorts and
was in spite of the promise OF only a
moderately favorable bank statement.
ing the week again has been very heavy,
so that the gain on account of govern
ment bond purchases and Australian gold
has been almost offset. Liquidation i'll
the stock market will be realized in q
loan contraction as no special operations
would offset this ? influence, unless it
might be renewed borrowing from the
local banks of the loans to foreign leno-
ers, which are being constantly Hqui-
dated, as reflected in the sustained
strength of the foreign exchange market.
The stock market closed quite active
and strong at the recovery.
The railroad bonds were strong today,
more than on the previous days of the
week. Total sales, par value, 81, 700, 900.
United States bonds We're all unchanged
on the last call.