Arizona republican., 1901-10-08
FINANCIAL MARKETS
Prices in New York Continue
 Sluggish and Variable
Narrow and Unimportant Fluctua- tions Throughout the Day-Rail- road Shares Alone Remain Firm. Steel Corporations Statement.

New York, Oct. 1.-The movement or
 the stock exchange continued today. as 1t had been on Saturday, sluggish and uncertain. Apparently a short interest of some magnitude has been created in
 the general list, and is seeking to bring about weakness in various individual stocks in order to facilitate the cover ing of its contracts to advantage in other quarters. Professional manipu- lation for the decline was plain in sev- eral parts of the market this morning in sugar shares. where. yesterdays se- were cut in refined sugar prices gave definite incentive; in Missouri Pacific and in the local fractions. where the delay Tn the publication of Brookly
 Rapid Transit's annual report has aroused unfavorable suspicious. But these operations had very little effect on the rest of the list and hardly ac- complished the purpose for which they were intended. At the opening prices rose all round in response to the favor able earnings report of the United States Steel corporation But the evil dence that the good news was being utilized to dispose of surplus holdings of the steel shares practically removed whatever stimulus the report had given to the general market. Still the tend ency toward reaction was confined to a few special issues. Among the routine incidents of the day, a further recov- cry in sterling exchange was offset by a further gain by the banks at the sub treasury. Secretary Cages announce ment that no more bonds will be ac- cepted for redemption when the s2O.- oeU.000 limit is reached apparently re- stricts additional receipts from this source to a sum less than g, coo, 900. B.t the policy of the treasury has been made sufficiently manifest for tn. financial community to understand that this form of reNef will be renewed if necessary later on. The days ope"- attons in stocks indicated that the liqu- idation In several quarters of the mar ket which have recently suffered severe depression has about run its course. The close was dull, but in the maiI: firm.
 The extraordinary statement of the Steel corporation last week will be chiefly influential upon calculations gs ar offset to the exceedingly bad devcl- opments which during the last month or so have tended to bring discredit upon industrial enterprises generally. It is obvious, of course. that-ti1e $1S,< O0e, coo surplus earned during the las, six months reflects an exceptionally prosperous condition in the steel ir= - aptability of the trust formation to making the maximum of profit, as con trasted with the industrial companics operating separately. From the finan- cial standpoint, the Steel trust has ef- Actually answered the criticism, which was made at the time of its organiza- tion lsst spring, tnat the increase os the capital account over what had al- ] ready been regarded as an excessive 1 Fo.. too great price to pay for combina- tion. The truth is that the increase in l earnings under the trust amounts to a | great deal more than the additional | capital liability assumed when the in | dividual steel companies were merged | into one. There can be no question. ! furthermore. that this excellent show | ing made during the unpropitious con- | ditions of the last six months is likely i to be far exceeded during the remain | Ger of the corporations fiscal year. Ths. | slack season of the steel trade is past. | and business from now on will natur | ally grow more active. At the same | time the mills have on their books :, great number of orders which were | held over during the strike, and these | in addition to the regular business will ! tax their productive capacity to the | utmost and coTrespondingly enlarge ! the sources of profit. The general ef- ! fleets of the steel earnings exhibit viii | be beneficial in two ways; first as it | shows that the weakness disclosed in | several of the industrial companies ! which have recently submitted their l annual reports is by no means general. | and second, in counteracting the un ! favorable impression which the prac- tice of many industrial homogeneous | in keeping their conditions and opera tions secret. has made in the minds of i investors. The open course decided | upon by the heads of the Steel corpo- ration may not be the signal for a gen- | eral adoption of the same policy on the l part of other concerns. But it serves | at least to draw a sharper contrast be- | tween honest and successful industrial | and the blind pools and | gambling counters of Wall street.