The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-09-30

100.
Call money, New York seq 49, 81
NEW YORK. Sept. 2S.-TWith only two
hours of trading today and a yacht race
terest in the stock market was diverted
and the affair was principally one of
small professional operations. There
were some heavy blocks, running from
1,00O to $500 shares of United States Steel
common and preferred, New York Cen
trail and Union Pacific. transferred in
the open dealings, and the market gen.
orally went higher during the first hour
A number of obscure stocks were brought
forward as yesterday, some new ones be-
Inc added to yesterdays list Amalga-
mated Copper fuctuated uncertainty, ris-
ing small fraction at first, and meeting
support at early declines. The whole
market sold off in the second hour, when
traders took their profits, and Amalga-
mated fell IA below last night. The Van
derbilts also We're notably affected by
the realizing in the absence of the buy
ing from the sources which were respon-
slple Tor yesterday strength. The mar
ket closed weak. The bank statement
showed a larger gain, in cash reserves
than was anticipated, but failed to re-
fleet the expected contraction in the loan
account from the stock market 1iquida-
ton. Preparations for October disburse-
ments and for subscription to several
municipal bond issues during the week
probable accounted for the offset to the
repayment of loans by stock markets.
REVIEW OF THE WEEK.
Heavy. liquidation from all sources has
been apparent in the stock market all the
week. The motive of this liquidation was
obviously mixed and seemingly somewhat
conflicting. What are called the large
financial interests showed evidence of a
Morgan and Gould stocks continued to
advance with signs Of inside support,
after all evidence of support had been
withdrawn in the stocks in which Stand
ard Oil interests are dominant. There
has been activity for some time past by
the speculative pools in the market, bas-
ed on the assumption to3Support prices
and protect the money market, as they
did through the crisis following Presl-
dent McKlnley's assassina ton. The fact
| of divergence Of policy among these in
| fluential capitalists was sufficient to
check the, activity of the professional
pools, even while the .opef party continued
their measures of support, which was
only for a short timeG Net only did the
| brokers who have acted as agents for
the supporting powers m the market dis
came large sellers of the shares accumu-
lated by their heavy buying at recent
periods of weakness; Joined with the
| rush to realize by professional pools, the
effect was to throw the market at times
into a state bordering on Generalization.
The disconcerting effectson speculative
sentiment of the development in Anal
gamated Copper doubtless was an i'm
portant element in deciding the change
of policy on the part of the leaders. The
conditions in the copper trade, which are
assigned as the cause of the present
decentralization in copper mining stocks,
| are not now subjects in Wall street.
Even the omission of the customary ex
ira dividend On Amalgamated Copper
| stock was industriously rumored for
many days before the fact. 1t was news
to the Spectators i'll the stock market
| that foreign consumption and exports of
copper had decreased enormously, ow-
Il Il ct -
electrical enterprises IN Germany. Cop
per trade statistics were in circulation
! in Wall street for weeks before the col
] lapse in Amalgamated Copper, and even
| record figure. 1T was only Oh the very
eve of dividend action by the directors
that the manipulation for the advance
and support of the price. ceased, The
| rush to sell after the reduction in the
| dividend found the market practically
bear of demand and the drop in the
| price from 1917 on Friday afternoon last
week before the dividend was announced
| to S83s on Wednesday was practically
perpendicular. The selling of stocks
| elsewhere in the market was due in lrage
part to speculative loss incurred by the
drop in Amalgamated Copper. The whole
| speculative tone became pessinnistic and
| there was large selling of long stock
and short selling by the bears. The gen.
| eral outlook was considered discourag-
| ing and views were expressed that the
cycle Of prosperity had reached the crest
The condition of the copper export
| trade is suggestive of the possible eff
feet upon other trades of stagnant trade
| condition in Europe, and decreased de-
mand for our comnlodIties and, in some
| cases, increases competition from con-
gested stocks and lower oprices abroad
1t is evident, also, that the weeks de-
mand for foreign exchange was due in
| part to a demand from shorts, which is
| in effect a repayment of loans from for
eign borrowers madefesefne time since
Ren1ittances on acceunt9of subscriptions
to the British consult issues also played
a part. But on the other hand the week
has seen the receipts Of S2500,0 600 in Aus
tralian gold at San Francisco and the
shipment Of a. like amount from Sydney.
Large redemptions of government bonds
have relieved the drain to the subtreas-
ury or revenue account
The weeks liquidation in the stock
market has in itself greatly strengthened
| the conditions of the banks and relieved
| the speculative situatien,= land sentiment
| greatly improved towards the close of the
week. 53IUs3
There has been no notable selling pres
sure in the bond market outside few
speculative bonds.
U. S. refunding Is advanced u, the IS
y and the new is Il over the closing call
of last week.
STnrDC