New-York tribune., 1903-06-07
Financial.
The Financial World.


been Hqudated the past week. having more or
less connection with the Canadian collapse. and
the hard blow this gave the Boston market
These accounts had reached stage where their
forced liquidation had become certainty NO"
they are out of the way, the market II the
nearer to hard pan. OF course prices declined
under this forced selling. energetically assisted
as it was hy bear operations. but the recovery.
which came in the last part q the week. made
the net losses from Saturday 70 Saturday. mucn
less than might be supposed
The Canadian speculation. which had IT'S head
quarters at Toronto. with the firm Of Arnes &
Co. was concentrated on Twin City stock (ths
trolley company OF St Paul and Minneapolis.
Dominion steel ard Dominion Coal stocks.
Canadian Pacific. and to less extent Araalga-
mated Copper IT is said, also, there was quite
4 little Brooklyn Traction up there. New York
had little part in this particular line of spscula-
ton but Boston waE heavily interested: because
Boston is the market connection on this side the
lire Of Montreal and Toronto
Consequently. when the crash occurred u2
there. AmaIgamated Copper was poured out OF
this market in quantities. as Boston was loadsd
with the stock. and New York was the best
market for it in the disturbed conditions exist
ing. From IS the closing figure week ago. IT
fell daily until on Friday morning II touched u;
and il was at this time that nearly the whole
list saw its lowest prices Of the week Ilen
occurred a really sharp rally. in which recov-
cries were general, Copper itself reoouncing
above "A. It closed yesterday with net loss o.
4ss-the largest net loss OF the week n any
prominent stock MeanwbiIe Canadian Pacific
had tumbIed points. from 124 TO us: but It re-
covered Of this. Twin City stock fell 13 points
in one day. but went back quickly. This stock
however. has not much more than a nominal
auotation on the New York market: and the
Dominion Steel and Coal. none az all
Those who know the situation IN Toronto. say
that several times before. AInes has been pulled
out Of speculative scrapes by his hard-headeo
old father-in-Iaw. Senator Cox. who Is known
as the Morgan OF Canada This time. the ole
gentleman evidently considered there was Moth
ing for it but to let his plunging son-in-iaw 60
hv the board. and he went Anles Is described
as q corparatfveIy young man. smart. but who
knows everything.
The other stock showing the largest net loss
for the week-(a fraction over I points, Is
Atchison-which is also largely held In Boston
Until recently. Atchison had received a very
stubborn support in the market: but lareiy, the
support weakened and the stock gave way II
closed yesterday at 691z, and the general opin-
ion seems TO be that IL is booked for much lower
prices. The heavy selling from Boston has come
at a time when certain people who have usually
supported the stock have had severe losses IN
some recently collapsed enterprises; and also
when the company has to face the loss oy nooo
destruction at Kansas City: which must %
large not only from the actual destruction OF rs
propertv there and along the river, but BY the
partial paralysis Of its system
With the selling Of Atchison. there was eIs0
q constant selling OF Union Pacific. which closed
Yesterday at S0iz-a net loss or "a polnLs LOr
the week This stock. however, had much better
and
to have more Of the character OF bear rsl1I-s
than was the case with the other stock
Co7spicuous by the way they were defended
from attack we're Southern Pacific, St Paul
and the Erie issues. Only fractional differences
are shown between their closing prices yester-
dav and those OF the week before II was 81
Paul which originally started the market GOWN
ward by its continuous decline from well ABOVE
16o IN 147. From the latter figure IL rallied
and has been held with singular persistence near
15O The Eries have been steady all through
this falling market and much attention mas
baeu attracted TO them IN consequence South
ern Pacific seems 10 have peg IN IL about %
II is also noted that 3. & o. has been very
steady.
The drives at Pennsylvania met stout re-
sistance when the stock broke 124- Some very
heavy selling of the stock on one day was
ascrfbed TO the syndicate; and a story actuaIIy
cot adoar that the syndicate wanted 20 get Si4
the new issue themselves. and turn II over n
hulk to the Gould interests Members OF the
syndicate were much amused One representa-
tive said. Our position is one where We are
easily satisfied: II we have 10 take the stock.
We are satisfied 10 take IT at the subscription
nrice. IL we don't, we are satisfied with the
commission"
Bv the way an important fact which has
ESCAPED public attention. is the joint purchase
nv the Grand Trunk and Toledo. St Louis and
western. Of a line between Detroit and Toledo
thus puttiug the Grand Trunk into trunk line
territory. This is worth looking up
- everybody has the steels. no Office being
without them. there may be commended TO
notice an interesting little pamphlet Just got
ont bv Mr.. II. W Rosenbaum. in which he takes
q very bulIisb view OF their future Market
r-fes these stocks actually do seem at last 70
have s+ruck bottom AT so TO 81 for the pre-
farra5 and 90 10 81 for the common. they have
s-ood all the racket OF the market. seeming 70
find BUYERS whenever they threatened TO break
the lower figure And they ought TO, unless they
are worthless entirely
ANALYSIS of the recent movements OF the r,ar-
ket shows that we getting closs TO bottom
but not that We are there YET. Stocks are cheap;
that is most Of them are. This is the opinion OF
the most conservative fna 1Ctsrs
AT these prices they cheap 70 the rich
investor. the big insurance company. ths bank.
and other individual or corporation which hnes
difficulty IN placing money In bulk at per cent
But they are not vet cheap 70 the average mar
To hir, the : Per cent argument does not strong
IL appeal He looks for profits And It Is the
s,.orsrs man v-ho makes the bull market