The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-10-22
FINANCIAL AND COMMERCIAL.
"WEDNESDAY, Oct. 2.

| The stock market to-day was hard and
firm and, until the last half hour Of business
strong, All this was despite the receipt
OF news before the opening OF the marke,
that bank in Pittsburg whose unsounc
condition has recently been matter Of
public notoriety had finally closed its doors
The bank in question was new concern
which had. according to all accounts. beer
conducting business in reckless manner
and 80 as to invite the hostility OF sister
institutions. It's suspension seemed to bt
regarded in Pittsburg as a relief rather
than otherwise. But it is doubtful II these
qualifying facts regarding the matter
played a great part in Wall Streets de-
alterations to-day. The governing in
huence in the Wall Street mind at pres
ent is. very clearly, the conviction that
forced liquidation in the stock market
has been we'll nigh completed and that
| 1t is dangerous to sell stocks short either
when unfavorable news is announced or
when the market for any reason is weak
Therefore, although prices opened lower
this morning under rather large sales OF
stock for London operators, and although
few vent,iresome traders sold stock upon
the idea that a repetition OF Monday =
sharp decline might occur, the lower prices
thus obtained proved to he merely tenn
porary. Quotations for nearly all the
leading stocks advanced about point
during the day. and although in the final
dealings recessions occurred upon small
transactions. which caused these gains In
many instances to disappear. nevertheless
he, - - ! H.
II would not be surprising IL from time to
time during the coming year there would
be occurrences Of such incidents Of general
II unpleasant, interest to the financial COM
munity as those which have Just happened
in Baltimore and PittshMrg, The i'm
portant consideration at present is, how
ever. whether the very great decline in
security prices that has taken place-the
largest in such period Of time ever known
in Wall Streethas not anticipated all
these events and, indeed. has not over
anticipated them.
The industrial list was az strong to-day
as the railroad shares, the features being
Peoples Gas. by reason Of heavy buying.
said to be for Western interests controlling
the property: American Smelling and
Refining common, because OF renewed
covering Of the very large short interest
in the shares. and Amalgamated Copper,
No explanation OF the strength OF Copper
was made, and the stock might naturally
have been expected to be weak in view
of doubt as to the decision which 1t is said
will be handed down tomorrow in two
important litigations In Montana in which
~ L. sn t,S> ~xal No. -
lawsuits concerns the ownership of tho
Minnie Healy mine and the other consists
Of an application for receiver for tho
Boston and Montana company, now one
of the Anal gamated's leading subordinate
organizations. Public sentiment in Mon
tana strongly favors the Amalgamated's
contention in these cases, and very
serious trouble would probably be caused
in the State II the Boston and Montana
company was thrown into the hands
OF a receiver upon any such trivial
grounds as have been brought forward.
Good judges are, therefore, Of the opinion
that the Montana courts, whatever their
vngaries in the past, will act in the present
matter very cautiously. 1t should also
be said authoritatively just at this time
that tho cash aud quick assets now In pos
session Of the Amalgamated Copper Com
pany are greater than they ever have been.
Announcement was made in Montreal to-
day Of the resumption OF dividends but at
a reduced rate, upon the stock Of the Domin-
ion Coal Company. The reduction seems to
be due to the fact that as the Dominion Coal
Company is no longer in receipt OF the
rental formerly paid by the Dominion Steel
Company its earnings have naturally been
reduced. The matter is chiefly interesting
TO other markets than our own, and its
entirely speculative effect has probably
been fully discounted there.
The matter Of greatest importance On
heavy dealings in bonds at q higher range
in prices The bond market. from tho dull
strength and slight improvement Of three
weeks ago, has become active and strong.
Indeed, prices Of nearly all OF what may
be called the gilt edged bond issues are
now between 2 and points higher than they
were month ago, and Trustworthy informa-
tion is that private dealings in bond houses
are assuming large proportions. The bonds
chiefly dealt in to-day were the Baltimore
and Ohio AZ and prior lien 3Hs, Chicago,
Rock Island and Pacific "a and Sc, the Erie
general mortgages. Northern Pacific first
As, st. Louis and Iron Mountain So and the
Union Pacific first A.. All this shows an
increasing confidence and an investment
OF capital. in whose benefits the general
stock market should in due time, share.
mi =