New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-10-25

The Financial World.

which first began in Wall Street. are nov err
tending beyond New-York. and are addjn~
banks and trust companies 10 the list. s>corA
that the stock market r. not nearly sensi.fvs
TO the shock as IL earlier in the year, when
the first of our Street failures announced
In these facts. there appears the working o.
the well established rule. that the ananct,i
centre. Wall Street. is the first 20 feel the erscts
and suffer the consequences OF changing conai
tons; and that when the wave Of disturbarea
has travelled beyond IL. Wall Street Is alreadv
beginning 70 reach more settled state.
Recognizing this rule. a note OF warning wa
sounded from this centre 20 financial and
commercial circles generally. when II was de-
rnonstrated that the troubles here were no.
mere accidental surface Disturbances but seep
seated The way the warning was received
was with scof1ng or angry resentment: r.
torts that Wall Street was the only blue spot n
the country. that il was peopled by prophets
of evil.
There Is not so much talk OF that sort now.
The burden OF the dispatches IS more or les
nervous assurances that the situation at the
particular piare the dispatch comes from. q
sound and gives no real cause for alarm. o.
that the situation has been improved By the
last failure as Il has cleared the atmosphere
Az this centre there Is shown. almost Tor tne
first time since the great liquidation stars.d
early IN the Spring, sort OF dul resisting
power to the effects OF bad news
II suggests the thought that. whatever tn
later Winter months may have IN store FOR Us
for the moment public liquidation On a Iarzp
scale has been exhausted Otherwise. the sue
cessive blows the market has received since
Monday last would have caused great demon
alizatfon II IS true the Monday morning an
nouncement of the Maryland Trust Company
failure sent the market back couple OF potnts.
This was mainly because II came a com
pIete surprise. The difficulties Ct the concern
seem TO have been almost unknown IN View
York: and the decision OF the Official in charge
Of the concern 20 apply for receiver was made
abruptly, when be had become convinced that
even if the temporary loan then being negotiated
for should be obtained. II would only postpoH-
but could not avert. the inevitable collapse. A.
the company had according 70 the dispatches
loaned about the total OF its deposits 70
finished railroad In Mexico. IL will be conceded
that the officials judgment was correct.
After losing a couple OF points on Monday
acting in a sort OF stunned way. the market began
to recover again on Tuesday; and for tne rest
of the week IL Offered a dull resistance TO the
news OF more bank failures; and even 20 the
sensational announcement Of the complete clos
ing down OF all the works OF the Ar1algauatsi
Copper Company. with It's consequent or throw
ing out OF employment an army OF over 1j0sN
men. Indeed. there was something more thar
this dull resistance; for aftsr one OF the bank
failures has been announced. prices were act
uaIIy forced up. OF course everybody recognizes
this to be pure manipulation. which could
have 10 perunanen but all the same. n
was the first time in many months that th-
market had been In a condition where such
manipulation could have produced any effect
at all.
II cannot be inferred from these facts that
the era Of decline has passed: that would &c
TOO broad an inference. Il can be said. how
ever. that they show an exhaustion. e.-n-
DOrary or permanent only the future can shoT,
OF those foods Of stocks which recu-rsnti7
poured on the market from early Spring III
September and gave the Street a sort OF sem
panic every three weeks The market IS work
ing into more normal conditions.
II is unnecessary TO discuss here the causes
OF the Baltimore and Pfttsburg failures. 70
the good reason that they are the som. Gauss
have made like trouble IN Wall Street viz.
too much money tied up IN unmarkstabls s-cu-i-
ties. Everybody IS familiar now with this form
OF trouble. and the only query Is. where els
will there be the like developments? The Anal
gamated Copper affair a different thing
1t may be regarded as the sensational clirnax
OF the factOnaI fight between Heintze and the
Amalgamated Company. which has involved tns
whole State machinery OF Montana. legislative,
judicial. executive and political. Some are in
clined 70 argue that any move from this must
be toward an Improvement OF the situation. on
the theory that the last blow has been struck
There is something in this. II Is also 20 b
considered that the blow is a pretty heavy ous.
II was evident from the way the stock was
bought on Friday morning. that the people who
had given the orders 20 shut down the works
had put supporting orders on the floor FOR the
10, 7xf4r~ EaFa F17-
when the stock had been rallied. the attsmpt
was made to sell this purchased stock at The
slight advance: and that the attempt met wtth
Indifferent success. II the fight goes on. Heintze
declares there viii be sensational developments
as TO the way the Amalgamated Company was
put together which will beat the Shipbuildins
exposures hollow.
That Wall Street would take a gleeful Interest
IN having the lid OF that pot lifted. IS unde-
niable. Copper has been great loser for the
Street and there would be malicious salts
faction IN seeing the original high and loir
promoters thoroughly roasted. Meantime. Cur
eccentric Boston friend. Tom Lawson. yesterday
flooded the Street with anti-Hsintze circulars
which for picturesque English could grve points
TO Mr.. Devery-Or DOwie.
AS bearing on the market movement Of N
dustriaI stocks table has been puoisnea
showing that the shrinSage in the value Oh wv
Of them. from highest to lowest during the PAS
three years. amounts in round numbers TO over
LOO millions: OF a market loss OF asa per
cent Add TO this. the shrinkase OF raiiros'
stocks during the same period. and you haFe
some measure OF the causes which make WI"
Street feel poor. and are making trouble u
other great centres In Pittsburg there lbs
naturally. been a specially severe collapse y
local market simply going TO pieces one or u