The sun. [volume] (New York [N.Y.]) 1833-1916, 1904-10-07
FINANCIAL AND COMMERCIAL.
THURSDAY. Oct. @,

THURSDAY, Oct' .,
For many days past the stock market,
though as a whole strong, has been ir-
regular and in certain quarters heavy;
1t has presented the appearance, at least,
Of a market in which the prices OF various
stocks were advanced in order to allow
profit taking In others, and the observation
has been frequently passed that unless
the habitual Spectator was fortunate
enough to buy the particular stocks that
were from time to time selected by the
powers OF the moment as the market lead
ers, he did not find his ventures notably
successful however publish were the
convictions on which his general actions
were based. CT late, sentiment has un-
doubtedly grown rapidly that the present
market was one depending for its upward
impulses upon manipulation alone, how
ever sound and broad might be its general
foundations and however firm the an.
ticipation OF those authorities who can
really be called such that a decided i'm
provement in business throughout the
country and higher prices for securities
would prevail next year. The idea was
that artificial means had advanced the
market as far as they could with safety,
unassisted by any public support; and
that a market in which those who bought
stocks for the purpose Of reselng them
later at profit were compelled to do 80
solely upon guesswork as to what stocks
would next be the object Of clique opera
tons, and that had come to reckon as its
chief ally. so far as news was concerned.
the circulation Of obviously manufactured
rumors, was a market in which those who
10 Ia should
do SO with extreme prudence. This idea
may do the market great injustice, but it
is the one that has been adopted, never
theess, by large number of the most
conservative and best informed commits
sion houses and market observers in Wall
Street
Whether from a spreading Of these ideas
or from a general letting go" of stocks
by spectators for the rise, the irregular
and partial heaviness Of the last few days
to-day developed into a general liquidat-
ing tendency. AS before, certain stocks
were made market leaders, but this time
the market did not follow their lead. In
the early trading Amalgamated Copper,
Southern Pacific and Brooklyn Rapid Tran
sit stocks, which have been backward in
following the recent advance, were made
unusually active and strong. Later in the
day the price Of Delaware and Hudson stock,
which is, OF course, comparatively in
active issue, was dealt in to the extent OF
over $4,000 shares, and its price advanced
four points. 1t must be said concerning
this occurrence that Delaware and Hudson
stock is not one which requires that an
apology be made when it's price rises from |
the level at which it ruled few months ago. |
There is no doubt that the real earnings OF |
the property are much more then Is cur
rently and formally represented, and 1t is
doubtless fair to say that compared with |
Delaware and Lackawanna stock the price |
of Delaware and Hudson has ruled too low.
But these Developments to-day did not at
all stimulate the general list OF securities.
The rise in Delaware and Hudson caused
renewed buying Of the Reading, Ontario
and Western and other coal road shares,
but its favorable influence ceased there.
The advance of Amalgamated Copper |
might have been properly ascribed, per- |
haps, to the recent rise In the price OF raw |
copper metal and to the strong position |
in which the copper producing trade now |
finds itself, but its effect, so far as the mar |
ket was concerned, was offset by the large |
selling of the United States Steel stocks; |
while the upward movement in Brooklyn |
Rapid Transit was similarly counterbal-
anced by the pressure upon the Metropolitan
Street Railway and Metropolitan Securi-
ties shares. The net result of all the forces
that have been mentioned was that in the
last hour Of business the whole market be-
came weak, the standard railroad shares
declining from one to two points, while the
specialties, which had been strong earlier
in the day, lost the greater part Of their
rise. The days business on the Stock
Exchange, though not as great as yester-
day or the day before, still amounted to
more than million shares. In the COM
modify markets the price of wheat and corn
declined, principally, it seemed, because
Of the large movement of these staples
from the farms.