The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-09-03
c0ssrP or Wall STREET.


II Il animated that the weeks liquidation
vss In the neighboyhood Of 10000 shares.
Of which 10000 shares were Tor western
account. Tho Gates following probably
threw over 10000 shares Tho great bulk
Of tho liquidation since tho announcements
OF the ending Of tho peace conference has
been for professional and semi-professional
speculators, who have worry little proprietary
interest In tho companies whose stocks thoy
have boon bulling In the market. Those
who have proprietary interests In the stocks
In which there has been the heaviest selling
the last few days are firmly Of the opinion
that later in the year the market will DO at
considerably higher level. and they are en-
couru god By tho large scaling down OF highly
associative accounts. The character OF the
selling the latter part Of the week reveals the
character OF much Of the buying which 50
myetined the financial community the third
week In August. While conservative inter.
ests, despite their optimism a. to tho general
business outlook In the country. were dis
posed to 70 ahead slowly, because OF unce-.
tainty a. to the ability Of the banks TO finance
Q bull campaign during the period OF large
shipments Of cash TO tho Interior. professional
speculators. moro especially the Western
element. took the market Into their own
public following Tho effort failed. - II has
30 often In tho past at high range OF prices
The market. 1t is believed. d now In much
healthier condition.
One Of the wire houses. which was borrow
ing S2o. ooo, 900 at the beginning Of the week.
cut its loans In two At the end Of tho week.
The commission houses which have been
lukewarm toward the market since the mid
die of July arc now more comfortable. The
market has had . considerable reaction and
they are now In . position to call attention
to their conservatism Of some weeks ago. 1t
takes q great deal Of courage for commits
sion house to keep It's customers out of an
advancing market Tho public which trades
in commission houses has never been edu-
| Gated to sell stocks short 1t always wants
to buy them. When 1t cannot got encourage
ment to buy stocks 1t will not trade at all.
| A commission house, therefore, which OK
| presses moderately bearish opinions In .
rising market finds that its business con-
tracts while other houses. which arc con-
tent to follow tho crowd. arc doing very
profitable business. 4 suppose. says
| member Of one Of tho conservative com
mission houses which have not been In SYM
| PATTY with this summers advance. that
| q commission house broker should always be
bullish. His customers will forgive him for
| getting them into stocks which afterward
| show q loss but they will not forgive him
for keeping them out Of st cks that would
show . profit.
Il bought 500 shares Of that stock this
week. remarked Q broker. pointing to new
industrial on the tape. Il think there 10
20 points In 1t. What business 10 the COM
pany in?" he was asked. Il haven't found
out vet. he answered. but they pay Der
cent.
One Of the best known operators In the
| market. who took an aggressive bullish posi-
| 4. knlt hat m r.
ket is by no means over. "Of course. said
he. prices are very much higher now than
when stocks were bought so confidently last
year. The only feature of the situation that
/ can see that tends to mako one cautious
as to further commitments for the rise Is the
level OF prices. But the general commercial
outlook throughout the country Is SO highly
favorable to security values that do not see
what there Is to sell stocks on. Many OF our
securities In which there has been no az
| greesive speculation recently arc surely
going to sell at much higher prices. think
the Steel stocks are In much stronger posi-
ton than they have ever been since the for
nation Of tho Steel Corporation. I regard
Steel preferred as an industrial investment
stock Of tho highest grads. and look to see It
sell on the level that ts dividend entities It to-
am almost ready to say that Steel common
| Ia to-day tho most attractive cheap stock In
the list The buying OF 1t for . Ions time
has been Of a highly encouraging character.
We need to be . little conservative just now
| because Of the condition OF our bank reserves.
but no ono can doubt that there 10 all the
money in the country that We need. and that
as soon as the now Of cash to the interior
Is over reserves will again pile UP here. The
basis Of our present prosperity OF course
Ia the highly satisfactory condition Of the
crops. lam told by the best grain authority
| know that with the continuance Of the present
| fo1yN Ia In hA
IS We will be assured crop Of at least 7.eoo..
OoO, 900 bushels. With favorable conditions
| from then on the corn crop can very easily
reach 2,7oo. 900. 900 or $500. 900. 900 bushels.
| The country was never 50 prosperous a. II 10
right now and never was the promise for
the immediate future 80 bright notice that
| in the liquidation OF the last few days the
high priced stocks which have had the most
violent advances are not being offered In the
market. Those who have bough them know
what they are about
London continues to be q heavy buyer OF
Steel common.
With copper selling around 10 cents and the
cost Of production at 0 cents the business
Of mining the metal 10 highly profitable and
the inevitable result Of a long period Of high
prices for the metal will be a heavy increase
in the production. Plans Of some magni-
| tude are forming for the opening up Of new
mines In this country and Mexico. The
producers Of copper OF course tske ad-
vantage Of the high prices to develop their
low grade ore bodies, reserving their best
ore for time when only it can be mined at .
profit
Il watch the money market and not the
bank statement" says one co mmentator,
! III there were any possibility Of real strn.
gency In the money market du ring this month
or October bankers would not be 40 an xious
to loan large sums at the present rates Of
interest. My bankers tell me that 1 can
have all the money want at these rates.
and they even try to force loans on me. Call
money Of course will be higher. 1t always
does In the fall when we are sending cash
to the interior. but 1t will not go high enough
| to disturb anybody very seriously. The
amount Of foreign funds ready to be poured
into this market the moment rates advance
| Is enormous"