The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-03-06
FINANCIAL AND COMMERCIAL.
MONDAY, March S.

declined heavily ana at Times NioiepViy
under renewed pressure OF liquidating
sales and Of speculative operations tor
the fall. No preliminary clue to the days
results was obtained from the action OF
the London market before the opening
Of business here, as quotations there tor
American stocks showed very little change,
weakness, however, ,predominating. Az
though the same desire to sell stocks h a
as a rule characterized Saturdays briei
Stock Exchange session was 80 evident
his morning as to cause the first prices
for most Of the active shares to be some
what lower than their Saturdays "A
figures, the market was generally steady
until after half an hours trading had
elapsed. Then values we're depressed under
large offerings OF A~malgamated Copper
and Anaconda stocks and the market moved
downward until the final hour OF business.
It's progress in this direction was not eS-
actly continuous, the movement being
broken by two OF three rallies. But these
rallies were brief and feeble, seemingly
arising from no other cause than profit
taking by the short interest, and after
each session OF this nature the pressure
upon the market was applied more strenu-
ously than before. In the last hour the mar
ket became more steady, and prices OF the
prominent stocks, therefore, closed quite a
little above the lowest OF the day, neverthe-
less, Amalgamated Copper sustained a net
decline OF 81 points, Anaconda, 14H; Chicago
and Northwestern, 5T; Colorado Fuel and
Iron, TX; American Locomotive, 9N;Pressed
Steel Car, IN; Great Northern preferred,
SO; Northern Pacific, X; Reading, OK;
Union Pacific, ~, and United States
Steel, common and preferred ~ and ~.
At the close the range Of prices was at
much the lowest level touched by them
since the beginning Of the year, and very
little removed, indeed, from that seen as
long a time ago as last August. The
strongest features of the list we're Con-
solidated Gas and National Lead COM
mon, in each Of which good advances 90
CURED. A not illogical reason for the
rise In the first named stock was that at
Its present price 1t has apparently, accord
ing to ordinary standards OF reckoning,
discounted that reduction in its dividend
to Q per cent. which is feared as a result
Of the enforced cut In the price OF gas.
No further explanation Of the strength
of the National Lead shares was made known
than was afforded a few days ago for the
sensational decline in the stock. According
to the opinion commonly expressed in Wall
Street to-day, the market was adversely
influenced In greater degree than from any
other circumstance by the enormous sales
Of Amalgamated Copper. There was moth
ing deserving a stronger name than gossip
that could be brought forward as ccount-
ing for the weakness displayed by the
otool,. H,,f tho iIau fhof paa Nlna rlv IA yn red
in the days talk was that the depression
in the stock witnessed the transfer to the
security market Of the strife between the
~Amalgamated and Heinze interests in
Montana that 1t was supposed had been
ended by the famous settlement between
those parties concluded some weeks ago.
Another theory that prevailed was that
the decline in Amalgamated was due not
so much to any personal rivalry or bitter
ness as to a generally hostile attitude
toward the stock market at present on
the part Of the financial powers connected
with the A~malgamated Copper Company.
Rumors and stories bearing on this point
were obviously only in the nature OF idle
guesses. A good share of the declines in
the market were plainly caused by the
execution Of stop loss selling orderss which
have been plentifully placed with COM
mission houses lately by that class Of GUS
toners whose operations are usually con-
Quoted upon slender margins. A market
in which 80 great a fall has occurred as in
the case Of the present one during the last
six weeks Is, OF course, in one sense in a
stronger and in another sense in a weaker
position than il previously occupied. 1t is
stronger in that there is a lessening Of al
unwieldy account open for the rise" con-
contracted in the hands OF a few large pools
and wealthy spectators. 1t is weaker in
that the liquidation by these pools has
served to distribute the burden Of carry
ing stocks in various places, and, among
others, in quarters where the weight can
not indefinitely be sustained. The market
suffered from encouragement to-day be-
cause of the failure of news Of favorable
import in the recent past, such as the an
nounoement of the increase of Government
deposits in the banks and the exceptionally
good showing made in Saturdays bank
return. to stimulate active buying of Sc
o%urities. To approximations for which there
is believed to be some ground that the de-
mands made upon the anthracite mine
owners by the miners unions are Of such a
nature that they stand only a small chance
of favorable consideration, and that, there
fore, a coal strike in the anthracite Sc 9tion
Is among the possibilities, was due the
break in Reading stock. Again, it is I'M
questionable that the very unsettled status
Of affairs, to speak moderately, concerning
the Mutual Life Insurance Company has
become q stock market factor. Announce.
ments OF the resignation from the Mutual
Life directorate to-day Of two gentlemen
very eminent in the banking and financial
world and further gratifying returns Of
current railway business were the only
matters Of real new during business hours,
The local banks enter the week with a loss
to the Sub-Treasury Of 81 ,059 900. But cal
funds we're easier to-day, for which Sec
rotary Shaw's release Of public money was
obviously responsible, while, as a further
natural consequence Of the Secretary's
action, whatever prospect OF relief to the
money market through gold imports has
been recently entertained disappeared in
an advance OF o~ne-quarter of a cent in
atarlinu exchange.