New-York tribune., 1909-11-30
FINANCIAL MARKET
MOST STOCKS LOUER.
Extreme UYeakneSS Confined
to a Fec Issues.

Rearishly inclined traders on the Stock
Exchange waged a campaign against
prices yesterday that was effective in re-
ducing the general quotation level. but
which failed 10 bring out investment
holdings or 10 upset the views Of the in
terests who believe that eventually the
market for all issues viii move 10
higher range. In actual conditions gov
erning the intrinsic value Of investment
securities no reason exists for uneasi-
ness over the weakness that develops
from time 10 time in market figures, and
no good argument for the sale Of stocks
can be adduced from court decisions
against trade mOnopoles. or from the
failure Of proposed Industrial coTnbina-
tions 70 develop. The copper shares
were hammered in the best part Of the
day because Of the weak bull account in
them and because Of the idea that the So
called copper merger viii fall through,
Wall Street apparently taking the view
that no copper consolidation would be
calamity. \ consolidation within the law
might benefit the Amalgsmated and
Ryau-Cole properties. but fl is absurd
10 assume that the copper industry viii
90 10 pieces unless the big copper inter
ests are able 20 combine. Many Wall
Street followers are obsessed with the
idea that trade monopoly. which has no
economic right To live, spells general
prosperity.
The United States steel Corporation is
not a monopoly. neither is the American
Sugar Refining Company. the stock Of
which suffered Z severe break yesterday.
These concerns and many other indus
trial COMPANIES are somewhat unpOpu-
lar at the moment because OF the decis-
ion against the STANDARD oil Company.
but there is no evidence that they are
operating contrary TO the Sherman law
and no reason for investors in them 10
lquidate their holdings because Of spec
ulatiTe attacks upon the securities. The
American Sugar Refining Company has
been compelled 10 pay 10 the govern
ment money illegally withheld on imports
of raw sugar and certain sugar men
are being tried on criminal charges for
past offences. but the present admins
tration of the company's affairs is being
conducted along honest lines and sugar
IS being refined al prices that involve
no hardship on the consumer and which
make the company's issues profitable
Investments.
The market showed some strength
soon after the opening. bat subsequently
developed a declining tendency. with the
heaviest losses in the 4ast hour when
exhausted margins were responsible for
active liquidation. In AmalgamateG
Copper Anaconda. American Smelling.
St Paul Northwest. Reading, United
States Steel and American Sugar Rein
ing weakness was pronounced the last
named losing more than : points net.
Rock Island preferred was an exception
10 The general weakness. ending the
day al q gain Of e. while Wabash
Ircfcrred also closed higher. the Rock
Island issue being helped by further talk
o. the passing Of the Frisco system. cor
trolled by the Rock Island. 10 other
hands. and Wabash preferred moving in
response 10 TumOrs Of buying by HaW-
ley interests. Il is understood that
Wabash securities recently have been go
ing 10 the most prominent banking house
ia william street. Total dealings in
stocks and bonds were large. with the
cl,cf activity. however. conaned 10 a
fcN issues
The local hanks have lost = subsian-
tial amount of money ou their opera
lions with the Sub-Treasury since last
Friday. and present indications point
To a heavy loss in the current week on
gold shipments 10 South America and
Canada on consignments already ar-
ranged and on me- engagements. nego-
tiations for which are now pending. In
view Of the outward movement Of the
metal and the demand for accommoda . |.
tlon IN mercantile quarters. there APP
pears little likelihood Of an easing I'm
loan quotations al present. while IL does
rot seem probable that the month OF
December viii witness anything In the