Show BUSINESS AND FINANCIAL NEWS 4 Day of Small Smal Professional Opera Operations Operations tonson on Wall Wal Street Streett t LITTLE INTEREST TAKEN MARKET SELLS SE OFF OF AND A TRAD TRADERS TI ERS BEE E TAKE TA T THEIR iH HI PROFITS t New York Sept Sept 23 With only two hours of trading today and a 9 a yacht race In n progress a large part of ot the usual Interest in the stock market was diverted and the affair was principally ne of small smal professional operations There were some heavy blocks running from 1000 to shares of Steel com cam common cm cammon mon and preferred New York Central and Union Pacific transferred In the opening dealings and ad the market went higher during the first hour A num number number ber her of ot obscure stocks stock were brou brought ht for forward forward ward ard as yesterday some new ones be being beIng belag ing lag added to yesterdays list Amalga Amalgamated Amalgamated mated mate Copper fluctuated uncertainly rising a a small smal fraction at first and meeting support at early declines The whole market sold off of in thc th second hour when traders took tok their profits and Amalgamated fell fel 2 below last lat night night The were notably affected by the realizing In the absence of the buying from the sources which was wn responsible for yesterdays strength The market closed weak The Te bank statement showed a larger gain In cash reserves than tha was antici anticipated anticipated but failed to reflect the expected contraction in the te loan account from the stock market liquidation Preparations Preparations for October disbursements and for subscription to several municipal bond Issues during the week probably account for tor the te offset to the repayment of loans by stock markets Heavy liquidations from all al source have been apparent in the stock market all aU the week week The motive of ot this liquid liquidation liquidation aton was wa obviously mixed and seem seemingly seemIngly seemingly somewhat conflicting What are called caled the large financial Interests Interest showed very ver divided sentiment early ir 11 the week week Morgan Morgn and Gould stocks continued to advance with wih signs of or in inside InsIde Inside side support after all al evidences of ot sup support support port por had been withdrawn in the te stocks in which Standard Oil 01 Interests Interest are dominant dominant There has been activity for some sometime sometime time past by the speculative pools in inthe Inthe Inthe the market market based on the assumption that tat the great geat financial powers are united in a a determination to support prices and protect the te money market as they did through the follow ing irig President assassination The fact of ot a divergence of policy among these influential capitalists was sufficient to check the activity of th the professional pools even while the te one party continued their measures of ot sup support support support port which was only for a short time Not only did the brokers broker who have act acted acted acted ed as a agents for the te supporting powers in the market discontinue their meas incas measures measUres ures urea but they tey became large larg sellers of the shares accumulated by their heavy hea buying at recent periods of weakness Joined with wih the rush Tush to realize realie by pro professional professional pools the effect was wa to throw the te market at times Into a state border borderIng borde borderIng Ing on demoralization The Te disconcerting effect on n speculative sentiment of ot the developments In Amalgamated Copper doubtless was an important element in deciding the change of or policy poley on the part of the leaders The conditions in the te copper trade rade ade which are assigned as n the cause Qt the present demoralization in copper mining raIning stocks are not new subjects subject on Wall street street Even the omission of the customary extra dividend on Amalga Amalgamated Aalga Amalgamated mated Copper stocks stock was Industriously rumored for many days before the fact tact I It was news to the speculators in the stock that foreign forel n consumption and ad exports export of ot copper had decreased enor enormously enormously owing to trade depression and failures of electrical enterprises In Ger Germany Germany Germany many Copper trade statistics were In circulation in Wall Wal street for weeks before the collapse In Amalgamated Copper and even een while its It price was soaring to near its it record figure It was wa wa only ohly on the very er eve of ot the divi dividend dividend dead action acton by the te directors dIrector that the te manipulation for tor the advance and sup support support support port of at the price ceased The rush to sell after the reduction in the te dividend sel found the market practically bare of demand and the te drop In the price from on Friday afternoon last week before the dividend was announced to 88 on Wednesday was wa practically per perpendicular perpendicular The Te selling of stocks elsewhere In the market was wa due In large part to spec speculative losses incurred by the drop In Amalgamated Copper The whole spec speculative speculative tone became pessimistic and there ter was wa large selling of long stock and short selling by the bears bear The general outlook was considered discouraging discouraging discouraging aging and views were expressed that the cycle of o prosperity had reached the crest crest Rumors were rife rie of at the abandonment of or some of ot the important financial pro I i looking to extension of ot nUy of ot interest and announcement was I made that measures for financing the thet t Pacific shares purchases of Northern on behalf of ot Union Pacific were to be postponed until more favorable condi condl conditions This renewed the latent apprehension apprehension apprehension hension tons of ot an outbreak of the quarrel over the control of or Northern Norther Pacific Eastbound freight rates into Chicago were reported demoralized on account of or the light rain movement with a threatened extension to trunk line lne ter territory terri territory ri ry and specific assertions a were published of o a feud between Pennsyl Pennsylvania Pennsylvania vania vania and Wabach h over the entrance of he latter later into with wih threats of at reprisals Fears incurred that the interior de tie demand demand mand for tor money would exceed the re iv reserves r serves seres of New Neis York Fork banks bank and would necessitate large curtailments of call cal loans to meet them while the sharp recovery In foreign fOrIn exchange e chang carried rates well wel away from the gold import point and destroyed hopes of or imme immediate immediate diate diat relief from that source Such Suh were sortie some of nf the items making up the feeling of or discouragement in the stock market durIng the period of ot violent de tie clint in prices The future future of the market indeed seems by no means clear although interest rates have hae de declined dined and banks bank have haye shown Increasing increasing ing disposition to accommodate bor borrowers borrowers borrowers rowers That heavy requirements re remain remain remain main to be filled for interior currency needs Is certain There has been no notable selling seIn pressure in the te bond market outside outride a afew afew few speculative bonds United States refunding advanced i the and the new non over ocr the closing call cl last lat week eok Bond ond Quotations US ref 25 tErie gen 87 UD Do coupon nr I k Val l S1 U S Sc 39 re i L X N u U S coup Cent 45 84 lue U 8 B n 45 reg 1st Inc 31 U 17 8 S n 45 St L I 10 I U H 1 S q 45 s reg 12 M K T 05 U So S 0 45 M 32 K T Is SI SIU U g rug rep 3 1 8 1 IN X Y Cent c is 1 3 II S I i General Atch gen sen X N J C gen Ss Adjustment 97 I Nor Kor or Pac B Ti B Jt O 0 4 Nor or Pac us 7 72 B O 0 3 s JiN N it W VT con 05 93 B Cony 4 L Iron M H Han l ot flo Can an rn So iS consol o s US S C of G 58 10 St L S F ft 95 1st inc I St SO t L L S W VIR V Is 97 9 2 0 48 l I L S W 79 C A SIts n nL Ant t Ant Ara AraC A C B Q n Is 9 1 Pa Pass s 86 C M H M St P 10 o Pac general nera 1 So By Ry 55 17 C C N TV 12 con consol rex Pac Pac Is 11 sol aol sol 75 11 0 rol oi e st L LC C R H R I t P 4 West West 45 S C c O C St Bt L J Union VIA Pac general Is 45 10 i Cone a Ter Term is s 91 Zolo So Wabash 8 D R G 1 Debenture B 6 61 Erie p len lien 45 98 Shore Fort W Den I W L E 45 0 90 City 1 is Win Cent 49 85 Stock Stocks Quotations 76 3 Railway 33 3 Preferred 95 Preferred 86 56 B Fez ex Pac 41 Preferred 93 IT T St St L W 2 23 an n Pacific 10 Preferred 3 37 an an Souther Southern Pacific 97 es Ohio Preferred 9 87 chic Alton to IW 22 Preferred t f 77 Preferred 1 39 Cl C I L I 4 lw Lake E IS 18 referred 91 95 preferred 10 C E Central a ag Ct West i 22 Preferred Preferred A 85 dams s Preferred g B 46 I n nsE sE 6 t C C 8 N tI S Express 90 C I H L P I 16 0 C T T Copper 90 Preferred C F 9 23 C C C St St L L Ln IAn 01 Oil 16 15 2 4 olo Souther Southern 14 1 Preferred 4 49 1st t preferred d 54 S It 45 preferred 1 25 I Preferred te re Del mn Tobacco 1324 P D L W In Co 3 36 P D H G Rap T 67 Preferred f r 93 g Cole F g l I 94 Ee Erie 11 1 flon on Gas 2 1st preferred 6 69 ont Tobacco 66 2 preferred referred 6 55 ont Preferred 11 6 t l Sen Electric i Hocking c Valley g 53 RockIng k Coal 1 1724 Preferred 2 25 Paper aper 2 23 Ol flis Central Preferred 7 77 Ta Ia Central O Inter Power 91 Preferred 7 Gas 9 90 eke ke E W 1 70 Nat Nat Biscuit 43 Preferred 13 1311 Nat Nat Lad Lead 20 L Nat Salt 40 L Preferred 75 Met Met St St North Peered T 96 Central 2 23 Pacific Coast 6 63 National ia 13 Pacific Mal Mail 3 Minn lIlian St St I Peoples Gas Mo Pacific 97 91 Pressed Steel C 4 40 M 21 K T Preferred SO Preferred 5 54 Pl Pull Pal Pal Car S Q 7 J Rep Steel 15 Y Central 15 ISS Preferred Is 6 66 Nor tor West 54 Sugar Preferred 8 59 Tenn C r I 1 63 4 C 6 nt West 34 14 U B P Co 15 Preferred 71 Reading 41 1 U S Lather Leather 12 1st preferred 75 Preferred 79 preferred 5 52 U S Rubber 17 1 Si L San F 4 44 Preferred 83 1st preferred 78 U S Steel Sted sY 44 preferred a 63 Preferred 91 St St L S W 3 Weter Western Union 91 Preferred 8 62 A C F pfd pd S St St Paul Preferred 18 Total sales So Pacific 51 |