The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-10-24

SATURDAY, Oct. %.
The stock market has been severely tested
this week. Unusual uncertainty regarding
the most important municipal election that
ever occurred in this city, renewed
fears that the Cuban situation may re-
suit in friction between this country and
Spain and the possibility that the Union
Pacific plan OF reorganization might be up
set or delayed by a combination OF dis
~gruntled capitalists and unscrupulous news
papers have deprived the market Of the
support of the public and also OF substantial
interests. These circumstances have encour-
aged professional operators to espouse the
short side OF tho market, and at times
they have been very aggressive In their
operations. 1t is significant. however. that
neither the untoward influences mentioned
nor tho attempts Of q part of the speculative
community to utilize them to its advantage
have Influenced the actual holders Of Sc
c~urities nor caused noteworthy selling by
speculative holders. Both appear to be in
fiuenced, as they were several months ago.
before tho last pronounced rise in prices took
place. by the belief that the present dull and
monotonous con iitioa Of the market marks q
waiting period that will In due time be followed
by renewed activity and high er prices when
confidence becomes more general and pro-
nouncei than at present.
Any one who attempts to foreshadow the out
como Of the present uncertainties must
possess extraordinary confidence in his abil-
tiles az q prophet. While confident pre-
dictions are made on all sides as
to tho result Of the impending elections.
which in a number OF States have as important
q bearing as that In this city. the fact remains
that the most astute politicians and most studi-
GUS observers Of political events are reluc-
A-A A. I----l l -
shadowinR the result of tho complicated and UNI
fortunate campaign in this city. The Cuban
situation also contains q number of elc-
ments of doubt. 1t is well known that
the Administration 10 strongly averse to
any demonstration Of Jingoism. and sincerely
hopes for a peaceful solution of the serious prob
lem presented by the unfortunate condition OF
affairs in Cuba. Tho Government at Washing
ton cannot. however. control either official or
popular sentiment in Spain, aad an indiscreet OK.
preston from either source might compel the
United States to take decisive action. Attempts
to delay the reorganization Of the Union Pacific
system and the motives back OF thcm have
now been thoroughly exposed. The only
possibility that they may succeed temporarily
lies in the fact that the Administration has not
been fully undeccived as to the character of
tho appeals that have been made to it
to postpone tho sales OF tho various
lines composing the system which are
advertised TO take place early next month. 1t is
hardly conceivable, In view of the impregnable
position that the Government occupies in the
matter, that 1t should be influenced by sensa-
tional and absolutely unwarranted attacks upon
the Administration. made for the purpose of
bulldozing 1t into postponing these sales In tho
interest OF q coterie of blnckmailers and specu.
lators. To-day's developments regarding this
matter are printed on another page of THE Sun.
In spite OF tho considerations noted. the stock
market. though comparatively quiet all the
week. closes higher than on last Saturday.
Practically all Of the stocks most ex.
tensively dealt in closed materially higher
to-day than they did n week ago.
Tho few declines are unimportant. The
tendency Of prices in the circumstances re-.
fleets. as already noted, an underlying feel
Ing OF confidence that the uncertainties
which now temporarily cloud tbs situation
will eventually be swept away without affect
ing values seriously. Evidence to tho Same Of
feet Is found In the weekly trade reports. In
general business there Is naturally some reac.
tion from tho unusual activity of the
last six weeks or two months; still.
neither prices OF commodities. bank clearnnces.
nor railway traffic returns show noteworthy do
clines as compared with previous weeks, and the
last two are materially larger than last year,
and. In many cases. larger than In 1899. Tho
iron industry appears to BIO In most excellent
condition.. and the industrial situation continues
to hold the improvement resulting from the
larger employment OF labor. Bank clearanccs
for the week wero only a fraction OF / y cont
less than for the previous week. and as com
pared with the corresponding period OF 1892
when business was unusually active, the falling
off is only 8 v cont.
To-day's stock market was extremely dull
and almost entirely professional. In only two
stocks, Chicago Gas and Union Pacific
did tho transactions exceed 10000 shares
The first was depressed by reports OF fric
tion in the negotiations for tho acquisition
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