The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-10-02

FRIDAY. Oct l.
Operators in stocks who have been bent
upon depressing prices during the last two
or three weeks made what seems likely to prove
n final drive at tho market during the first
hour of business this morning. They succeeded
IN !islodging additional amounts of lightly
rnsrs!Ecd stocks and also played effectively
upon the fears of tinid and discouraged spec
uln.iye holders. The decline that took place
was plainly forcshadowed Yesterday afternoon,
and it was equally certain that prices would
rally as they did after the opening raid had
spent its force. A diagnosis OF the speculation
is simplifled by the fact that the circumstances
affecting values not only of securities, but of
commodities. the world over, are unusual. 1t
follows, therefore, that extraordinary move
ments may reasonably be expected in the vari-
Gus markets, and particularly in the mercu.
rial one for securities. The news OF the day
affecting values was no more favorable than for
several days past. 1t consisted of n further de.
cline in the foreign exchange market, an excel.
lent showing for August by the Louisville and
Nashville Railroad. printed further on in this
column; an increase in the gross earnings of the
Northern Pacific Company for the third week In
September of over $lSS.OOO as compared with
last year, and further indications OF a growing
tendency on tho part of Europe TO recover its
holdings OF American railway securities.
AS a matter Of fact, these considerations had
comparatively little to do with tho market.
Prices have been depressed to figures tn at are
attractive to certain of the larger interests that
disposed of their holdings at the advance. and 1t
is also probable that some OF the operators for
short account considered 1t wise to close a part
OF their contracts after an s to 10 point
decline in many Of the active stocks. In the
earliest dealings the sharpest declines were in
Chiparn GnR the GranUpr Gfnpka Manhattan
Railway, Missouri Pacific. and Consolidated
Gas. In the subsequent recovery these stocks
were equally conspicuous. Other strong
features of the market were Sugar Refining,
Northern Pacific preferred. which was very
firm throughout; Union Pacific. Tennessee
Coal and Iron. Southern hallway preferred, and
Brooklyn Rapid Transit. In the late trading
some of the buying, which was apparently for
long account. was OF an aggressive character.
Owing to the change in speculative sentiment,
tho Street ceased to attach Importance
to the possible international complications
to the local political campaign, and to
the existence OF an epidemic at various
Southern points. OF course. no intelligent per.
son believes that the considerations referred to
are important factors in the present situation.
They are made to appear so, however, at times,
simply because the more susceptible portion of
the speculative community can, without much
effort, be made to regard them seriously. The
closing was strong, at fractional recessions
from the best prices, and final figures as n rule
showed material recoveries as compared with
those of yesterday.
Final sales compare with those OF yesterday
as follows:
Sept, 30. Oct. III Sept 80. Oct. /.
A, T&sFc, 4 49, IEorf & W p 4la AZ
A.T&sFep 3l| aga W CON-. 1881 l21h
Am S Ref ..l144 l45aIS Pac com. eos o
Ans Ref p.ll52 ll5 = Pao pr. 52S 3
Am Tob.... So 80 INY csnt...lO6is 1902
Am Sp NJ. l2h 1881 Cent. e64 90
Brook II T.. 32 80 omaha com 7O"s SOL
Canada So, 56L 56EIont& W.. l77s l7sl
C,C,C&stL Ssh 36A Pac Mail. 34@ 344
C.B&Q.-. ooS OF Pull p Car" l76I l76
Con GaS...,2O5 / Rock Island 20 'S0Ts
ches 4 o.. 23ls 23A reading. 25% 26b