The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-11-09

The campaign against values that has been in
progress on the floor of The Stock Exchange for
several weeks past was resumed with n good deal
OF vigor this morning. Viewed specifically, tho
besrish element made considerable progress TO.
ward imprcssing the correctness Of its viows
upon tho rest OF the speculative community. 1t
certainly forced n good deal OF liquidation and
probably increased the number OF ventures for
short account. The advocates CT lower prices
must, however,. be cogniZnnt OF the fact that
their success Is duo largely to the Indifference
or the acquiescence of the many substan-
tial interests that are large owners of
securities and that control important cor.
porations. 1t is hardly conceivable that
such Of those interests as are frequently
active in the market have been intimidated by
their purely speculative opponents or alarmed
by sensational reports OF possible International
complications growing out Of the condition Of
affairs in Cuba. Neither are they seriously dis
turbcd by the near approach to tho assembling
Of a session Of Congress that will DO incapable of
coming to an agreement upon any subject except
appropriation bills. All Of the matters referred
to are magnited and distorted for speculative
purposes, and by no ono more adroitly and ef-
fectively than by the interests that sold their
extensive holdings of securities two or three
months ago. and are now bent upon recovering
them upon advantageous terms. They have
oucCocueu III nlulnR themselves ana their opera
lions behind operators of u more openly profes.
sional character. and are foremost in attribut-
ing declines which they secretly help to bring
about to liquidation.
Tho best informed people in Wall street, those
whose interests bring them constantly in touch
with financial and political movements that
are not generally and thoroughly understood
until they have been completed, know bet.
ter than any one else that the con-
stantly repeated suggestions Of n collision
between the United States and Spain have
very little basis in fact. They know,
and il not. the information is herewith con-
veyed to every one that the present Spanish
Ministry. realizing. apparently, that it has vir.
tually lost the fight against the Cuban insur-
gents. Is now willing to grant them practically
any concession they may ask short Of
absolute independence. 1t will doubtless
be plain within n week or ten days
that the present Spanish Ministry is taking
great pains to secure the moral support OF the
United States for a system of exceedingly lib
cral autonomy in Cuba. 1t is because the larger
dealers in securities are satisfied with the pres.
ent condition OF affairs outside OF Wall street,
and confident OF the future of the business of
the country. under an Administration which is
without reserve to make O rec
ord for conserving and advancing industry
and enterprise. that they are DESTROYS of
depressing the prices of securities to o
level upon which n structure OF handsome prof
its can confidently be built. They experience
no difficulty in securing all the money required
for their various undertakings. and there are no
indications OF an active money market. even
though Congress may exhaustitself in discussing
various plans Of currency reform. for the banks
and the Treasury are plethoric with gold, and
the amount on hand is certain to be added to by
Ia n rrnn atnU rrnlnrtipp ~ fIa IT,;tol C,o.o,
and adjoining countries and the further do
mands for brcadstuffs that will be made upon
this country before the end of the present crop
year.
The opening OF the stock market was fairly
strong, being Influenced by the rally that was in
progress at the close on Saturday, by a higher
range OF prices for American securities in Lon
don. and by moderate purchases by foreign arbi-
TRACE houses. These circumstances. however.
werc lsoon Offset by the execution Of a bear pro-
gramme which included first u sharp drive at tho
anthracite coal stocks. The attack was es-
pecially directed against Jersey Central. The
other members of tho group were simply treated
TO what may be described as desultory Skin
mishing. After Jersey Central began to yield
the bear forces were directed against Sugar
Refining. whero some effective work was
done on the supposition that tho DEVELOPMENT
OF tho beet sugar industry In California
ana the consequent transfer of q part Of the
Hawaiian product to reineries on tho Atlantic
coast may prove to be detrimental to the Amer
lean Sugar Refining Company. Before noon.
and In the absence Of any news explaining the
movement, tho forces that desire lower prices
had their opponents upon the run. Some of tho
less active stocks, notably American Spirits pro-
ferred, Omaha, and Manhattan Railway, had
been depressed several points.
Relief came from an unexpected quarter,
namely. In a decision OF the Supreme Court of
the United States in the case of the Interstate
Commerce Commission against the Georgin
Central and Alabama Midland Railroad Com.
panics. involving tho power of the Com.
mission to enforce absolutely the long
and short haul clause of the Interstate Com.
merce law. This case had been pending 30
long and apparently attracted so HIT o attention
when 1t was argued, that the decision OF the
Court In favor OF the railroads came as a sur
prise to the Street and Offset the disappointment
experienced earlier In the day because the Court
did not hand down Its decision az to the
constitutionality of the Nebraska Maximum
Rate law. The delay in handing down that
decision was construed as circumstantial evi.
denco that the Court is still in doubt regarding
the measure mentioned. The decision rendered
to-day would seem to dispel doubts upon that
point, for in addition to establishing an impor-
SIS ~ VI ~ ~ 'ul
logically be regarded rs foreshadowing an
equally sound opinion in n case where a State
endeavored practically To confiscate tho rail.
roads for the benefit Of Its citizens.
Tho decision of the Supreme Court and tho In.
florence drawn from II stimulated n sharp rally
that carried the prices OF many stocks hack TO
within n small fraction OF the final prices OF Sat
urday. This was conspicuously true OF st
Paul. Chicago Gas, Chesapeake and Ohio,
Western Union. and OF Southern ltail.
way preferred. In II number OF others
among them c., b.. and Quincy. Missouri Pacific,
Northern Pacific preferred. and Union Pacific,
the net declines were less than l v cent. A few
stocks closed fully up to or slightly above tho
hhal prices OF Saturday, notably Iioci Island,
Louisville and Nashville. Missouri. Kansas
and Texas. Tennessee Coal and Iron and
Wabash preferred, Sugar Refining, which led
the list IN respect to activity, recovered more
IhRh halt OF its. maximum loss. In fact, the
only stock receiving noteworthy attention that
closed materially. lower than ON Saturday WAS
Jersey, Central. Tho attack upon the anthrI.
enc shares WAS, of course, based uDOn tho