The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-11-09
FINANCIAL AND COMMERCIAL.
"WEDNESDAY. Nov. 8

"WEDNESDAY NOV. y.
To.day's stock market showed that the
speculative community had pretty accurately
forecasted the outcome OF yesterdays cleo
tions and had as thoroughly discounted the
effect upon prices. The London market re-
6ected. presumably because a few buying or
dsrs we're transmitted from this aide. degree
OF satisfaction at the results Of yesterdays
voting That there was no extensive or gem
nine foreign demand for American securities
was shown by the comparatively small volume
Of business done by the foreign arbtraRe
houses. Still. the higher range OF prices In
London stimulated little buying movement
here at the opening IL was NJ once taken nd
vantage OF by professional traders and by even
larger interests to dispose OF part OF their
holdings.
Before midday II became apparent that there
had been a good deal Of realizing on Monday 40
well as during mornisp hours. At the same
time the call money market developed persist
emit frmnsss. whereas the Street had looked
for some relaxation OF the recent tension.
Other considerations that Influenced lower
prices In the late trading were the uniavorahls
annual statement o. the Manhattan Railway
Company ard indications that the corner In
United States Leather had served its purpose.
As on several mornings OF late. the opeuins
In Leather common was excited and the stock
SOU nv NdTlOub pTlctS NJ lHc bhHc 'iiHo' NV
highest figure was 40. and 1t proved to be the
best OF the day. In tho early afternoon the
practically unlim tied buying orders In the stock
were withdrawn. and IN consequence the price
dropped t. - A recovery OF 3 points left the
stock points lower han on Monday. In a day
or two It will possibly be made known that
the phenomenal movement In Leather has
simply been a bold and skIllful campaign
against q sngularly created short interest, md
that the principal sufferers have been those
who created the stock, possess the most accu-
rate knowledge OF the intrinsic value and are
still the largest owners Of 1t. The break In the
stock this afternoon was accompanied by
iumor that the so-calsd insiders referred to
had settled with their Wall street opponents.
There was a very decided falling of in the
dealings In Leather and It would not be sur-
pris ng II II shortly returned to the unm-
portant place It formerly held on the stock list.
That fate has already befallen other recent
unsubstantial leaders In the Industrial group.
namely. the junior securities OF the Standard
Rope and Twine Company. The only Indus
trial stock that made a strong showing was
American Steel and Wire common. 10
which q fairly large short interest has
apparently been made Sugar Refining was
Exceptionally strong in the early dealings on
further reports that seem to originate in
minated. Not the slightest corroborativo
evidence In support OF these reports can be
obtained here. and In the late dealings. Sugar
RefninE acted very much as II the same
elimination OF the short interest that has
apparently taken place in Leather common
had reduced the support In the higher
priced stock. American Tobacco was sxcep-
tionally weak on rumors that the next quar-
terly dividend will not be increased. az had |
been expected in some quarters.
In the railway list, Southern Pacific was the
preeminent feature 1t supplied July a sixth |
OF the total transactions and was exceptionally
strong throughout. The Street Is now fCur.
ing that during the current fiscal year the |
Southern Pacific company Is likely to earn |
between and 4 per cent upon tie stock. |
Pacific Mall scored net gain OF - per cent. |
on the announcement that a dividend would |
be considered anil probably declared by the |
management next week. |
1t was learned to-day that before the end OF |
the year the Northern Pacific Railway Com
pany will call for redemption the remainder OF |
the per cent. general mortgage bonds OF the |
predecessor company outstanding. The |
amount Is about ST. 900 900. and they will be re-
tired with the proceeds OF land sales. As soon
as the funds to redeem these bonds have been
deposited with the trustee the mortgage
securing them will be satisfied and all |
the redeemed bonds cancelled. thus giving the |
prior lien mortgage OF the present company |
the position contemplated for It In the plan o, |
reorganization. II 10 understood that in addi- |
ton to the proceeds OF land sales In hand tho !
company has virtually closed a negotiation for |
sale OF pine lands involving over $4,000 900. |
The activity In the money market aroused |
credsncs in reports that the Secretary OF the
Treasury contem plates calling round amount
OF Government bonds for redemption. II Is |
possible that he has been urged to do so By
some short-sghted persons In Wall street. |
who do not perceive that the adoption OF such
q policy might bring about q condition OF the |
money market that would enable Europe TO 40.
cure gold In this market.
1t can be stated with unqualified positiveness
that the Secretary has no intention OF issuing
q bond call, nor will he take any steps to in,sr-
stringeney should develop.