The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-11-04
FINANCIAL AND COMMERCIAL.
FRIDAY. Nov. 4

FRIDAY, Nov. 5
,rh. tendency Of tho stock market today was
reortonnry That II was 80 Is not surprising
in view Of Yesterdays Illogical fluctuations and
recklesa dealings The stocks that were most
CONSPICUOUS yesterday suffered the most today,
both in the contraction in volume OF trading and
In prices
The Street has evolved any number Of theories TO
accom-, for the extraordn nary movement In Leather
common but no facts have been adduced in sup
port Of any one Of them. They ate all mere CON
lectures Perhaps the most plausible one is that
the original holders Of the stock have not only
taken advantage Of n speculative venture by
wealthy movie. in Wall Street 10 sell their stock.
Int have also gone short OF IL until the stock has
become virtually cornercd The only positive
statement that can be made about the affairs oil the
company is that tho complicated scheme iot scaling
down the preferred stock dividends for the bcnc-
NJ of the common stock Is certain 10 fail. The
dealings in the preferred stock were unusually
large and resulted in net decline Of neatly 2
points
Other noteworthy net losses were sustained
by Sugar Refining, Brooklyn Rapid Transit
Southern Pacific and Standard Rope and Irvine
stock and incomes These last were especially
weak Outside Of the stocks that have been
mentioned the market was comparatively dull
pending trade developments The public has
become 40 accustomed TO extraordinary reports
regarding the iron industry that il will be salts
fed with nothing that In moderate in tone. ~
a matter Of fact contracts have been made for
such long periods ahead that producers and manu-
facturcrs are indisposcd To make any further
commitments In other words the volume Of
business and prices also have been virtually
fixed for year or more. hence holders Of secun-
ties based upon the iron and steel Industries will
have TO be- content with results rather than fiat
ter themselves with sanguinc predictions for
some time to come
Regarding the condition Of the iron business
the following from one Of the standard weekly
trade reports IL Of interest: Prices Of pig iron
for early deliveries are still advancing. but as a
great part Of the demand has protected itself by
contracts running far into next year. including
purchases Of 80 900 tons Bcsscmcr this week at
sa3 so and as bllcts are quoted at $50 80 for spot
but s35 for next year. the market can be inter.
prctrd several ways. Anthracite pig is also
quoted at S2i50 for early delivery. and for local
coke at Chicago No finished products have ad.
vanccd during the past week excepting refined
bars which the Eastern association has put up 81
pr ton. More weakness appears in some lines.
of which the works have not orders running far
ahead But II is claimed that 1900 900 tons II
vaS. so per cent Of the entire capacity. has been
sold for next year"
Other items Of interest In the weekly trade re-
ports are the Statistics 81 bank exchanges and Of
railway traffic returns Gross receipts for oct her
So far as reported are nearly 10 per cent larger
than last year and l5's per cent larger than In
1892, Payments through clearing houses last
month were ~ q per cent larger than last year
and $40 per cent larger than In 1902 All the
data at hand indicates tina, the business Of the
country reached the greatest degree ot activity In
It's history last month
As To to murrow's bank statement the known
movements Of money as given in detail further
ON in this column indicate loss in cash II
81 600 900 as against IS 800 600 last week. Ow-
ing largely TO- the system of averages employed
In making up the bank statement the loss in cash
last week was not as fully shown in the exhibit
as II doubtless will be this week The most un.
certain fact IN forccasting the character II the
statement is the loans and the chances are that
they have again bccn contracted this week. but
whether curtailrd enough In enable the banks
H. strengthen themselves a. tn reserves remains
tn bc seen. The cluSing Of the stock market
was heavy