The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-10-14
FINANCIAL AND COMMERCIAL.

FRIDAY. Oct. 10.
All Of the developments affecting security
-.I,os To-day were favorable. Money was
.nslat both hero and in London. and foreign
.,chsnee reacted from the level to VIII lob ratios
had risen in consequence OF the rem ittonco Of
considerable amounts abroad In connection
18th the closing up OF one or two important
s,ndicate transactions. Now that war has vir-
,n,lly begun In the Transvaal. the London
market for securities begins to act az II the
.yept had been discounted spoculatiyely.
These considerations did not. however. have
,bs effect that night have been expected In
the local market. The dealings on the Stock
exchange were comparatively light and the
tone Of the speculation was in the main heavy
throughout Professional operators were res
ponsibic for tho greater part OF the transact
,ions The net results OF the days trading
xsre lower prices for nearly the entire list ana
many stocks sustained material losses.
Possibly the most plausible explanation OF
,hi. homogeneous condition OF affairs may he
found in the very circumstance that is relied
mon to promote better prices Tor securities
and greater speculative activity in them.
namely the unprecedented condition OF the
huslncss of the country. Just MS the volume OF
i.o,tImate transactions OF various kinds out
I'D. OF Wall street has absorbed the money OF
,hs country to an unusual degree. so has the
conduct OF those operations engrossed the
lime attention and the energy OF merchants
manufacturers and business men generally
In brief they have no time to devote to wall
.,rest either for it's possibilities OF money
making or as field for investment They can
rss their capital. and all they can borrow as
ali 10 better advantage in their regular lines
a, business than they can In the security mar
rat When there comes lull In business and.
according to the trade reports there is as yet
,one IN sight, and when the profits now to All
.,tsnt on paper have been covered into bank
and are not urgently required to make new
trade ventures, then o substantial element OF
.rnnort nav mako it's appearance In the Stock
Exchange markets.
Another factor restricting speculation may
,s,dy be found in the losses that have been
,ustaiued In Wall Street In the last few months.
The enorm RSrtunest that have been amassed
h, A comparatively few persons during the
last two or three years Is pretty conclusive evil
dence. II there we're no other that the public
boueht literally OF the industrial securities
that have been manufactured within the period
,eiarred to. Aud even a cursory comparison
hetveen the figures at which the newer indus
trial shares were brought ont and those pre-
yailIne for most OF them to-day will convey
some idea OF the enormous losses that eager
and .aneuine purchasers have sustained.
The most dscouraging feature OF this situa-
tion IA the tact that the manufacturers and
promoters OF these comparatively new securi-
ties many OF which unquestionably possess q
good deal OF merit. have. rs q rule. made no et-
fort TO look after the market interests OF the
securitjes for which they are the sponsors and
from the sale OF which they have increased
their wealth
Tho sense OF moral and business o5li-
cation In this respect seems not to
be as strong In Wall Street as 1t
was few years ago. By pursuing the policy
referred to the market value OF some really
m,rtorious securities has been impaired and
investors in unseasoned securities have been
left at the mercy OF professional operators for
decline. Moreover the business credit Of
some CORPORATIONS has been hurt by this short
sighted and selfish course.
Enough having been said to account for the
unsatisfactory character Of the market. q few
details may be touched upon. Brooklyn Rapid
Transit was the leader. both in respect to &C
tivty and the extent OF net loss sustained
Other weak features were American Toba eco.
American Steel and Wire common, Netropoi-
tan Street Raj way. and among the less active
Pacific Mail and American Ice. What see med
TO be fresh liquidation In Brooklyn Rapid Tran
sit was accompapied by reports that mo ve-
ment 10 under way to compel the company to
place its wires underground.
few stocks moved contrary to the prevail
ing tendency, notably. Great Northern, pre-;
and Consolidated Gas. There were unusually
heavy dealings in Western Union at n frac-
tional net decline. The closing was irregular.
but In the main heavy. in spite OF the fact that
preliminary estimates OF the movements OF
money this week encourage expectations 81 an
improvement in to-morrow's bank statement.