New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-11-13
CAPITALISTS HELP MARKET
THEY OFFSET THE BEAR RAID By
HEAVY BUYING-BIG TRADING IN
SOUTHERN PACIFIC.

Powerful interests entered the stock market
yesterday as purchasers. their operations re-
sulting IN a general advance and steadying Of
the market before the day over The open
ing Was weak, flood Of selling orders having
come IN as a consequence of the severe and
sudden break in the last hour on Tuesday;
and for while the course Of prices was down
ward the depressed sentiment being intensi-
fed by the report that certain well known
operators had found themselves in a precarious
position on Tuesday and had been absolutely
obliged 20 tighten materially their load Of stock
holdings
The buying by the great capitalists began
to make itself felt before the md OF the first
hour. however and the market slowly adj
vanoed, despite continued heavy liquidation
by disheartened or embarrassed inventors and
traders. The support centred in St. Paul. Anal
gamated Copper and the United States Steel
stocks. The buying OF these stocks had a nota-
BILE effect in reassuring speculative sentiment,
just as their unsupported condition earlier
days Of this week was a notable influence in
the depression.
Other favorable influences were the appear
ance Of an excellent annual report by the Man
haitian Railway Company and the news of
proposed stock issue by the Chicago and
Northwestern. with valuable rights 20 share
holders, Throughout the day. whenever prices
declined, effective support forthcoming and,
on the other hand, any considerable advance
invited renewed selling. The closing was firm.
however. and at about the top level. Missouri
Pacific offered effective resistance TO reaction
throughout the day.
Commission houses that do a large out OF
town business were active factors in buying
stocks. 1t was estimated that more than $780,
600 shares were taken for out Of town account.
and that over 100000 shares of short stock was
switched over to the long side of the market.
There was only one severe drive made in the
afternoon and this was fairly unsuccessful.
owing to the large professional element arrayed
the long side.
widely circulated report that ". x.
Vanderbilt had taken over from one of the
Western interests. who had been carrying it on
a loan from big Wall Street bank. block Of
twenty thousand shares of Chicago and North
western AT 2o4 or BOG. This story was denied
on the highest authority. A similar rumor was
that Mr.. Vanderbilt had bought ten thousand
shares Of Chicago and Northwestern for cash.
and it was also reported that the Rockefeers
had made A cash purchase of Rock Island pre-
ferred.
There was tremendous trading in Southern
Pacific, more than one hundred and thirty thou
sand shares changing hands, and the Harri-
man interests were said TO he heavy purchasers.
Only one hundred shares of the old Rock Island
stock were sold, at Isl, a decline of 8 points.
The new Rock Island securities were the feature
Of the curb market, selling down 10 new low
levels but recovering at the close. The com
mon started points down. at ~, and under
severe selling pressure sank TO Al In the late
afternoon, however il recovered 10 4Sl4- The
preferred opened at 72la and sold low as
6915, closing at
Some Of the net changes of the day on the
Stock Exchange were: Gains-Union Pacific,
lh; Amslgamated Copper. y; st. Paul, q; Atchi-
son, AS Missouri Pacific rs; Manhattan Ia;
Lackawanna, z; United States Steel preferred,
i; Consolidated Gas. IL; Great Northern, is:
Hooking Valley IA Illinois Central, q Chicago
and Northwestern, >; Colorado Fuel and Iron, >.
Losses-St Louis and San Francisco first pre-
Western, AZ. Kansas City Southern, rs; Louis
Vile and Nashville, rs, Panhandle, 27s; South
ern Pacific, 4 American Car and Foundry pre-
ferred, !; Brooklyn Ra Did Transit, 15s; Rock
Island, points
A special dispatch from Chicago quoted John
W Gates as saying in interview in The
Record Herald, Of that city:
The slump in the stock market is not serious It
Is simply the result Of the operations Of a bear
Why. they are Just lot of wild street bandits
-peSSlmSfs. fellows who against the gov
eminent. against the peoples prosperity. against
American enterprises against everything their
temporary profit. The drop in the market IS
therefore uucalled for. except perhaps the case
or some poor stock. one has TO discriminate Good
stocks are going up and poor ones may possibly
go lower. The upward change will begin very soon.
Men who have good stocks had better keep them.
They are sure 10 make them. There is abso-
lutely nothing wrong with the financial situation
little.