The sun. [volume] (New York [N.Y.]) 1833-1916, 1902-11-11
FINANCIAL AND COMMERCIAL.
MONDAY. Nov, 10.

the security market broke forth o-day ir
unrestrained volume. and, according tc
/ all the signs whose prophetic value OF.
perience has tested, ran it's course pretty
thoroughly There was no development,
in the news over Sunday AT whose door
the break could be laid What happened
was that the pent-up apprehension OF
spectators over the possible calamitous
result, Of many factors in the financial
situation. accompanied by unpleasant re-
Elections over their previous losses. re-
sultcd in a final and general closing out
OF the week and ill-founded operation
for the rise that has recently taken place.
There was no one stock that seems 10 he
particularly weak, nor was there any one
great bear leader proclaiminR the hollow :
ness Of the market and bringing formidable
bat,aions 10 bear upon this or that OK
posed spo, The market was simply and
solely a rolling food Of liquidation
The selling movement reached its height
about midday. eliminating in general
decentralization. Al no time. however.
did the market look panicky. Every one
knows that the banks have the situation
we'll In hand. that II Is their ACT ion. indeed,
thai has caused the decline in Stock Ex-
change valua' ions. and that they are in a
position 20 extend help to any. firm or in
vest OF who deserves it The rally in the
market began timorously. first. As usual,
by shoT1 covering and then by cautious
purchases Of stocks in which the lquida-
'ion had obviously been most extensive.
Sagacious and experienced observers OF
he market soon had no difficulty in making
up their minds that the inarke, had seen
its low poin' for considerable period Of
time a, least This feeling became in
'ensiHcd throughout the remainder OF The
session. and the buying resulting from
II increased, So that Al the close OF he
day prices 81 very many active stocks
we're bu slightly below hose of Saturday.
Tho characteristic feature of the days
movement was the sales Of stock not
hv the large opcra' ors and pools although.
Of course such sales we're in evidence
hut the frenzied orders 10 sell at the mar
ket" by Gus, omers of commission houses
and by minor Spectators all over the
country. 7, was the Judgment universally
expressed in commission houses. especially
those doing a large out Of town business.
that this class Of market holdings is now
reduced 10 The lowest limits seen for many
months past II is needless 10 say that the
entire financial situation is INNER selv
benefited by the fact II is one Of the
maNirs Of Wall Street that when such an
event ocruis 'he market is usually grind
ing on tho bottom" Throughout the dav
support Of the most substantial nature
was accorded TO certain securities. There
is good reason for belle wing that the Gould
over 5000 shares 81 Missouri Pacific.
Union Pacific was bought openly and in
huge quantities hy brokers who are recog-
nized as the personal representatives IN
he hoard Of the great banking house which
Ia Union PaciHc's fnancs guardian. There
seemed To he unlimited power Of aheorp-
ton Of American Sugar Refining AZ IA
Another stock in which there was he best
II buying was ST Paul This is a security
which az one time during the day had ex-
a net decline in price Of over
points decline being spread out over
several davs. Of course-wthou' a reaction
IF ono point Even mere ordinary trading
Judgment advised the purchase Of the
stock az u h figure. and snch reasoning.
indeed, closely applies to the entire market.
The avera GO price Of stocks has now fallen
from the high level reached by II in Sep
amber. two months ago, over Is points.
This is an extrem' ly large decline. produced
as II has been bv no single cause. and with
he genera business of the country showing
enlarged profits meantime
The news Of the day. as has been said.
vas favorable rather than otherwise The
Union Pacific report appeared, disclosing
earnings Of O., per cent on tho company's
common stock, the extremely conservative
,ourse being followed Of tak ing no credit
allowance for tho companys equity in
southern Pacific. which would, according
% the basis used by very many railroads
IN tho calculation Of earnings, increase
he net earnings upon Union Pacific COM
mon TO over II per cent. The noteworthy
feature OF the report was, however. that
he Union Pacific Company was able dur
ing the year 10 increase its gross earnings
IN the large sum Of 81, 800 900. with an in
crease Of less than 500 900 in the cos, Of
transportation. Few other
railroad systems in the country have re-
, ,ntlv been able to make any such showing.
AID the result is wholly due, Of course. ,o
he vast expenditures made by he Union
h''i' 'pihPdis hi wv lOur years
n lowering grades, shortening lines and
N permanent improvements, otherwise.
Upon the property. These permanent i'm
are now beginning to recom-
oense the road in proper manner The
Paris cheque fell Ia centmes 10 IS francs
l2I5c,, this move, of course. being in the
direction Of gold exports from this CITY,
out, on the other hand. sterling exchange
here weakened proport ionately, 50 that
gold exports are no nearer now than they
have been, The liquidatio ion that mas now
aiken place In the market naturally makes
he matter of gold exports when they
DO come OF less consequence to the
security market than they would have
been under other circumstances New
York exchange on Chicago rose to lOc.
premium, and a similar movement was
noticed in the rates Of discount in other
interior cities. This point apparently 10
III" return Of money 10 New York from
he interior. The gratifying news came
rom Chicago that tho manager, OF the
esdins railroads centring there rad
isresd to give the switchmen large adj
vance in pay. and thai there was no longer
my danger Of strike on those roads
!, must b, recognized, too. that sooner or
a'er the market must take into considera-
ion the increase Of railroad earnings bv
eason Of the enormous movement Of grain
, NJ .,f Ia L..