The sun. [volume] (New York [N.Y.]) 1833-1916, 1902-11-14
FINANCIAL AND COMMERCIAL.
THURSDAY, Nov.

II must be admit ted hat the stock market
! to-day was disappointing. Few competent
observers expected that directly following
/ the heavy blows dealt to the ultra specu-
/ la've element prices would AZ once boom
/ again as though nothing had happened
What these observers did hope. however.
/ was that those causes that had acutely
/ brought about he weakness in the market
had been purged and that period OF dull
ness might now intervene. in which wounds
might bc bound mp and the market enjoy
the general benefits of rest and quiet and
il has yet TO te proved that such a waiting
r"'ird * not. in fact. near. The market
! ol"n"d very strong under the general con-
viction that forced liquidation was over
and that stocks had, in great measure.
passed into hands able to care for them.
That the liquidation that has taken
place has immensely improved the en-
tire financial situation il, of course, incon-
tcstable. But the hghcs, prices of the day
were recorded in the opening figures. They
rccodcd, then advanced slightly and then
became duh, a. was hoped. Operators
of pronounced bearish opinions main
tanned that this DUNE ~ was an evidence
of the markets lack of vitality, and de-
'l'l''l ilii' ull'l any Su'Il uttHflS Ill IIlttN
a. has been recorded an ins,a ntaneous rally
of fr, m tO points throughout the list
should occur. Many of these operators
undoubtedly renewed their attacks upon
values good deal of unsettlement was
caused bv the marked weakness Of Brook
lyn Rapid Transit. stock which has not
for a long line figured prominently in
speculation. and whose shares. or the majo
portion of them. are supposed to rest in
the boxes of very rich people. Short sales
Of the stock have for a year back been
accounted dangerous. and the fall in the
price of tho security. therefore. gave color
to the idea that there was investment sell
ing Of il. Amagamated Copper also sold
down Ia nearly the lowest price Of record,
and Missouri Pacific. ST. Paul and the other
stocks whose strength was 40 noticeable
yesterday lost most Of their rally
To-day's decline ia perhaps indicative
OF the denomination of banking and other
substantial interests 10 buy securities
y h Ch are in a sense under their care only
when the market IL weak. and no, oen-
courage any speculation for the rise az
present IL such l. the case, the course
of the market in future may prove 70 lie
one of strcng'h and weakness. alternately,
with a trend upward or downward az gem
eral developments prove favorable or
unfavorahle The one unfavorable de-
Veopmcnt to-day which might have chilled
speculative enthusiasm. whether il did
or not, was The news that the Treasurer
of the United States had authorized the
Suh-lreasury IN this city TO transfer q ,OOO.-
Oo0 by telegraph 10 san Francisco upon
receipt here 81 the deposit OF a similar
sum. A. the net payment 10y The local
banks TO the SUbneasurv up 70 this morn
ing wa- t,2i2,OO, and this sum il likely
% h" Increased IN the ordinary course Of
business 'o-morrow. such a large adj
ditiona shipment of money on, of town
a. indicated in the san Francisco trans
fer could hardly fail To produce the entry
OF an unpleasant loss Of cash in Saturdays
bank statement. only small part OF the
money taken was actually GENT to san Fran
cisco Yesterday. The arrangements for the
transfer are believed ~ bear some relation
10 the extraordinary demands for funds now
experienced in san Francisco in connection
with the rise in the price Of grain on the
Pacific Coast The blighted harvests OF
Australia make the present and anticipated
food necessities Of that country very great,
and Australian merchants are enormous
buyers Of grain in the San Francisco market
II j. quite possible that the money engaged
a, the Sub-Treasury j. in tn. nature OF
provision 10y the san Francisco banks and
that all of the s. 10000 asked for will not
BE- needed. The Withdrawal OF these funds
however. J. entirely along the line of the
other developments that have recently
Influenced our ii iHucial situation. namely,
the business oNigcIcie- OF the country which
require money and force stock market claims
aside. Tn" reduction OF bank loans caused
by the extensive liquidation Of the week
might h. expected, normally. TO offset
ia" loss i'm cash. but il IL should prove
A. il la on on" OF two other occasions
that tins reduction of loans in Wall Stree,
was chiefly made by the out -of-town banks
It would not show ON the hooks Of he Clear
ing House Institutions here, and hence
might make the weekly showing Of these
institutions more unfavurab,c than might
br supposed Another matter for small
encouragement was the Treasury Depart
mert'- statement. published during the
day, Of our exports of agricultural products
Tor October These exports decreased
So 1871 900 for the month a. compared with
October. 1901, and for the year have de-
creased si2i $50 $50. Shipments Of manu-
fac,urer~ make a better showing. But
one thing ON which public opinion is better
Informed than it once was IL the difficulty
of mainl aiming an export trade " hen prices
are high.
New York stock ENchsnge safes. NO>. -.