The Washington times., 1902-10-14
PRICESBREAKSH SHARPLY,
BUT RALLY AT CLOSING
Liquidation Under Pressure
Marks Opening, and Low
est Figures of the Year
Touched in Some Cases.
Trustworthy Report That
Coal Strike Will Soon Be
Settled Causes a Change
IN Speculative Sentiment.

NEW YORK. Oct. 1s.--The security
market today provided changes enough
to suit the most hardened Spectator
1t opened weak under the continued
shock of the bad bank statement of Sat-
urday and the disagreeable influence ex-
strike. Decidedly lower quotations came
from the London market.
Liquidation was marked; many hold
ers in commission houses who had pre-
viously been firm in their intention to
''see the market through closed their
accounts in disgust, while others were
forced to sell investment securities on
peremptory calls for margins. The
pools still in existence sold right and
left. as did a host of operators for the
decline. The market broke from ! to 5
points in the active stocks. the extreme
drop taking place in Missouri Pacific.
which sold at 1929, as against 1879 at
Saturdays close.
Union Pacific and Amalgamated Cop
per were strong, there seeming to be
unlimited buying in Union Pacific below
102 and in Amalgamated Copper below
S. The market steadied after the first
weakness, but did not rally any, and
then, upon the rise in call money rates
to 20 per cent, renewed liquidating and
bear sales again appeared. pressing
prices to lower levels than have hither-
to been reached, and in some cases to
the lowest figures of the year.
Time for Caution.
AS has been noticed on several pre-
vious occasions. the older and more ex-
perienced bears are careful at present
about pressing their operations too far.
and Just at the time when the rank and
file Of spectators in commission houses
were bewailing the lack Of resiliency in
the market and declaring that 1t wilted
more and more az each additional blow
was dealt it. these leading bears began
to cover their outstanding contracts.
Money fell OF to 10 and even per cent.
and loaned freely through the afternoon
at lower rates.
Talk was again heard that specula-
tors generally were becoming too bear
fish an1 that not sufficient account was
taken of the fact that those overloaded
houses whose operations had been
source of danger had now jettisoned
their cargoes pretty thoroughly. There.
was disposition also to revive the adj
verse judgment passed upon Saturdays
bank statement
In the late afternoon a rumor obtain
ed credence in the best houses that q
settlement of the strike was at last i'm
minent, and while these fumors hav..
often prevailed in the past and have
been found to represent merely the
dreams of misguided spectators, i.
must be admitted that in tho presen.
instance they give ground for hope.
Sharp Rally Occurs.
In the last two hours of business on
the exchange prices, moved by these
conditions. rallied SO sharply that they
closed in nearly every instance with
gains for the day over Saturdays close,
and the Wall Street community went
for long time.
A gratifying piece of news was that
of the increase in the country's export
trade for September. At last there is
an interruption of the decreases in ex-
ports which have SO long been chroni-
cled- The exports for the month in
creased nearly $4,000. 900 over those 81
The same month last year, the gain be-
ing chiefly in exports of cotton, these !
increasing in value s13,33151 They |
were Offset by decrease in the value Of |
exports of provisions and mineral oil, |
but left a net gain for the month as re-
corded.
Anything that enlarges the supply OF |
commercial bills in our present foreign
exchange market is factor of i'm
mcnse Importance. Another develop
Inent of interest, was the unofficial al
though authoritative announcement that
a complete traffic arrangement between
the 81. Paul and Union Pacific railroad
systems had been agreed upon.