The sun. [volume] (New York [N.Y.]) 1833-1916, 1902-11-29
FINANCIAL AND COMMERCIAL.
FRIDAY. Nov. q

Speculative sen, imen, in the security
marl.et this morning was favorably in
fiuenced by the failure Of the Bank Of Eng
land TO raise its minimum rate Of discount
and by the generally improved tone OF
advices from London and from all the
Continental boursee. Inasmuch. however.
az the English banks proportion Of re-
serve TO liabilities decreased heavily dur
ing the week and Is now much below the
figure usually ruling at this time Of wear,
rise in the banks rate can hardly
be long DELAYED. The Paris cheoue rose
to IS fraics ~ centimee. which makes
Il impossible 10 export gold from this side
unless sterling exchange rises 10 the neigh
borhood Of $3.50. Sterling did rise to
%s7so to-day and held its gain fairly well;
but IL Ia apparent that no gold exports
need he expected by next Tuesdays steamer.
Call money was little frmer, and the
indications for Tomorrow bank state
ment, 40 far az the loss In cash can he reck-
oned were not good. The banks have
lost on balance to the interior of the coun-
try and 10 the Sub-Treasury 81 .SS7 900.
In additi ion. 500. 900 was to-day shipped
70 San Francisco and Chicago, the ship
ment 10 the former city being little sur
prising. a. il was supposed that demands
there for cash had nearly ceased. Whether
or not to-morrow's hank statement will
be unfa favorable depends upon the increase
or decrease in the loan account: and con-
corning this matter there il, Of course. no
prophesying. A number Of monthly and
weekly statements Of railroad earnings Of
varying tenor appeared. The Chesapeake
q nd Inn
and Peoria and Eastern roads showed net
decreases for October. Other roads made
reports Of ANAL scattering increases or
decreases The notable statement Of the
day was that of the Atchison system for
October. showing the large increase in gross
earnings of s52OOOs and in let OF 3?6S. ll3.
but exhibiting for the last -four month";
however, a ret decrease in surplus of $3.50
$40 Exports Of wheat for the week again
fell OF. amounting 10 4.l79,6s5 bushels, as
agains, S 277, 72e bushels in the week prced-
ing and 5li7.47s bushels last year. For the
year TO date exports Of all our cereals are
much less than those OF last year. This
fact and the high price al which these food
at ufrs. especially corn, are held, cannot lie
too constantly borne in mind in considering
the vexing problem Of our debt TO Europe
and the foreign exchange situation. An
incident Of the day to which alusion may he
made was the circulation of rumorS decar-
ing that the Presidents messaRe would be-.
after all, the roaring Of a sucking dove on
practically all questions in which " all ST rect
was interested Indeed. il was stated that
the message would prove to I've n bull docu-
ment. Another matter which gave cause
Scranton that President Rooseyelts arbi,ra-
ton commission in the coal strike had de-
cided that the matter Of the recognition by
the operators of the labor unions was not q
subject that could fairly come before it and
on which. therefore. no decision one way or
tho other by he commission need be- eN-
pected
The >, ock market was very strong to-
day al the result, Of especial strength in
three or four issues. Shorts covered freely
and traders were generally inclined to take
the buying side. The Hooking Valley
stocks were bid up sharply ON the repc-
tition Of the story that the preferred sharcs
we're about to be retired by an issue OF
common stock and the common stock
placed upon a per cent. basis. Sugar
stock was advanced points without ex-
panat ion. St. Paul common advanced
"a points because of expected action by
the directors OF the company at their meet =
ing this afternoon in the matter Of issuing
rights" to stockholders No such action
was taken by the directors, hut the price
Of the ST Paul shares did not. nevert he
less, decline. Manhattan stock held at
practical an unchanged price, while
H.. IL. 4 IA.
Street Railway were bid UP on the renewed
assertion that they were TO figure in some
way in a combination Of all the transports e
ton systems 81 the city. II is generally
believed in the financial community that
such a combination viii he arranged a,
some future time: the combination does
not, nevertheless. seem to be in sight jus,
now. The feature of the days trading,
however. was a rise Of points In Louis
vile and Nashville. nearly all Of the gain
being retained. The activity and strengt h
of the stock were attributed, first, ( o the
distribution by a large commission house
in Richmond. Va. Of circular setting
| forth the comparative merits Of the Louis
vile and Nashville and the Chicago, Mil
waukee and 81. Paul properties, The head
| Of this commission house is one OF the di-
rec,ora Of the Louisville and Nashville road
! The proposition advanced in the circular
| was that the intrinsic merit Of the Louis
| Vile and Nashville road was nearly a.
great as that OF the 81. Paul and that
| therefore. the market value of Louisville
| and Nashville stock was altogether too
| low. The real reason for the advance
| in Louisville and Nashville was the rumor
| that the directors OF the road al their forth
coming meeting would -placate' the mi
nority interest in the property by declaring
a semi-annual dividend Of 3 per cent. placing
| the property on per cent. annual basis
| That rumor has many times been circli.
lated in the Street, and authoritative con.
tradiction has been given to il in this
| column. There il not the slightest chanc,
thai the Louisville and Nashville dividend
| either in the present year OF in the next
will he any greater than it is to-day. ano
if Spectators are buying the shares Of ths
company with contrary impression in
mind they may find the proceeding q
costly one. There is good reason for be-
lieving that the large holdings Of Western
| spectators in Louisville and Nashville
were not liouidated on the recent breal
in the stock. the decline in price beins
| al, oil H.,