The sun. [volume] (New York [N.Y.]) 1833-1916, 1902-11-26
FINANCIAL AND COMMERCIAL.
TUESDAY. Nov. 2

The downward tendency OF prices which
was in evidence yesterday Was to-day in
complete possession Of the stock market;
nor could any other result have Ieen
expected after recent developments. No
other construction can be placed upon the
form that the struggle for the control of
the Colorado Fuel and Iron Company has
assumed than that a serious rupture has
occurred between two great market inter-
ests that have hitherto been supposed 10
be friendly The exact reasons that have
brought about the break are not clear,
tut many facts are coming TO light which
indicate that the differences between the
Gould and Hartman parties are not simply
over the Colorado Fuel and Iron Company.
but are Of longer standing and pert ain 10
different and larger affairs There were
those who declared to-day that they saw
clear signs of the selling OF Hartman stocks
10y Gould interests, representing, II was sup
posed, liquidation Of actual Gould holdings
in these properties The partc weak
ness in Union Pacific common logically
followed the notable fall in Union Pacific
preferred, the latter stock being one that
il rarely dealt in and has come 20 he
considered as "A strictly investment issue.
Yesterday Union Pacific preferred attracted
attention by rising slightly on small
number OF transactions in generally de-
clining market. To-day ii declined two
points on selling by two houses of 10000
shares. the up-bidding Of yesterday being
apparently due To the desire to make
market on which 10 sell to-day. This out
break of hostlities bet wnen those who have
been regarded as two of the most prominent
and powerful leaders of the bull market is
IA, u.ally very discouraging to the mass
of smaller Spectators for the rise: and
Joined "a IL is with the openly bitter and
extensive warfare between the Gould and
Pennsylvania Railroad interests. il has
produced a feeling OF genuine depression.
Two other very unsettling factors in the
DAYS trading were the report from Wash
ington, which seems to have substantial
basis, that the President has decided TO
ask Congress 10 pass drastic "anti-trust'
measures. even If he has TO call an extra
session of the national legislative body in
order TO make his request effective; and
the farther progression Of events which
must end naturally in gold exports. Ster-
ling exchange was firm. rising 10 point
which made gold exports clearly profitable.
but il weakened slightly at the close of the
day. The Paris CheQue declined. but most
important of ALL feeling became very
general that the directors Of the Bank Of
England might raise the banks minimum
rate of discount on Thursday. The weekly
st statements Of the Bank Of England for some
time past have shown continual reduction
of reserve compared with liabilities. Eng
lsh Consols keep falling, the English Gov
eminent is demanding money from the
London market. and rise in the Banks
rate is usual AZ this time Of year. anyway,
for the purpose of recalling money from
the provinces for London's Use in the hoi-
dav season Good judges in foreign houses
here seem TO think that a rise in the Banks
rate this week is probable; yet the matter
is one about which, Of course. there Is
always great uncertainty. Our local banks
lost up TO tho beginning OF business
this morning 81 Az 600 to the Sub-Treasury.
much of the loss representing shipments
to the interior. To this must be added
400 900 transferred 10 New Orleans and
81 10 900 transferred to Chicago through the
Sub Treasury to-day, and the further large
sum Of sl,ls2 $50, representing customs
for the day-one OF the largest
IL not the largest ever made in
one day at this port Manifestly the volume
of imports pouring into the country shows
no cessation Exports for the week, how
ever, from this port are gratifyingly large,
amounting TO sl2,2sO,3l7. as against sll .257.-
es5 last week and siO,522 $40 last year.
Domestic exchanges to-day worked against
New York and time money was a little
harder. none being offered for sixty days
except on payment OF an additional com
mission. which would make the rate nearer
7 per cent than s per cent.
Another cause contributing fully a.
much "a any of those which have been
mentioned 70 the fall in prices to-day
was what was generally admitted 10 be-
the collapse Of the speculation over the
Manhattan deal" II did not need the
authorit alive denial Of the New York Cen
trail and Hudeon River Railroad au,hori-
ties that they had no concern in the matter
TO convince observers of the market that
the sensat onal rise in New York Central
shares yesterday was any other than man pu-
lation, pure and simple, for the purpose
Of unloading" a huge quantity Of Man
haitian stock on the markell And this
without gansaying that there il probably
some basis of fact for the Manhattan Inter-
borough Rapid Transit story There is
good reason to believe that the spectators
who have engineered the recent move
ment have already successfully retired
from IT, The weakness Of the American
Smelling and Refining shares was due
probably. 10 considerations of the loss
that may accrue 10 their company by
reason Of the fall in the price of silver
N RnaIipU of
by the stand against the proposed settle
ment Of the coal strike taken by the in
dividual coal operators, although the
strength of the reason previously advanced
for the rise in these stocks, that the EN-.
ploycrs and coal miners we're about TO
settle their differences without the aid of
the coal arbitration commission, has never
seemed particularly clear
New York stock Exchange Sales Nov, ~