The sun. [volume] (New York [N.Y.]) 1833-1916, 1902-10-30
FINANCIAL AND COMMERCIAL.


Business on the Stock Exchange opened
to-day under the general conviction of tho
rank and file of operators that tho market
was oversold and that a good rally in prices
was due. Quotations came higher from
London, and. indeed. during the day Lon
don was supposed 10 have been a buyer TO
the extent of $1,000 shares. The prelimi-
nary disposition was to regard gold exports
a. yet afar of, while the supposed labor
trouble on the Western railroads seemed
10 grow dim a. Il was closely examined.
The fact that 900 900 bushels Of corn were
taken for export az high prices on Tuesday
was made the basis for optimistic views
Of IN" grain export situation. The net
decrra>" of s2.A?7,ia6 in the earnings Of
the allied Reading companies for three
months, was less than was commonly ex-
p"ct.d. Under all these Influences the So
curity market opened strong, Texas Pacific
and the Gould stocks generally leading.
The Colorado Fuel and Iron stock and con-
Ncrlble bonds were alone weak. tho opinion
ruling that the fight for control Of the COM
pdnv was over After the first half hour
the market became very dull and was then
Absolutely .tagnaut until we'll after mid.
day. Up 10 noon only 4 little over 10000
shares We're dealt in. and the outlook for
the rema ming days Of Stock Exchange
business Before election was for such ex-
trsnne dulness thar brokers began 20 talk
of petltlcnlng the governors Ia close the ex
change next Monday, making three days
holiday. All this aspect Of AFFAIRS. however.
suddenly changed. Prices began 70 sag.
then sold 81 rapidly: and during the re-
rauder of the session the stock market
was about a. weak as II usually il save
when general decentralization prev ail-. The
puzzling, ana hence, IN A sense. the alarm
Iug feature of the selling was that there
seemed +" be no particular reason for II,
or that Il seemed To com" from no especial
source l. Vas rumored that an operator
no l. Al times very prominent in the mar
lSet and TO whom the title of unattached
il accorded was making great onslaught
upon the market, but a. the selling came
from commission houses. professional trad
"rs and from all quarters Of the Street in.
discriminatory. including interests which
are openly allied on III" bull" side. IL is
probable that sales made by this operator
were only part of rhe general movement,
not the cause Of y For many stocks
there seemed 10 10 little support, or. indeed
no support AZ al Delaware and Hudson
issues .old down points on sale. of a fcw
hundred share lots ~. Paul sold of
nearly points. although the road mad" q
ino statement Of gross and not earning, for
tho month of September. and there is AZ
least an even chance that the directors of
The company ~ their meeting Tomorrow
will auI horze the distribution of rights
80 the pre-en, stockholders 10 subscribe at
par 10 An issue Of sl00OOGp0 Of now stock,
this ISSUE making up 10 the stockholders
the money spent in improving the road in
the last few years Norfolk and Western.
Baltimore and Ohio. Reading. and the stocks
Of all the hard and soft coal roads W ere
alike weak and solid investment securities
suffered "a well,
Slightly unfavorable developments OF
the day were "A further rise in foreign ex-
change. with even higher rates still quoted
for rem,tances by next weeks steamers;
disposition to regard less hopefully
the probable result Of the elections, the
feeling being that the contest in this State
would he probably close one, and a de-
cision in a lower court of equity in New
Jersey in what is known as the Hodge
suit against the United States Steel Cor
poration, continuing the preliminary in
Junction granted 10 tne plault III IN mat case,
restraining the corporation from retiring
s?Oo,nHO,ooO Of it, preferred stock by means
of a bond issue. This decision somewhat
surprised the Street. as it had been sup
posed that the action Of the Court of Errors
and Appeals in New Jersey had pretty
clearly swept the ground of all obstacles
in the path Of the United States Steel Cor
poraton in the present proceedings. Under
the decision handed down to-day. how
ever. the Steel company must. it seems.
await another decision in the case by New
Jerseys highest tribunal before the matter
il finally settled None or all Of these
factors, however. seem of sufficient i'm
portancc TO have caused the heavy and
excited selling of the day; and after the
close Of business brokers generally ex-
pressed themselves a. unable 10 assign
any other reason for the break than that
Of renewal of liquidation by interests
that have been lately occupied in advanc-
ing prices other critics mostly those
removed from active market operations
declared that the market looked like one
overhung by the possible announcement