The sun. [volume] (New York [N.Y.]) 1833-1916, 1902-10-22
FINANCIAL AND COMMERCIAL.
CEsDAY Oct. II


the great powers Of the financial community
have sci their faces firmly against All active
speculation for the rise. while the monetary
situation is still SO clouded and fears. for
which i, must lie confessed that there is
substantial basis, of approaching gold ex-
ports, are the reasonable explanations for
tho weakness III the stock market to-day.
Prices were steady at the opening, then
slightly stronger, became dull and cr,imbled
of slowly and finally rapidly. There was
nothing Of what Wall Street calls pressure
10 sell stocks: neither was there any eager
hess To buy them, There was simply per-
sistent liquidation upon a declining market.
The short Interest, as disclosed In the loan
market on the Stock Exchange at the
close of business displayed no perceptibe
increase.
There was no news Of CONSEQUENCES.
Interests committed to the rise declared
that a. prices of the active stocks had ad
vanced from IA to 0 points apiece without
a reaction Of one point within a few days.
some small decline was only natural. The
hear element maintained that their sdyer
sares had reckoucd wofully without their
host III attempting To start a hull specu-
lation under present circumstances, and
that the latter had found that the net result
Of their proceeding had simply been 10
shift upon their own shoulders n load that
insiders" had gleeiully placed there. The
decision OF the coal miners Ia 60 back TO
work was expected. and this. with the
formal statement Of the Treasury d. 10 the
amount of bonds 10 ba turned in under
the syndicate arrangement. left the stock
market in a condition where the good
news Was all out, with no further stimulus
in sight SO far a. the coal stocks are
concerned, IT has long been a general
market theory that with the final
settlement of the strike these securities
would decline in price. since they will have
To struggle along as best they can while
the damage TO their properties is being
repaired Moreover. the fear Is generally
expressed in financial circles that this
lamontable labor w8r in the coal regions
and the manner of its ending will tend TO
excite rather than 70 suppress further dis
turhanc.,s - the same nature. There is
much vague talk Of "A general demand Of
railroad men for increased wages, this
agitation seeming To centre around the chief
of a railroad brotherhood" who was chosen
by tho President az one Of the arbitrat ors
between the coal mine owners and their
men; and sentiment in the Street perhaps
an altogether too timid one-was inclined
to regard to-day the claim Of the switch
men of all the railroads centring in the cities
of 81 Paul and Minneapolis A. the first
gun in this battle
Indications certainly point 70 gold exports
from this country. not thi- week or next
In, 81 n,n I,g I, h..
close of the wear, even though due account
is taken of tina fact that the foreign eX-
change market is doubtful affair and that
indications in it may change. Sterling
exchange held firmly AZ the high rate es-
tablished yesterday, even forging ahead
of this slightly at the close. Little business
in the exchange market was done, however,
az the next fast steamer on which bills
may be sent does not sail until Saturday
The price Of gold on the open London
market advanced and cable advices from
foreign houses 10 their correspondents
here were that the demand for the metal
in London from all sources was very strong
Rates for the use of money on the other
side OF the water continue 10 harden, while
interest charges here tend toward ease,
bond purchases Of the Secretary OF the
Treasury. The rate of Paris exchange upon
London continues 10 decline. and reached
to-day point at which under normal
circumstances gold might be shipped from
Paris 10 London. Exports of merchandise.
from this country increase but slightly,
while imports Of merchandise from Europe
continue in record volume. That all
these facts. taken in connection with our
large debts already incurred abroad. on
which il is known that partial payment, az
least. will be demanded before the end Of
the year, cannot be gainsaid Such
exports can. perhaps, be averted by higher
rates in This market for the Use Of money on
call and on time. but at The close Of business
to-day the sterling exchange rate was less
than ;, Of per cent below the gold export
point. Nearly all the active stocks on the
LIST fell about point on the average to-day,
the greatest activity and weakness being
displayed i'll Missouri Pacific. which fell
-. points. Tho particular weakness here
was attributed to the publication of the
earnings OF the road for the first eight
months Of the calendar year. showing a
gross increase Of only sl5s. 224 and a net de-
crease Of sl,227,307, Probably pool liquida-
ton. however, had. a. in the case Of other
stocks, most To do with the matter