The sun. [volume] (New York [N.Y.]) 1833-1916, 1902-10-29
FINANCIAL AND COMMERCIAL.
TUESDAY, Oct. %.

IVEbDAf, oCt. 20.
A moderate desire to cover short con-
tracts was the only feature OF the stock
market to-day. The pressure Of liquida-
ton ceased on the part of the Western
interests. whose attempts to start bull
campaign in defiance Of all the conserva.
tive powers Of the financial community
ended ingloriously a week ago: and many
observers are Of The opinion that this .!1'u-
dation il nearly il not entirely coin-
pleted Nothing new developed regarding
the railroad labor situation, while, az re-
garding election prospects tho general
opinion of the Street veered around to
the position that. while the result of the
election was, Of course. uncertain. the
weight Of reasonable chances favored an
upshot of the matter which would not
disturb Wall Street. The market opened
weak, recovered. held firm and closed
with general net fractional gains. The
volume Of business was small. II seems
unlikely that any very great change from
the present market dulness will occur
until the election contest is decided
Sterling exchange was strong and higher.
London exchange in Paris lost all it, re-
cent rise and money was more in demand
IN III" European capitals All this ind-
Gates gold exports sooner or later, the only
substantial check TO the movement being.
apparently. exports Of our grain and cot
ton. These exports, especially of grain.
seem 10 be increasing rapidly and they
may ward off shipments Of gold for longer
time than many experts in the foreign
exchange market suppose. One of the
stocks showing the greatest change in
price for the day was American Sugar
Refining, the quotation falling ~ points.
This stock, formerly the greatest specula-
tive tavor,e of Wall Street, has for long
time been comparatively ignored. The
violent fluctuations IL its price, once so
common, have ceased and the excited ora
tory in commission houses concerning sugar
differentias and other technical matters
of the sugar trade is dumb. The dealings
In Sugar have been practically confined
for some months to Boston operators.
There j. now very clearly. a bear party
in existence in Wall Street. Strictly pro-
fessiona sentiment in the district is, for
the moment, distinctly bearish, and men
who months ago were declaring that they
had taken 10 their hearts the lesson Of the
Northern Pacific corner" are selling stocks
short very merrily. They largely consist
Of what il known a. the Waldorf crowd.
comprising a good many well-known Stock
Exchange room traders These trader,
followed successfully in the summer the
lead Of the Western Spectator, who at that
time cut such figure in the market. This
time in trailing along after their old captain
they were Disguised to find that they had
done so az the top level Of prices, the mistake
being discovered, however, they proceeded
1, ,1.~x
by extending extraordinary assistance to
their former leader in his effort TO dispose
of his purchases. Their operations, along
with the liquidation Of the account of their
one-tne chief. have formed the greater
portion of the transactions on the floor of
the Stock Exchange during the last week
There Is no really great short interest in
the market such for instance. as that
invariably presented in the course of a
steadily falling market. Nevert heless
there is a force in speculation at this centre
now which is engaged in hammering prices.
Those directing it have displayed not a
little shrewdness in their adoption Of meth
DDS and their operations must be taken int o
consideration by all observers Of market
fluctuations On the other hand. they are
unorganized. lack leader and take flight
easily and range themselves alongside
their opponents of the day before. Woe
betide the "out slider" who ventures 80 RELY
upon their action.