The sun. [volume] (New York [N.Y.]) 1833-1916, 1902-11-13
FINANCIAL AND COMMERCIAL.
WRpNEsDAY, Nov. IL,

| opening were decidedly OF from yesterday
decentralization was absent and the tone
Of the market was firm Whatever pressure
there was to sell stocks, or at least TO sell
good stocks. met an equally strong desire
20 buy them. The buying power was IL
part, undoubtedly. the covering OF short
contracts. II can be positively stated
however, In corroboration Of the evidence
afforded by quotations. that In the case of
certain securities this buying represented
the greatest and strongest financial inter-
ests in the country and that II was. more
over. buying for investment, The weak
opening was legitimately caused by the
sales made by co mmission houses in closln &
out accounts whore margins had failed
and by frightened, though voluntary, or
cers to sell received from all over the coun-
try, But the selling did not uncover stop
loss orders. and the panic that many people
feared over night did not appear. From
time 10 time bear attacks were made upon
the market but they were stoutly resisted.
Stocks yielded under them, not by y
points or full points, az yesterday, but
by eizhths and quarters. The character
Of the trading was typically Illustrated
in the course Of ST. Paul common, q
security which has always been a market
leader. Yesterday this stock fell ~
points on transactions of only slightly
over 10000 shares. To-day nearly 100. ooO
shares Of ST. Paul we're dealt IN at net
gain Of point. Whenever a standard
and active security declines fourteen
points In scarcely ten DAYS with hardly
n reaction. and then moves back and fort h
within narrow range, as II did to-day,
the assumption Is not unreasonable that
an accumulation. rather than n further
distribution, OF shares Is taking place The
same sort Of buying IA was noticed In s.
Paul occurred IN Union Pacific, Missouri
Pacific, Baltimore and Ohio and Norfoll
and Western Indeed. the two strongest
stocks on the list In the last few days have
been the two securities last named tho
reason being that as they were the frat
stocks 70 become weak In the present NOVA
ment, liquidation In them was first OK
hausted. As bearing upon the much
mooted question of the probable further
extent Of general liquidation In the market 4.
the fr1nness Of these two stocks Is signif-
cant After the close Of the market an
unusually heavy demand appeared IL the
loan crowd for the Use Of St Paul BALI
more and Ohio and Canadian Pacific shares
for delivery. indicating, Of course, an ex-
ter ded short interest
When the history of the present move
ment in the stock market Is finally reviewed
from end to end il will probably be found
to consist simply in the relation of the
precpitate retreat of the so-called Western
contingent from the position recklessly
assumed bv them, the retreat being con-
Quoted with the same precipitation and
reckessness with which the position was
originally taken The historian will find
that the downward progress Of the marie,
ceased a. soon as the Westerners reached
a place Of safety The crucial moment, Of
the speculative situation for the operators
of to-day is manifestly, therefore. the time
when this Western liquidation ceases At
that time the market will reverse It's course.
The action Of Norfolk and Western. Balti-
more and Ohio and other stocks in which
the so-called Gates party were Interested
indicates, as stated. that forced sales there
are over, and II the rumors which pre-
vailed in the Street to-day are true, and
they we're credited in the best quarters,
that the other branch OF the Western con-
tingent-that which recently captured one
railroad and IL recognizing it's securities.
and at the same time endeavored TO obtain
control OF another railway system--has
finally been forced to abandon all its efforts
except the railway organization scheme,
and TO put itself in such a position of mar
ket strength that IL can proceed with this
reorganization unassailed. there is hopeful
assurance of the fact that danger from this
source need not be feared lonar,
The time is not now, Of course. for dilatiug
upon the pecuniary losses which the down
fall of crazy speculation has caused. SIf-
flee il TO point out that the average decline
in the price Of securities in the last two
months has been such rs 10 bring il almost
TO the same point AZ that recorded exactly
one year ago. = In other words, the entir"
advance OF the year has been wiped out
SO great and sudden a drop suggests that
even II the loss Is never entirely recovered
some ordinary market reaction from the fall
Is probable and even the most confirmed
bear must admit that what has happened
has immensely improved the financial
situation.
The news Of the day was encouraging
Favorable comment was of course attracted
by the comparative statement OF the con-
d,ion Of the United States Steel Corpora
ton printed in the morning newspapers,
showing an enormous increase in assets,
earnings and untitled orders and a decrease
in liabilities, as compared with Nov. /, 1901
The yearly statement Of the Manhattan
Railway system for the year appeared
showing nearly per cent, earned on the
stock II is we'll understood that since the
end Of the Manhattan's fiscal year. earnings
have greatly increased, even over this show
ing The advance In wages given by the
railways to the switchmen and trainnen at
Chicago seems to end all possibility Of
strike in that city.
New York stock Exchange sales. Nov. II.
UNITED STATES AND srArs BONDS tIs s.ooou