The sun., 1902-10-08
FINANCIAL AND COMMERCIAL.
NEW YORK, Oct. i

large purchases Ot stDCk maze Dy suDstdD'
tal and important interests. Such sup
port was by no means general but II was
strongly in evidence in spots, and, as this ID
the first time for a considerable period that
the phenomenon has been witnessed. the
event is significant. The balancing OF these
opposing forces resulted in a steady mar
ket during the forenoon. Later a scatter
ing and not very furious bear attack was
made, said to have as its reason the re-
ported illness of an aged money lender,
which sent the prices Of some stocks be-
low yesterdays quotations: but, though
the market remained nervous and feverish
throughout the afternoon, it held its own
very we'll and closed firmly though at a
level a little below that Of the day before.
Nobody seemed to pay any particular
attention to the news of the day, That
the wabbling Governor of Pennsylvania
had finally decided to use the entire power
Of the State TO protect men who desired to
60 To work in the coal mines was favorably
commented on; but doubts were expressed
a. to wheth the result Of the experiment
would show that coal in quantities suf-
fcient to relieve the present scarcity could
be produced SO comparatively languid
interest attended the announcement Of the
President = appeal to John Mitchell to Use his
influence 20 induce he strikers 10 go to work
pending an invest igation Of the condition Of
affairs in the mining regions by minis
sion whose report he President promised 10
urge upon Congress a. he basis for legsla-
tion. Wall Street has now become as
scaptical of tho .nccass pf all
efforts to end the coal strike a. ii was pre-
viously unwilling TO believe that a coal
strike would occur or that il would not
end speedily after II had begun 1t is
needless TO say that any trustworthy indi-
cation Of the return Of the striking miners
to work would he as quickly greeted by
rising quotations on the Stock Exchange
a. i, would be received with joy by people
generally.
Call money was easier. sterling exchange
much weaker. the London operators seemed
inclined TO buy rather then to sell, and all
the news of the day was favorable. The
Great Northern Railways statement Of
an increase in its gross earnings for Sep
tember of $5l5,759, and the report Of the
Southern Railways gross increase similarly
for the fourth week Of September Of 1921 AIS,
afforded striking evidence of the fact that
whatever tangle Wall Street has got itself
into the business Of the country il pro-
crossing magnfcently.
Liquidation seemed to I've heaviest in
St Paul common and In the stocks that
have been recently favored to so great an
extent by Canadian spectators In St
D., 10,
being closed out, and the impression pre-
vailed that il might be long time before
the anticipated rights on the stock were
issued The shares sold by the Canadian
operators were Canadian Pacific. Soss-
Sheffield Steel and Iron, Twin City Rapid
Transit Minneapolis and ST. Paul. and
Sault Ste. Marie common ard preferred
These are stocks in which a huge specula-
tion has been built up in the present year
all over Canada. In other markets stocks
dealt in by Canadian operators, notably
the Dominion Iron and Steel shares in Bos-
ton. were weak. The gas stocks reflected
the fears of those who Possessed them that
the gas companies would have difficulty
in obtaining coal II the trouble in Penn
sylvania continued On the other hand,
over 90 900 shares OF Union Pacific common
were taken by brokers who are consid-
cred the personal representatives on the
Stock Exchange Of the great banking house
identified with the Union Pacific Railroad
The Atchison shares were similarly we'll
bought, although the Gould shares were
apparently left to take care of themselves
As the market has now had six days of
decline and the prices Of stocks have fallen
between ten and twenty dollars share
through the list, the speculative position
is greatly improved. Part Of the present
stringency of money has been undoubtedly
caused by the preparation for syndicate
payments, which mature within a short
time. Settlement of these matters will
soon be made and their unfavorable in
fuence removed. Five millions Of gold
from San Francisco and Europe will also
he at the markets 3 disposal in a day or so.
II would not be surprising il the market
Of the immediate future began 10 discount
these advantages.