The sun., 1902-11-12
FINANCIAL AND COMMERCIAL.
TUESDAY. Nov. I


stage than even the majority Of those
who have hitherto entert aimed distinctly
b"arish views on the financial situation
have supposed. During the summer prices
OF stocks were put up day after day until
they reached dizzy heights for no other
ostcnsibc reason or just cause than that
powerful and reckless speculators chose
10 advance them. Those long in experience
in Wall Street affairs were not slow TO
prophesy that sooner or later the market
would likew i-o decline even more rapidly
than II had risen. and perhaps even when
genaral aud legitimate business was ex.
cnedingly prosperous. leaving inexperienced
observers to wonder at the suddenness
aud seeming Causelessness OF the drop
as they had previously wondered al the
mystery of the advance. so stocks de-
cIined in the collapse after the grea, boom
in 1889. though crops and business were
magnificent. Some such phenomenon
again seems in evidence, and in the whrl
ui excitement of to-day's market the only
clear fact existing wac The emphasis given
30 the reflection tha, when 80 vast a spec,i-
lation as has recently taken place in this
country begins to crumbe, the process
may take place with much greater rapid
IVY ana "' cai'''u 10 ihuch greater eA-
.'i' 'hah n''e"' oe Pre''ouHy i'hds'ueo
II must ho conceded by every imparti ial
observer that the halt enforced by the
money lending institutions of the country
in tho pace of speculation, especially re-
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cnnfidnnoa il lacking in tho prssent sta
bilitv of stock market values under present
conditious
WI, ,b,, r,o-l,o, o,o.oa ,o.,ara.v .t,.r.
When the marker closed Yesterday AFTER
noon II was the practically universal be-
LET OF good observers tha' enforced iiquida- l.
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,a No rro.h huy;nc anroarod
S,n,bor, paci6c .c,,d noor,v mailing No
o,I,.a,c. o,.r il. clos. af tho day beforo
o,,d /, Wow, of tho two large nools known
wi, !, tho s,ocL ,ho sbaLin.ss ~ IN.
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r,, .,,y,. hre,k bouover stor,ed with
,ir,,,. r,ir,. in Amalgana,.d Copner
IN, r',ror circulating thai tho . nor cen,
ANIMAL diyidand nov, maid ON the shares Of
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