The sun. [volume] (New York [N.Y.]) 1833-1916, 1902-10-28
FINANCIAL AND COMMERCIAL.



smaller basis existed than had been sup
posed for -osy an,icipations that the re-
suit Of the coming elections would he in
every way favorable 10 the II ock market
or from he disappointment Il speculat ors
over the failure Of the market to boom
under the gratifying bank statement of
last Saturday and the ease of monetary
conditions in Wall Street caused by the
action of the Secretary of the Treasury.
or what many declared To be the threaten
ing outlook Of the labor situation, the
market for securities was to-day. without
In the least betraying excitement or abating
any Of those characteristics Of dulness
that have marked il for a week past. dis
prited and depressed from start TO finish
Prices at the close showed declines In the
active stocks of from TO per cent. OPP
erations were strictly professional and
commission houses seemed 10 be little
concerned except in the execution of drib-
bling orders for sales Of stock A number
of railroads reported some small increases
in weekly earnings The Atchison state
mont for September appeared, showing a
net decrease Of s2Si ,s24 and q decrease in
surplus for the first three months of the
fiscal year Of 1929 Now that the
transactions of the Government with
tho bond syndicate are over, the same
causos tba. resul,ad rraviouslv IN los. If
"a an nv tho ba,ks 70 tho Sub.Troasur,
md 20 ,be ,r,erior soor, 20 bor. ocai,
resumed .heir sway A, ,aast tho Clear
House hanks bave los, I, cash sirc. ,a.,
Friday nearly 4, 400 OOO Nm tho o,her
hand announcement, il ,nada Of the az
rarted arrival AT San Francisco on Tues
d,v ~ q, -,oono in Australian Gold Tbo
cold Thus received will ~ cours., he made
immediately available for lisa In This
marke, Foreign exchange WAS duh dur
ing the dav and. though a good supp,y %
cotton and other commercial hill. were
offered. they were absorbed without weaken-
ing the exchange market bv the demands
for remittance hv Wednesdays steamer
Jondon was n moderate seller on balance
of ahout % ooo shares ~ stock The money
ma rke,a abroad bardeped and correspopd-
en,s Of foreign houses here received ad-
vice. that the Ranl, of England was making
it, discount rate effective by borrowing
in ,b. omen market and would in all nrob-
ability, continue to do So
As much pressure as IN anv mart of the
list appeared in Baltimore and Ohio. Nor
Union Pacific. Sales of IN. two STOCKS
frs, named undoubtedly reflected IN.
Iouidatiou of the Western operator who
attempted to advance them a week ago.
less was heard Of a Der cent dividend
on Norfolk and Western. and few people
whose opinion is worth having believe
that the Norfolk and Western dividend
will be placed at any higher rate than that
of 3 per cent al the November meeting
Of the directors Louisville and Nashville
was also notably weak, the conviction
spreading, for which there is abundant
basis that tho annual distribution ,pon
the stock will not be above ) per cent for
some wears to come. Texas Pacific. on
the other hand, stoutlv resisted the declin-
ing tendency of the market. although il
weakened at last in the afternoon
The attitude assumed bv Wall Street
regarding election contests is, Of course.
invariably strictly professional Spac,-
lators and brokers, no matter TO which
partv they belong, or for which candidate
they NAV decide To cast their VOTES do not
color with their partisan h-p.. or desires
their views AS tn The favorable ar unsavor.
able effect UNION prices of a given res,,lt
al the polls. They are very careful. in
n, bar words 70 keen th,ir rl,et nol,ical
position and their personal political position
sen,ra,. Every one in the financial dis
trict realizes inst nov. that a sweeninp Demo.
cratic victory. for instance. wouId lie a hlo,v
10 the stock market inst As the influence
-, general Republican ,riumnh wo,,Id
he althouqb in a less degree. favorable
To- ,a,in, tberef,ro tha. tho Failing dou,p-
tow ,o.dav wa. that a ,horouuhlv intoui-
o.r, ono; i,or,,,;al forecast If mo rosrl,s
=, 49,, ,io,. ,rI ,,s,,ao;o,I,, a. ., d.,
rl.,,, - .,,o .iooti,n In mi. stat. d;d no,
:, 80. ,ho .,,,ra,,o oo,fd.nca ,,,,i,a.,oa
H.. panrhl;can politicians rafer.rco e.
- -, .;,,rla nrofossional marl,a,
3D., prot,aII,. bo,,o,..r a. ,n,,,,h
a.,,,,,a,,, In VII :, ra., ;u., nou, ne o,,ar
.t,s. ,,a,,on !, ,.d, ,oroar,,i,a
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80 - s,,,,,,orao. ror on inoroosa =,
RI .,t.it ,-,;, 90 ,h1 a'oi I'll,
-. 80. do, a., ="
''.,' "a en 1,, -.,'..i",,.' ~,
;,,a.aa., - 49,, =, On ,,.
a.. =, -