The sun., 1902-10-09
FINANCIAL AND COMMERCIAL.
NEW YORK, Oct. 8.

Of prices in one direct ion upon the stock
market. a period of dulness comes, but
the expectation of the specIlai i've COM
| munirv stil holds almost uniy cr-ally for
resumption of the Interrupted movement
IA he near future. experienced operators
usually believe in taking profits and re-
firing, il only temporarily, from the pro-
cpssion They find, in the common phrase
Of the Stock Exchange, that they have 100
much company on the bull or bar
side AZ II may he. and uuwary ,rader- who
have been following the leadership Of these
older aud shrewdrr men are much dis
gilstcd at rhe discovery hat their captains
have. without warning changed their
position on the market Al present the
gloom in Wall Street il very great Com
mission houses are discoura ging speCula-
tive purchases and the common talk is
that morrv will rule AZ prohibitive rates
for an indefinite time, pools must lQuidate
furthe and spread general ruin in their
smashing. dc All the small fry are sell
mg srocls short as ind,st rouslv as they
wrr. buving them al inflated prices a
month ago, and are waiting anNiously for
the bottom TO drop ont Of the market
Here the lessons Of the past rise in the
minds f hose who did not come 10 Wall
Street yesterday
The action Of the stock market yesterday
and to-day goes far toward Indicating that
an illustration of the truth Of these old
maxms i preparing Ii was the action
Of an oversold market which had found
BUYERS az it's low point. The general in
nuencrs which led to the recent drop in
prices were still in evidence leading bank
prs and others competent TO speak declaring
that reasunably high rates for the rse a
money on time and on demand would rule
for good while vet and that further closing
uut of speculative commitments by those
who had in the past neglected to fortify
Themselves against the contingency of high
interest charges might well he necessary.
IL was pointed out. however, that the money
strngenCy had already eased considerably
and that in a few days the maturity of
various syndicate subscriptions would
abate the difficulty still more. Beyond
aud above all this, he declsrat ion was made
Ia high quarters that the price Of many
stocks had now fallen 10 level where pur-
chases would repay the patient and dis
eliminating investor; and II was there re-
called that the business of the country
war a. glorious "a ever, whatever tn" plight
Of the stock gamblers who refused 10 listen
a month ago to sound caution that the
mere,t tyro in finance might we'll have
urged The strongest stock on th" list
Ciurin the day, as was the case yester-
day. was Union Pacific common; and the
buying undoubtedly reflected the Jldg-
ment OF those ho are in a position 10 know
whether they are getting the stock at "A
bargain or not. The liquidation of the
account Of the Canadian speoulst ors, which
has all along been regarded a. one Of the
most uniavorable features of the situation
was il was said, quite, or nearly, completed
The hgh-priced coal stocks werc weak,
the usually inaCtivs Delaware and LaCka-
wanna falling nearly four points
The market opened az a good advance
from last nights close, stimulated in some
measure perhaps, by the higher range Of
prices from London, by the more cheering
news as to the condition Of Mr.. Russell
Sage, and by an authoritative statement
issued as to the careful arrangement made
for the care VI Mr.. Sage'S estate in case
OF his demise. 1t would take only mod
crate degree Of common sense reasoning
on the part of any speculator to satisfy him
self that such an arrangement as that re-
irrred 10 had been made, even If no formal
declara ion to that effect were put out for
the benefit Of the Wall Street community
The market treoc'ed slightly, advanced
again, and a really buoyant movement in
the afternoon was only interrupted by
dash in the rate of call money from per
cent , where II had ruled steadily throughout
the day, 10 Is per cent from which point
however. il fell as quickly a. il rose.
late raid upon Amalgamated Copper
was also made, based upon "A decision
Of the United States Court Of Appeals at San
Francisco that the United States District
Judge TO whom appeal had been taken
from the temporary Injunction issued
by Judge Clancy Of the Montana court
enjoining the distribution Of dividends
upon the stock Of the Boston and Montana
company, had no jurisdiction in the case
lnasmuch as this decision leaves the
Analgama'ed Copper Company no worse
Of than II was before. Il il hard 70 see why
the stock is worth any less because Of II
Despite the break caused by these events
prices rallied almost 10 their previous
highest point, and closed with decided
net advance, throughout the list for the
days trading.