The Washington times., 1902-10-31
MANHATTAN NOTABLY
STRONG YESTERDAY
Bullish Feeling Due to Great
increase in Business of
Cooperation During the
Past Twelve Months
Coal Roads, 1t Is Feared.
Have Lost About a Year S
Earnings by Reason of
Coal Strike.

NEW YORK. Oct 3O.-The specula tors
who actively sold stocks yesterday
showed pardonable desire today to Sc
cure the profits resulting from the
operation. The days business on the
stock exchange was therefore practical
~ wholly devoted to this covering pro-
cess.
Commission houses did little business.
There was small evidence of outside in
terest in the market or of any department
tending to prove that prices had reached
Q level which invited investment buying
or from which sustained upward
movement for the rise could be begun.
Election Situation.
Discussion Of election prospects SEEM
ed to be generally to the effect that
neither a great political overturn was
impending nor that an overwhelming
vote of confidence in the present ma
tional administration was likely The
conclusion was, therefore, that the
event Of the contest would not probably
affect the stock market to any great ex-
tent. one way or another; and that
afterward the market would be ruled as
heretofore by influences of a strictly
financial character.
Sterling exchange held strong the de-
mand for remittance showing a little
abatement in view of the fact that no
fast transatlantic steamer leaves the
city until next week.
Gold Exports Certain.
There is no longer any doubt, of
course, among all who have taken the
trouble to investigate the matter. that
gold will be shipped from this side in
considerable quantity in the ensuing
two months. The only problem relating
to the subject is the effect that these
shipments will have upon the local
money market.
As the volume of business in the West
shows no signs of decrease, it is not an
unwarrantable assumption that money
may be kept employed there longer than
usual, especially as the rates for call
money in this market have fallen to
normal figures 1t is interesting to note
that New York exchange in the interior
cities still rules for the most part at
large discount. showing there is yet no
pressure to send money to New York.
Manhattan Notably Strong.
The one stock that was notably strong
in today's market was Manhattan. A
general bullish feeling has recently been
dispersed through the street on this
security by reason of the fact that the
business of the corporation has greatly
increased in the last year and will, ii is
believed, further increase when the full
benefits of the economies incident to the
installation of electrical power are felt
The cloud overhanging the Manhattan
Railway system. however. as it over
hangs the Brooklyn Rapid Transit and
Metropolitan Street Railway companies
and all our local corporations enjoying
public franchises, is the enormous sum
OF money that must be paid by them to
the State IL the franchise tax law is sus-
tanned by the courts. 1t must be said
in all candor, in view of the result of
the legal proceedings already taken in
this State in this matter and of the
uniform decisions likewise of courts in
similar States on the same subject, that
the mass Of legal opinion seems to be
that whatever the moral inequitableness
Of the law. its legality will hold.
Union Pacific Report.
The report of the Union Pacific for
September. showing an increase of
$3s6.757 in gross, and an increase of
s234,356 in net, again excited comment
as to the policy of this great railroad
company in continuing ratio of operat-
ing expenses only slightly above so per
cent.
A good share of the strength OF the
market in the afternoon was that of
sympathy with the advance in ST. Paul
The street was confident that the direc-
tors of st. Paul at their meeting. today
would announce the distribution to the
stockholders OF the company of the long
talked of valuable rights" The meet
ing was held. but the expected promul-
cation did not come. 1t is a fact that a
large and influential element in the
poarG OF directors OF the company op-
poses the issue of this stock, at least
at the present time.
Plenty of Norfolk and Western and
Baltimore and Ohio. as well as of the
Wheeling and Wabash issues, were for
sale at all times. The Reading stocks
were steadily pressed on the market, as
they have been ever since the cessation
OF the coai strike. The unfortunate
truth about the coal roads is, IL must be
feared. that they have lost about {:
years earnings
New York Stock Exchange, October 40.