The sun. [volume] (New York [N.Y.]) 1833-1916, 1902-10-31
FINANCIAL AND COMMERCIAL.
THURSDAY, Oct. 20

yesterday, showed lldrOofaDle desire
to-day to secure the profits resulting from
the operation; and the days business on
the Stock Exchange was, therefore, prac-
tcally wholly devoted to this covering
process. Commission houses did little
business and there was small evidence
of out side interest in the market or of any
development tending TO prove that prices
had reached a level which invited invest
ment buying or from which sustained
upward movement for the rise could bo
begun Discussion of election prospects
seemed 10 be generally to the effect that
neither a great political overturn was
impending nor that an overwhelming
vote of confidence in the present National
Administration was likely. The con-
clusion was. therefore, that the event of
the contest would not probably affect the
stock market to any great extent one way
or another and that. afterward, the market
would fc ruled As heretofore by influences
of IA strictly financial character. Sterling
exchange held strong. the demand for
remittance showing little abatement
in view of the fact tina, no fast transatlantic
steamer leaves the city until next week.
There is no longer any doubt, of course.
among all who have taken the trouble
to invest igate tho matter that gold will
bo shipped from this side In considerable
quantity in the ensuing two months. The
only problem relating to the subject il
the effect that these shipments will have
upon the local money market; and the, as
Yet undiscovered, data necessary for the
solution of this problem are, obviously,
the amount of the shipments and the eN-
tent to which the loss in money entailcd
10y them will bo counterbalanced by the
return of funds from the interior of the
country. Normally, this return flow Of
money begins about the pr, rent time
Many observers, as has been previously
pointed out here, maintain that the Western
demand for money this year has not been
30 much 10 provide the wherewthal for NOV
ing the crops as to meet the necessities Of
general business. As the volume of business
in the West shows no signs Of decrease,
II 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 II is interesting to note
that New York exchange in the interior
cities still rules for the most part at large
discount. showing that there is as yet no
pressure to send money TO New York.
The one stock that WAS notably strong in
to-days market was Manhattan. A gem
eral bullish feeling has recently been dis
persed 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, il is believed further
increase when the full benefits of the econ-
oinies incident TO the installation Of electro
cal power ara felt. The cloud overhauging
the Manhattan Railway system. however,
as II overhangs the Brooklyn Rapid Tran
sit and Metropolitan Street Railway COM
panies and all our local corporations en-
joying public franchises. is the enormous
sum Of money that must he paid by them
10 the State if the Franchise Tax law is sus-
tanned by the courts. 1t must he 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 70 Ne that whatever the moral inequi-
tableness of the law. its legality will hold
The report Of the Union Pacific for Scptem-
Der, showing an increase of 1896 1877 in gross
and an increase Of 323i,358 in net again ex-
cited comment a. TO the policy Of this great
railroad company in continuing a ratio of
operating expenses only slightly above so
per cent. A good share Of the strength of
the market In the afternoon was that Of sym
pathy with the advance In St. Paul. The
Street was confident that the directors of
the ST. Paul road at their meeting to-day
would announce the distribution 10 the
stockholders of the company Of the long
talked-of valuable rights" The meeting
was held, but the expected PRONUNCIATION
did not come 1t is a fact that a large and
influential element in the board of directors
Of the company opposes 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 Wheel
ing and Wabash issues, we're for sale n,
all times during the day. The Reading
stocks were slowly but steadily pressed
upon the market, as they have been ever
since the cessation of the coal strike. The
unfortunate truth about the coal roads
H. it must be feared. that they have lost
about years earnings in n struggle for
| law and order and TO maintain their right
10 operate their mines economically in
competition with bituminous coal pro-
duction; while, If the usual fruits Of "arbi-
! tration" in these matters are 10 be gath
| cred, it will probably be discovered that
! the struggle was in vain, The news came
! late in the day that the heads of the coal
miners union had definitely authorized
| the continuance Of the strike at the
| independent collicres. These independent
! coal operators were not formal parties
! 70 the proposition made to President Roose-
Welt for the appointment of a commission
! 10 investigate and virtually settle the coal
| strike, but they, nevertheless, acquesced in
! the act ion of the presidents Of the leading
! coal railroads. In asking their EMPLOYEES
! 20 abide, as they themselves promised
| 20 abide, by tho verdict of the commission
| and to abstain from interfering with nom
! union workmen in the meantime. the oper-
ators presented a requirement of simple
elementary Justice and decency. In sus-
tanning tho 1000 employees thus concerned
| in their refusal TO 60 to work under these
condit ions, the labor unions in the anthra-
cite region practically give warning to
| President Rooseyet's commission that
they will not accept the verdict of the
commission if it il unfavorable to them
| No other construct ion can bc placed upon
N