The sun. [volume] (New York [N.Y.]) 1833-1916, 1902-11-07
FINANCIAL AND COMMERCIAL.
THURSDAY, Nov. 9.

WV u
The stock market to-day was weak and
strong fitfully. and within a narrow range.
Professional traders were inclined to re-
peat their familiar tactics Of covering their
short contracts and working for a rally
in the stocks affected bv the process but
no new buying appeared and fresh liqui-
dation set in in securities, which have thus
far stoutly resisted the declining tendency
of the market. The majority Of customers
in commission houses seem to be already
carrying all the stocks they desire to, and
the general feeling in such places is one Of
entire apathy or downright discourage
ment. Banking houses continue to talk
conservatively, even bearishly. the tenor
Of their advice being that what the financial
situation needs at present is period Of
quiet and a gradual contraction Of certain
liabilities.
The days grist of news was small The
weekly statement of the Bank of Eng
land showed a loss in cash reserve. De-
volopments in the foreign exchange market
were mixed. Sterling exchange was frmer,
but Paris exchange on London rose | CEN
time because Of what was declared Ia be
furiha extension Of credit To American
borrowers, while the price of bar gold
wd- lowered IN the open London market
II L. calculated that foreign exchange
must thus rise about 20 points further
before gold exports will bc profitable.
tn" Reading stocks were weak for no
reason that anybody could discover, ex-
cept that buyers who bid them up a couple
Of points N the close of last week were
now taking their loss Pressure con-
tiruod in Amalgamated Copper by reason
of the political victory which Heinze. the
Amalgamated's opponent in Montana, has
apparently won in the state. The entire
political situation in Montana seems 10
be that of the most shameless iniquity
ever known in our country, and any ordi-
nary owner of property in the state whose
interests are affected by politics there might
we'll be pardoned for wishing 70 close them
out entirely. American Sugar Refining sold
of on the announcement of the withdrawal
of guarantees OF prices To customers by
two of tho leading sugar refining interests.
and the belief that competition in the sugar
refining cuisines. has again become acute
Cotton Oil common was very strong upon
the declaration of n dividend of per cent
upon the stock, the annual dividend last
year being but = per cent. The directors
stated. however, that only per cent Of
the dividend would be paid next month.
and that the remaining = per cent. would
be paid next June. This was taken to
mean that the annual dividend this year
and next would be per cent. The old
rtInor was again heard that consolida-
ton will be arranged between the Ameri-
can Cotton Oil Company and the Virginia
and Carolina Chemical Company II Is
true that plan of such consolidation was
once discussed. bu, il can he authoritatively
stated that the idea has been abandoned.
Indeed, so far a. the Virginia and Carolina
Chemical Company was concerned, the
proposed merger had at no time more than
a very small chance of becoming fact.
Canadian Pacific gave evidence To many
observers of an effort TO sell stock dis
creetly without breaking the price. II is
commonly believed that weak long in
terest in this security is still outstanding
and it is understood that powerful sup
port has recently been attracted to the
project for building railroad from Quebec
to the Pacific Ocean about $50 miles north
Of the Canadian Pacific Railway and
practically paralleling the latter road
across the continent. The frmest stocks
during the day were those issues which
have been recently most depressed by
bear operations namely Baltimore and
Ohio. Norfolk and Western and all the
Pacific stocks, except Canadian Pacific
On the other hand, the selling of United
States Steel common and preferred was
even heavier than yesterday.