The sun. [volume] (New York [N.Y.]) 1833-1916, 1902-11-25
FINANCIAL AND COMMERCIAL.

MONDAN, NoN. ~
The stock market to-day WAS OF KIND
that often happens, namely, one that was
| unsat isfactory TO both the advocates OF
higher and of lower prices. it was weak
| and strong by turns, at times looking as II
| quotations were about To rush wildly up
ward and again as il they were to fall heavily.
| Taking the day az a whole. the trend OF
prices was rlnarly downward. The feverish
strength displayed in the market at different
periods was almost entirely due, in fact, TO
! the whrls up and down of Manhattan stock
and of the shares of the group of securities
directly affected by the mysterious Man
haitian deal" Manhattan was at one
time pushed up points above its closing
price of Saturday, New Yorl; Central poirts
and Pennsylvania II. points; but all thes"
stocks finally lost most of their gain. The
Reading issues continued to evince strength
! because of the hoped-for settlement OF the
coal strike without the aid of the arbitra-
! ton commission, although the srbitr
commissioners have determined, it seems,
! TO make final award in the difficulty, never
thcless The various leading railroad
stocks moved suggishly and suffered from
! continuous liquidatio London sold ?5,oOO
| shares in this market and sent beariSh
advicos a. To conditions in Europe and
as to foreign views on the financial situation
! here l. is est mated that the total sales
| of stock here for foreign account IN
! the last week have been 10000 shares.
! Still no official announcement Of the
| Manhattan IDEAL" j. made. and can
vass Of the financial community di-closes
! the most profound ignorance concerning
| the deal" of interests, who would, under
/ ordinary circumstances, be fully informed
| concerning it The feeling was very strong
! al the close of business to-day that. while
| il might he true that negotiations of n gem
/ era nature had been entered into for a lease
! of the Manhattan Elevated system by the
/ lnterborough Rapid Transit Company, or
/ some sort Of "A combination between the
/ two roads AZ a future time. the move in
| Manhattan stock was, for the most part,
/ a bold speculative operation This view
! was confirmed by the plain evidences of
manipulation throughout the genc~al list,
| such as. in the opinion of the Street, re-
yealed the hand of a famous and daring
/ operator. The up-bidding 3 points of a
standard investment stock like New York
/ Central il very disturbing TO shorts OF
/ course; and vet it does not seem probable
| that II any great project had been con-
summated favornbly affecting the New
| York Central Railroad Company. an up-
/ ward movement in its stock would have
| been delayed until this late day. Another
/ feature of trading which added Ia the fimsy
and unsubstantial appearance of the mar
/ ket was the obviously fictitious dealings
| in the new Rock Island shares
The real news Of the day. which should
, have logically affected values, was I'M
! favorable The banks have lost 81 .225 900
! so far this week on transactions with tho
! Sub-Treasury. New York exchange in
/ Chicago declined sharply. Sterling ex-
I change was very strong. rising To 4.s1S0
! at one time. while the Paris cheque fell
! to IS francs 49,? confines. 4 statement
! was printed, attributed To senator Lodge
who is regarded az the spokesman OF Pre-i-
dent Roosevelt in the Senate. that law
| further restricting the operators Of rail-
/ road combinations and large business cor
} porations in line with Attorney General
| knox's speech at Pittsburg. would GER
talnly be- passed AT this session of Congress.
! Bit all these matters We're of really small
/ importance compared with the circular
sent out by Mr.. George Gould, repudi-
ating tho Use Of his name bv Messrs
Edwin Hawley and f. II. Hartman in
their recent circular asking for proxies
! in the EFFORT To obtain control Of the
Colorado Fuel and Iron Company, and
asking that proxies be sent to himself
\ break between Messr>. Gould and Har-
| riman Is n moInentous affair. The siate-
ment was also made, and was unCon-
! tradiCted up 10 the close of business al
! though II seems most extraordinary, tina,
! the Pennsylvania Railroad COMPANY had
| prohibited Tn" delivery on the cars Of the
company of message. from the Western
| Union Telegraph Company, a. r being II
| further step in TIA" battle now CA between
the Western Union and Pennsylvania inter
o-t~. The root of all this trouble IL, a. il
! we'll known. the efforts of Mr. GCuld's
! railway system TO push its way through
I the Pennsylvania territory to the Atlantic
S@ahoard. Further details regarding thoSe
! matters viii IL printed in the news columns
| OF TIE Sun Tomorrow. Suffice II in this
, column to direct attention to the bitterness
, of these conflicts anu to the light they
throw on the supposed harmony and COM
munty of interest IN the railway and
| financial world.