The sun., 1903-11-17
FINANCIAL AND COMMERCIAL.
MONDAY, Nov. 10.

RANK ana HE ol market SPECTATORS, to-day
stock market was strong. The weakness
OF the market in the closing halt hour OF
the Stock Exchange session on Saturday
indicated to the ma ajority of these observers
that the market, having lost tho protection
Of the short interest to a considerable eS-
tent, was again headed downward; they
were on tho outlook, therefore, for a re-
newal, on the customary violent scale, Of
bear operations. this morning The familiar
prophecies which have for n week past been
customary before the opening Of tho market
each day Of the low prices to which various
stocks would be put were, however,
lacking this morning. and although there
was good deal Of miscellaneous selling
in the first half hour Of trading it very
soon became evident that the larger oper-
ators were bending all their efforts to
further retirement, in as wary a manner
as possible of their extended commitm ments
for the fall. Manipulation with this end
in view was. indeed, the feature Of the
market to-day. 1t was especially noticeable,
Of course, In Pennsylvania and the United
States Steel preferred stock, in which oper-
atoms for tho decline have been simply
headong by both tho large and small fry
ofspsculators. The character Of the selling
in these and other issues has at last, how
ever. become thoroughly and generally
understood, No intelligent person now
has any idea whatever that the recent
heavy sales OF Pennsylvania stock reflect
any fear on the part Of any holder of the
shares that the present per cent dividend
rate on his holdings is in peril, nor is the
fact at all concealed that the recent weak
ness of the United States Steel shares has
been due to anything else than persistent
and intense bear pressure, for which the
apathy OF the investing public and the very
large volume Of the issue afforded an oppor
tunity.
The sustained and powerful buying Of
tho traction shares added not a little, OF
course, to the timorousness Of the bearish
element. The usual story has been circu
lated that a consolidation Of all the local
transportation lines is imminent, for which
tale, it is believed, there Is absolutely no
foundation. Something more, no doubt,
than mere general appreciation of the
value Of the street railway stocks Is behind
the present movement in their market
quotations. and exactly what this Ia will
probably be made known in due season.
A fair guess about the matter is, however,
that the buying represents no moro than
the remittance into tho ownership Of these
properties by various largo capitalist
interests which disposed Of their holdings
many months ago because OF doubt as to
the money situation and as to the general
market outlook. An inpeling influence to
such action has very clearly been the dis
closure Of the facts regarding the opera
80 ha hiatt cd poi
system during the last year, with its proof
of economies resulting from the substi-
tuition OF electric motors for steam loco
motives upon its lines. And it is we'll
known that the earnings ofthe Metropou-
tan Street Railway and Brooklyn Rapid
Transit systems are now increasing very
rapidly. American Sugar Refining, Anal
gamated Copper, the Alton. ard the Toledo,
st. Louis and Western stocks were also
bought at advancing prices; and the bond
market showed much Gvelier investment
demand than has been the case at any time
within the last two weeks. Call money
was little harder in tone to-day, but time
money was offered on easier terms. Only
small amounts Of money were transferred
by the banks to the West and South for
crop moving. and nearly 5000 900 in gold
was engaged in London for export to this
side. In the statement OF the country's
foreign trade for October, published to-day,
ample Light was thrown upon the reasons
which have justified our bankers in making
these gold impc rts, and. indeed, have
caused such action to be simply unavoid-
able on their part. Our exports for Oc-
tober we're Sleo, $40, ,o5s. the largest ever
ia IN nofS fror ui6 ~ "a
lantic, except in the year 1900, when the
total was only slightly exceeded, Imports,
too, have fallen of as compared with Oc-
tober. 1902. The total excess Of our e1-
pc rts for the month Is s7s, ,4s9 ,054, as against
SIS, $40 1861 in the preceding month and
1Se, 900 1853 in October of last year The
trade balance in our favor for the entire
ten months Of the calendar year thus far
Is, In round numbers, nearly 5000, coo 900,
as against $29s 900. 900 for the same period
last year. By reason OF the purchase Of
sterling bills drawn to cover to-day's gold
importations. foreign exchange in this
market advanced little.
The annual report Of the Baltimore and
Ohio Railroad was published in detail to-
day. the results according entirely with
the preliminary summaries thereof. The
Standard Oil Company declared dividend
of S12 a share for the final quarter OF lthe
year upon it's stock the company thus
making a distribution for 1903 OF only 81 a
share less than in 1902. This does not
accord very well with the stories which
have recently filled Wall Street of the dry
ing up of oil wells" and falling of in the oil
business, which had caused Standard Oil
interests to take most dismal views regard
ing tho future business conditions in our
country. As bearing directly upon these
business conditions and upon the much
discussed subject Of the orders for steel
rails which the railroads of the country
are likely to place for execution in the ap-
preaching year. Wall Street may be not
little interested in the fact that orders for
over 6O0 900 tons OF steel rails for next
years delivery have already been placed
with the steel rail makers. this quantity
constituting nearly one-quarter Of their
total steel rail production in the last fiscal
year,