The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-10-10
FINANCIAL AND COMMERCIAL.

FRIDAY, Oct o.
At the close Of business TODAY Wall
Street had pretty nearly, recovered the
equilibrium of Judgment that had been
disturbed by the developments brought
out in the legal procee dings in the case of
the United States Shipbuilding Company.
The factor that had most to do with the
return OF health was the discovery that
there had been very little genuine liuuida-
ton in yesterdays break in prices and that
tho weakness of the market was almost
wholly due to short selling. These specu-
iators for the fall discovered, for their part,
that the stock market is now very clearly
in condition where it ia easy enough to de-
press prices by manipulation of the ac-
customed sort directed toward that end,
but that, on attempting to repurchase the
stocks that have been sold in the operation,
prices rally as easily as they previously de-
clined. Nothing further was heard in the
nature Of animadversion upon the acts or
motives of the great banking house that
concerned itself in the transfer OF the Beth
lehem Steel Company to the United States
Shipbuilding Company The part played
by the banking house in the matter is now
perfectly understood. The firm was merely
acting as the agent and trustee of another
and larger corporation, which had been
forced to take charge Of the Bethlehem
Steel Company under circumstances whose
imperative nature is now clearly discerned
by the general public, and was anxious to
wind up It's connection with the affair a.
soon as possible. As usual the amenta-
tons yesterday over the "loss of conf
dence" in the stock market by the public
because Of the affair proceeded almost
wholly from bearish spectators. The
final word about the matte is. however,
that it is ancient history, and that 1t is
wholly improbable that single share Of
stock actually owned by an investor has
been, or is likely to be, pressed for sale in
the security market because Of it.
The market To-day was feverish and
uncertain. London being a fairly large
seller OF stocks because Of her own troubles,
with the selling pressure on this side di-
rected chiefly against the industrial shares
The market was again strongly ruled. as
it has been throughout the week, by a
general tendency, which s manifestly
increasing, making for marked cleavage
between the course Of the railroad and
industrial shares. Amalgamated Copper,
Tennessee Coal and Iron, American Smet-
ing and Refining and American Locomotive
common and preferred were the weakest
features Of the list to-day, while the rail-
road shares were steadily supported. and
closed in almost every instance at higher
prices than they did last night. The
peculiar strength, In particular, Of Chicago
and Alton common, for reasons that were
wholly undis closed. excited attention. The
bond list, though not quite as active as on
previous days, was Arm, rejecting, as it
is bound to do in the future, very great
change for the better in the money situation
Calculations as to to-morrow's bank state
ment show variously gains in cash by the
banks OF between $4,000 and $500 ,OOO,
although it is supposed that the normal
tenor Of the statement will be somewhat
per1urbed by the merger last Monday of
the Western National Bank and the National
Bank of Commerce. Shortly before the
close of business announcement was made
of the fall enthusiastically exceedingly
accurate-o! Bradstrset Of corn crop
of 2,o5O,OOO,OOO bushels, with marked
indicat ions that the crop will be Of very
superior quality. Prices at the close of
the stock market were generally at their
highest for the day.