The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-10-21
FINANCIAL AND COMMERCIAL.
TUESDAY,, Oct. 20

TUESDAY, Oct. 20.
The results Of to-day's stock Arket can
only be interpreted as affording additional
proof that there is a substantial change
for he better in the general feeling re-
gardinS the financial situation This is
far from asserting that indications are
that the majority OF people or even any
considerable portion Of them look for a
@bull market" in the near future, or that
there is any confidence that dark days
in the market such. for instance. IA that
seen yesterday, will not frequently occur,
But II is reasonably clear that there is
widening belief that the market is turning
very slowly and gradually, but still steadily
from tho direction Of lower prices to tho
direction cf higher ones Bad news, when
it happens. does not affect the market az
formerly. It depresses prices for day
or so. but instead Of period Of gloom and
uneasiness following in the train Of the
event succeeded in turn. peril p, by an
other and greater fall in quotations, pri es
rally 4 'colinc f fnw rCints. in
other words seems to bring he mar
X to point ThHrr al T'rnES are
absorueu, ,es' n.ent ~t''k Ii no Ion
ger SOLD and prices quickly rebound
There have been at least half a dozen &C.
casions in the last month when market
scares of this kind have occurred. The
commotion raised over the testimony in
the Shipbuilding case, the collapse OF the
local manufacturing stocks in Pittsburg
and, lastly, II e failures in Baltimore. not
to speak Of vari u, minor unfavorable de-
velopmcnts, resulted in unsettling things
porarily Nevertheless, the market
each time. after a sharp break, recovered
its ground, ard to-day prices are consider
ably higher than they were thirty days ago.
or all Il q 50 tests that Of the suspension Of
the Baltimore trns, companies Yesterday
was. for reasons that n"'d NOT he dwell
upon, tho most severe II came et time
when the short intcres' in tn" market was
somewhat reduced and when a good
many spectators had bought stocks
rather heavily in the hop" that n percep-
soon be reached. Practically all of these
operators threw over their stocks Yesterday,
extremely fearful Of the resul, On popular
sentiment of the news from the Maryland
city Yet they found that people generally,
instead Of beinf greatly surprised over what
had happened, t,ur Il as matter of course.
Operators both for the rise and the fall,
therefore, much disguised, made haste
to repurchase to-day tho stocks that yes
terday they sold,
One reason for this action might have
been clearer consideration of the facts
regarding the situation in Baltimore,
dtions in other parts Of he country and
that they were net bad, anyway, as
they had been represented 10 be. It was
stated to-day by those entitled to speak
that one of the trust companies that sus-
pended yesterday will resume business in
a very short time, perhaps tomorrow.
and that there il small douh, that the sus-
pension Of the other company will be OF
other than short duration. At all events,
there are specific reasons for the weakness
in Baltimore that do not exist elsewhere.
To-day's stock market was little more
than a steady advance in prices from the
opening TO the close OF business on the
Stock Exchange. so that at the end OF the
session prices Of many stocks we're very
nearly up to the high points, and in some
cases above the level reached on Saturday.
The news Of the day was wholly without
feature. Stocks whose strength excited
especial comment were Louisville and
Nashville, Sugar and American Smelling
and Refining. There is good reason for
the belief that nearly if not quite all of the
Louisville and Nashville stock purchased
at very high figures by Western specu-
lator last year upon the belief that it would
be made per cent. guaranteed issue,
has been liquidated. American Sugar Re-
fning reflected the hope that at the forth
coming extra session of Congress favorable
action will be taken upon the Cuban re-
ciprooity measure. The rise in Smelling
common was doubtless due to the restive-
ness OF the large short interest In the shares.
Wall Street has hitherto been sceptcal OF
the story that Smelling common would
be placed upon a dividend basis at the
beginning Of next year, It must be said
that this scepticism seems uni lstified, The
Smelling Company has an accumulated
surplus Of nearly $4,000, 900 and is at present
making earnings at the rate Of 10 per cent.
a year.
New York stock Exchange Sales, Oct. 70.
CLOSING PRICES OF UNITED STATES BONDS