The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-05-27
FINANCIAL AND COMMERCIAL.
TUESDAY, Nav 20

| TUESDAY, May 20.
The opinion was very clearly held by the
majority of experienced observers Of the
market and by the larger and shrewder
| professional operators at the close Of bust
ness on the Stock Exchange yesterday that
the market was pretty thoroughly sold
out This opinion was based upon two
| important considerations. First, direct
| evidence that the selling of securities in
| the last week, particularly Of the st. Paul
| shares, had not proceeded from substan-
| tial and so-called inside interests, but from
| various speculative and newly rich indi-
viduals who found themselves with COM
| mitments on hand far greater than they
were able to take care Of and were forced
to sell standard stocks to safeguard their
| various engagements. Investigation de-
veloped that the buying of last Saturday
and Monday had, indeed been far better
than the selling and that stocks had passed
into the strongest possible hands. Assur-
ance was forthcoming from authoritative
quarters, moreover. that the enforced
liquidation referred to had ended and
that those for whose account it had been
undertaken had, by reason of it, placed
themselves in financial security. The sec
ond consideration leading to the judgment
that the market had reached it's turning
point was the evidence on every side of the
reckless and miscellaneous short selling to
which the market has recently been sub
iected There is not the s ghlest doubt that
the largest business Of this kind that has been
done by commission houses for long time
has been recently transacted by them for the
account Of customers whose ventures in the
market are usually on the buying side In
numberless instances have unframed specu-
lators of this description endeavored to
recoup their losses brought about by the
decline in values by making contracts at
the lowest prices for the future delivery
Of the stocks which seemed to be most
heavily pressed for sale There has been,
indeed. fever Of short selling in Wall
Street. and taken in conjunction with the
low figures for investment stocks that have
been reached. it has alarmed the larger
-bears" not little
Stocks opened to-day we'll above their
closing figures OF yesterday. advanced
little farther, then declined and held sta
tionary until the last two hours Of the Sc a.
sion. The buying was still timorous and
hesitant, because on many similar oc-
casions in the recent past expectations for
In the middle of the day the market weak
ened under bear pressure, but it was speedily
found that the liquidation of the last few
days had ceased. Quotations, therefore.
speedily rebounded and closed at the high |
est figures Of the day, the active stocks all |
showing gains OF about per cent The |
days news was unimportant. A shipment |
of 5000 600 in gold to Paris was announced |
Ill III
Louisville and Nashville and Southern rail-
ways among others, made reports OF very
large increases in gross earnings for the
third week of May. The Government
crop report. issued in the afternoon. was
-egarded a. generally favorable 10 cotton
md TO the growing grain
Probably as great and acute cause
Is any other of the markets strength to-
lay was the advance in Pennsylvania shares.
n view Of the very successful formation
# the syndicate to underwrite the Penn
ylvanias new issue Of stock. it is now
practically certain that there will be no
urther measurable decline in the price Of
he shares the certainty is almost equally
great that the price of the shares will adj
Tance, The disposition of the investing CONF
nunity toward the matter is shown by the
ACT tnal dppllCallOnS LOT an interest IN tne |
indicate reached triple the required guam
ity and came from the largest financial
of the country. The reserva-
ion made by the managers Of the syndicate
# a right to purchase in the market Penn
ylvania Railroad shares up to 10 per cent.
# the syndicates cash obligations, il
UGH action was considered advisable. is
ignificant as pointing to probable market
esults Apparently, there is nothing left
or the large short interest that has ac-
umulated in the Pennsylvania shares
nut to cover" as best it may. Other
tocks that were particularly strong to-day
we're st Paul. Missouri Pacific and New
fork Central National Railroad OF
Ne xico preferred rose "a points. and an
announcement concerning the
property s believed to be near at hand
southern Pacific was bought heavily by
brokers' usually acting for Mr., Keene
The hopeful feeling in the market at the
lose Of business was decided.