The sun., 1903-12-01
FINANCIAL AND COMMERCIAL.
MONDAY, Nov. 80.

The advance In price in the security
market to-day In the face OF call money
rate which at no time fell below per cent.
and at ono time rose to per cent. ls a
pretty fair indie alton that sentiment IN
Wall Street concerning financial matters
has undergone change. Two months or
even few weeks ago these high rates would
have provoked heavy selling OF stocks
To-eay almost the universal disposition
was 70 regard the money situation Win
hopefulness and even with optimism. lhe
Gust omary assertion was made by those
committed to speculations for the decline
that the rise in the market was largely
matter Of the partial retreat OF the short
interest. Even 3d. 1t suggests that the snort
interest finds itself in peril; and II the mar
ket is in the hopeless ate that these specula-
tors would have people believe, the strength
of money rates would seem to afford q waltz
able opportunity for depressing prices in
stead Of stimulating q general movement
on the buying side The fact Is. as the
future will probably disclose. that the
present period of high money rates is being
taken advantage of by very rich and power
capitalists to accumulate stocks ms
was what invariably occurred in past times
on occasions like the present, and there ls
no reason to doubt that the process is again
going on. Ordinary spectators are de-
TERED from buying by the unusually high
cost OF the privilege. and II their habit ls
70 sell their neighbors' stocks rather than
to make ventures for the rise, they usually
indulge, at these times, In the practice
known in Wall Street as fighting the ad-
vance" Investors, on the other hand.
and all those who believe that the general
tendency of the market is toward better
things, buy stocks freely. the belief is
now spreading very rapidly in the financial
district that after the 1st Of January not
only will the supply of money for pur-
chases of stocks, either for investment or
speculation, be plentiful, but that there then
will be much more cheerfulness and a de-
cdedly brighter outlook in the business
world.
The failure OF the per cent. call money
rate to cast a shadow upon the market was
perhaps also due to remembrance OF the
fact that to-day was the last day OF the
month and that preparations for the large
disbursements OF money for interest and
dividends due tomorrow added not little
to the scarcity Of loanable funds. News
came, too. Of the engagement in London
of $l.s5O,OOO Of gold for import, Count
ing the gold that has already arrived and
Is now in transit or under engagement,
nearly $4,000, 900 has been taken from the
other side OF the Atlantic within the last
few weeks. and imports of the kind are 4,
not yet over. Foreign exchange to-day
was little weaker and domestic exchange
in the interior cities still points toward
this city Our local banks are having to
boto n Il for ba Ira in,
OF money to the Pacific Coast for moving |
the fruit and wheat crops in that section. !
Such demands are very extraordinary |
and 1t Is not probable that they will con- |
tinue The bankers Of the extreme West |
ern section usually provide funds them |
selves for the crop moving in their terri |
tory or bring gold from Australia for the |
purpose, This year, however, the high !
prices obtained for wool in Australia have |
placed that country in much the same posi- |
ton regarding the foreign exchange mar |
ket as are the cotton planters in our own |
Southern States, and gold exports from
Australia have not occurred, and probably !
will not.
There was little selling OF stocks here
for London account the London markets
being disturbed, 1t was said, although in a
trihing way. by renewed discussion Of the |
Russo Japanese political situation. Save
for few intervals OF dulness, however, in
which prices fully held their own. the days
market was strong from start to finish. !
The caution with which the short interest J
In tho market has become inspired was !
The reason, proba bly,. for an advance In |
The price of Pennsylvania stock, which at
one time extended to nearly two points. !
The fea lure of the market was the notable |
strength of tho Missouri. Kansas and Texas,
Texas Pacific, Kansas City Southern and.
In general, the whole group of Southwestern
railway issues. The Gould and Wabash
stocks were also very resilient, and spe-
cialties like New York Air Brake and Cen
eral Electric made large advances. Louis
vile and Nashville advanced nearly two
points because of more general considera-
tion Of the earnings and prospects of the |
property. The Chesapeake and Ohios
statement of earnings for October showed
a gain in net of S182 ,023. This hardly re-
fleets the prostrated condition of the soft
coal business that has been so greatly
talked about Another development full
Of announcement, and which has even
greater bearing on the future than it has
on the present, was the publication by the
of tho complete and classified
Of the countrys export and i'm
port trade for October 1t has been hitherto
supposed that our large trade balance in
October was caused almost wholly by
shipments of cotton, due to the peremptory
necessities of foreign spinners but an ex-
animation of to-day's full return shows
that our exports of manufactured articles
In the month has rarely been surpassed
by those Of any similar period. This
In matter of great Importance. The
fall in the prices Of iron and steel wares
and similar goods which has taken place |
In our country has already. as is now
clear. served as an immense stimulus to
our export trade.
N~ rly Gala