The sun., 1903-11-18
FINANCIAL AND COMMERCIAL.
TUESDAY, Nov. II.

TUESDAY, Nov. II.
Up to the closing half hour OF business
on the Stock Exchange to-day the days
st ock market was one of quiet and sus-
tained strength. Practically all the active
securities advanced in price, slowly and
steadily, about point and extreme strength
was shown by certain low priced railroad
shares, such as Kansas City Southern pre-
ferred and Toledo, st. Louis and South
west ern. The price of the Alton stocks
again rose sharply and In the industrial iist
Realty preferred, Consolidated Gas and
American Sugar Refining were notably
strong Bearish spectators professed 70
consider he rise in some OF these st tocks az
an unfavorable market sympt ON, on the
ground that they indicated that speculation
rat her than invest ment was at work in the
market The answer made to this was
and it was an answer that was convincing
to most market observers-that activity
in issues like some of those that have peen
named is. indeed, often danger slgnal
when it occurs at the end OF prolonged
advance in the market. 1t is usually
under those circumst stances, an lndica'loh
that speculation is becoming rampant.
Under such conditions as now prevail,
however, the buying OF the low priceo
stocks is n proof that money lending IN
terests have found it possible to relax In
some degree their former rigorous scrutiny
of collat eral offered and that various cap
italist powers conceive the way to be clear
for the execution Of plans which have long
been necessarily dormant regarding prop
critics which they control Generally
speaking, there was a more cheerful feel
ing in Wall Street to-day than there has
been for many days past. Conservative
commission houses which have hitherto
expressed themselves as being doubtful
as to the advsability of buying stocks.
although admitting that securities were
in many instances selling we'll below their
intrinsic value, were to-day recommending
cautious purchases by their customers.
The news printed in THE Sun this morning
of the very large orders for steel rails for
future delivery. already placed by the lead
ing railroad companies was generally and
rightly regarded as bright omen as to the
state Of industrial business in the coming
wear. Authoritative advices regarding the
st eel and iron situation In general are, too.
encouraging. More inquiry is reported
for pig iron and contracts for the delivery
of iron in the coming year are being made
with considerable freedom.
Quotations Of most, II not all, OF the local
street railway stocks touched higher hgures
to-day than have been previously recorded
for them at any time during the recent
upward movement in their price. 1t is
stated that the increase In
the earnings OF the Brooklyn Rapid Transit
Company in the fiscal year thus far amounts
TO about 5000 900, and that the daily increase
in the earnings Of the system appro1imates
$4,000. 1t Is fact not generally understood
that the gross earnings OF the Brooklyn
Rapid Transit system are as large as those
OF the Manhattan Elevated Railway Com
pany. 1t Is quite possible that the in
creased facilities in the oompsny's trans
portation service given by the construction
Of the four new loops at the western en-
trance OF the Brooklyn Bridge, which have
lust been placed In successful operation,
somewhat to the particular
strength OF the Brooklyn Rapid Transit
shares to-day. The fundamental reason
for this rise in price Is. however, as stated.
Shipments Of funds to the South to-day for
moving the cotton crop were a little larger
than has recently been the case; but, on the
other hano, Now ork exchange In Chicago
sank to par, and 81 500 900 more in gold was
engaged in London for export to this side
Quotations for time money did not change
to-day, and. in fact, dealings In time money
have sunk to minimum. There is very
little demand from there for money for
use .over the end Of the year. Call money
was to-day, however, rather steadily main
tanned between and Q per cent. As has
been repeatedly pointed OUT the present
range of call money rates is not at all
bad factor in the financial situation at this
centre. It helps very sturdily IN the mat
ter Of gold imports, and by inducing the
trust companies to enter the loan market
It serves to reduce the loan account OF the
State and national banks. To-day's de-
yelopments in domestic and foreign ex-
change indicate, on the whole, that both
gold imports hither and shipments Of funds
from this centre are nearing an end.
The drive at the market in the final deal
ings focused, of course, upon the Pennsyl-
yania and United States Steel shares. No
new arguments were brought forward to
Justify the attack, and so far from the
idea spreading in Wall Street that the sell
ing of these securities is in any way OF the
nature of real liquidation, the bogus nature
of a very large portion OF the transactions
IN the two stocks named Is becoming daily
more and more evident and the speculative
desires back of the manipulation more
and more fully disclosed. The last story to
he circulated concerning the Pennsylvania
Railroad Company is that the Attorney
General of Pennsylvania has notified the
A. Il aith hnr n nr l,ov
don the old franchise for the construction
of new so-called southern route from
Pittsburg to Philadelphia, and that if the
company decides to abandon it the right to
build the road will be granted to rival
line. The story is ridiculous on its face,
but it nevertheless met with a prompt
denial to-day from the authorities of the
State of Pennsylvania.