The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-10-18
FINANCIAL AND COMMERCIAL.
SATURDAY, Oct. L

At the close Of the stock market to-day
prices of the standard stocks were higher
than they were month ago. although
the intervening period has been one OF
apparent market decentralization and dis
tress. The fact indicates that things have
not been really as bad as they seemed,
that there have been buyers at no great
concessions in price for all the good stocks
that have been thrown on the market,
either by investment holders or by venture
some SPECTATORS for the decline, and that
the amount of genuine fear in the country
as to any depression in business that may
occur is not large. Reference has been
made in this column several times in the
past few days to the exaggeration current
In Wall Street Of such unfavorable features
OF the business situation as did exist. Thus,
the slackening of business in the iron and
steel trades has been harped upon and
magnified until an inexperienced visitor
to the financial district would imagine
that business in this line either was or was
soon to be in as bad shape as during the
Bryan panic in 1896. The fact is that the
steel business just now is improving and
is better than it was two years ago. The
railways are making contracts for de-
liveries OF steel to be made next
year and construction work in the gre at
cities is being renewed. Pig iron prices
have steadied and while the Southern pig
iron pool has dissolved, the "pen market
conditions that now prevail in the South
are really no different from what they long
have been, and under present circumstances
exercise but little influence upon iron prices
IN the North. There are signs that laboring
men are coming to their senses and appre-
ciating that building and similar work
cannot be carried on under the wage scales
that have heretofore ruled. Day by day
money grows easier and there ia now not
the slightest fear felt in any quarter that
high money rates will be exacted at any
time before the close Of the year. There is
Q dawning knowledge Of the scandalous
devices that have been used to excite liqui-
dation and clearer understanding OF the
true character of such proceedings as the
so-called inquiry into the affairs of the
United States Shipbuilding Company.
English consols look as if they had
touched bottom, and there is a distinctly
more cheerful spirit in all the great European
financial centres. Finally, glimmering
is visible Of what it has been possible for
great financial interests to accomplish by
means of the fall in prices that has gone on
since year ago last month One property
after another has passed into wise and
strong hands from foolish and weak ones.
Interests that were hostile before are now
allied and important business combinations
that were impossible year ago have now
been made. Naturally, the full truth in
regard to these last named matters will be
slow in coming out.
1t will be, indeed, surprising. all things
being taken carefully into consideration,
if the very sharp upward movement in
prices on the Stock Exchange yesterday
and to-day does not indicate that the bear
operators have done their worst with the
present market. At least, this much must
be said, that many indications that have in
the past proved trustworthy go to show
that genuine liquidation is over and that
all the people who could be forced to sell
stocks have been forced to do 30, More
over, the fact develops, as is not unusual
at such times, that those who have been
active in exerting this pressure have dis
covered that, as regards certain Of the lead
ing railway shares, they have been engaged,
to the very great satisfaction OF certain
capitalists. in the operation known in Wall
Street as selling into bag" Their short
sales Of these stocks have, in other words.
been absorbed on declining scale by sub
stantial interests who wanted the stocks for
very particular reasons The rise in prices
OF the last two days has been, Of course,
l. . Of lot
for the fall. There is abundant reason for
the belief, however, that great deal of the
buying has been Of another character and
proceeded from those who believe that the
low point Of the market has been touched
and that favorable opportunities for Sc
curing line If sto ks at reduced
prices are not likely to occur again soon.
One Of the leading topics of discussion
In the Street in the last few days has been
the persistent and considerable purchases
of the Chicago and Alton shares at time
which specifically seemed most unpro-
pitious for purchasing anything. There
seems at present small reason to doubt the
correctness of the general surmise that
the movement in Alton has some relation
to the connection which the Erie Railroad
Is now very OeSlTOuS Oh MAKING WIN lno
city Of ST. Louis. The Erie system touches
Chicago and Cincinnati, but it has to send
its cars to st. Louis over other lines. Next
year, Of course, travel to the Missouri
city will be unusually large by reason Of
the exposition, and it is wholly desirable
that any road wishing to complete connec-
tons OF the kind described should imme-
diately set about doing so. Another ex-
oeedingly strong stock has been Atchison
common The Atchison road is, as every
body knows. now in Independent hands
1t is conceivable that in the future its
management might be such as to threaten
the interests Of the other great transcon-
tinental railroads. Obviously. there has
been an opportunity in the last thirteen
months for some Of these transcontnental
railway companies, or, al least. interests
closely allied with them, to acquire such
holdings Of the Atchison shares that a
restraining influence would very clearly
be exercised in future over such policies
Of the Atchison as might be considered
detrimental to its sister lines
The leading stocks to-day, while not as
violently strong as yesterday, still not
only held yesterdays large gain in
prices, but in most instances secured fur
Their gains 1t was known positively after
the close Of the market Yesterday that
certain large operators for the decline