The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-05-20
FINANCIAL AND COMMERCIAL.
TUESDAY. May 10.

TUESDAY, May IL.
The nR-looked-for rally in prices In
the security market came to-day. II
must be confessed that the rally was abso-
htely a trading and professional ahair
and that It petered out pretty we'll before
the dav was over. II served, however,
to interrupt the slow sagging OF values
that has been going on, and 1t left the prices
Of most stocks a little higher than at the
close OF the market Yesterday; 10 thai AZ
least it can be said that the continuity OF
the declining movement in prices has been
broken. Probably three-quarters OF the
purchases made to-day we're Of the nat
IRE of profit taking upon short contracts,
and many of the bearish operators who
we're prominent in the buying frankly
admitted that they we're bidding up prices
so as TO renew their operations for the
fall under more favorable circumstances
Practically the only buying noticed in the
shape Of genuine speculation for the rtse
was for the account Of London 1t Ia con-
servatively estimated by those who have
ample facilities for Judging that within
the last ten days there have been bought
in this market for the account of London
houses more than 10000 shares OF stock,
and all testimony is to the effect that in
vestors and Spectators on the other side
of the water are now more favorably dis
posed toward American securities than they
have been for a very long time. II Is
little surprising that the results OF this buy
ing Of stocks by foreigners. have not thus
far shown themselves in the sterling e1-
change market The contrarieties and
complications of the sterling exchange
market are however. not always easy to
understand. Sterling in Paris to-day adj
vanced TO IS francs 49,: centimes, thereby
taking away any profit which might arise
in gold exports from this side; but later in
the day sterling here rose to point which
made good the decline in the Paris cheque
and left he basis Of exchange practically
the same as before. Indications. there
fore, favor gold exports later in the week.
The stock market was steady and strong
at the opening this morning then became
dull and wavered for a few moments
under a sharp attack upon the Atchison
shares. Larger blocks Of Atchison COM
mon stock were thrown upon the market
than has been the case with any one secu-
rity in the last ten days. The buying of
Atchison was, however. as determined and
unyielding as the selling. and the stock
declined but little. After this the market
gathered renewed strength. and prices
advanced, although more or less hesitat-
ingly. until the last hour, Quotations for
most of the active securities advanced from
one to two points Then general selling
was resumed. so that the larger share Of
he days gain in prices was lost. The
selling movement was accompanied by
rumors of forced liquidation on the part OF
various speculative interests who had
become involved in the cotton market.
The news Of the day was not bad in a
Wall Street sense. Many reports of large
railway earnings were received for the
second week in May. Rates for call money
fell as low as ~ per cent. The Govern
nent's weekly report Of crop conditions
could only be construed, except in the case
Of cotton, as favorable, although a sharp
rise in the price of wheat occurred in the
afternoon. The advance in wheat. 1t was
stated, was not due to the crop report,
but to rumors of fresh crop damage in the
portion Of the winter wheat
belt The declaration by the Government
experts that the cotton crop was generally
late ana tndt IOt u
were much needed act speculation in the
options for the delivery. of cotton In the
later months Of the year again ablaze and
added greatly TO the general unsettlefnent
Of matters upon the Cotton Exchange.
The effects Of the unhappy developments
in the cotton situation which have been
slowly unfolding for a month past cannot.
apparently. be measured at this time.
As has been many times explained in vari-
Gus columns of TIE Sun, there is substan-
tial justification for much of the advance
in the price of cotton that has taken place,
and there has been up TO a comparatively
recent date lamentable failure on the part
Of what is known as the cotton world to
realize this truth. 1t is only to I've hoped
that the harmful consequences Of this mis-
Judgment will not be such as to imperil
the manufacturing trade Of the country
and seriously to disturb the fina ncial COM
And. finally, those spectators in
the cotton market who are now engaged
In putting the screws" upon the other
spectators who have sold more cotton
than they can deliver may probably re-
member the fate that has without excep-
ton attended the efforts of every operator.
however rich or powerfully intrenched be-
hind a statistical position" at the end OF
a crop year. who persisted in pushing his
demands to an unreasonable degree.