The sun. [volume] (New York [N.Y.]) 1833-1916, 1904-10-05
FINANCIAL AND COMMERCIAL.
TUESDAY, Oct.

prices began, without, however, bearing
witness TO the slightest change In the gen.
eral character OF the market. What this
character Ii needs little telling for the bene.
fit OF those who are daily and cool headed
watchers OF Wall Street affairs. But the
fact is again worthy OF note that they sui.
flee TO mark the current movement OF prices
as one unique and singular in Wall Streets
history. For long time past business on
the Stock Exchange approximating mil
lion shares a day has not been uncommon,
and full days business Of less than SOC, O0C
shares has been rare. This has been going
on for four months, while for over eight
months speculation for the rise has been
active. Yet in all this period, and never
less than at the present moment. the in
terest manifested by the general public In
the stock market has been absolutely in
considerable. The story heard In every
large commission house is that "outside
business, that Is. orders to buy stocks from
other than professional spectators. amounts
to little or nothing. These professional
spectators are admittedly very active
and are carrying Zines Of stock proper
Tomato to the breadth of the market, but
II il their business and that Of the huge
manipulation Of some great financial powers
or power that is solely responsible for the
present condition OF affairs. Never before
has the mass of people turned aside 80
persistently such a prolonged invitation
to engage in speculative ventures, and never
b fore has an unaided and profess or ALL
manipulated market been sustained for
such a length of time. 1t is inevitable,
If fir ctan fhaf
those who have had long experience in
Wall Street view a market OF this kind with
a scepticsm which increases the more the
longer the market is "held" without pub
lie support. Their fear is, inspired by the
lessons Of the past, that sooner or later the
props that maintain prices will be per-
force withdrawn, and their most frequent
and Just comment has been and is that the
general list OF stocks is distinctly unrespon-
sive to the flashing 1t receives in the shape Of
the bidding up Of particular issues; yet
they realize the strength of the buying
movement, even II they do not understand
1t or sympathize with 1t, and they wisely
hesitate to combat 1t while its vigor seems
undiminished.
To-day the feature" Of the market was
an extraordinary movement in st. Paul
common stock, which at one time lifted
the price Of the Issue ~ points above it's
closing quotation last night and Is points
higher than the price of the stock four
days ago. This Is the largest advance in
the shortest time in an active security that
the stock market has seen this summer
and has not been witnessed in the case of
st. Paul stock since the craze in the fall of
1902. OF course the movement started
stories concerning disposition Of railroad
properties that had been arranged in
supposed amicable adjustment of the
Northern Securities litigation, such as
Wall Street has heard a hundred times;
and the chief rumor was to-day that in this
adjustment the Northern Pacific Railway
Company was to be turned Into st. Paul's
hands. This brought about sympathetic"
purchases Of Union Pacific and Southern
Pacific stocks. There was largo buying
also Of the Missouri Pacific shares, In which
q stubborn short interest is said to exist;
while Pennsylvania stock was at one time
vigorously puahed upward Concerning
the stories to which allusion has been made,
1t 10 only sufficient to say that they were
denied again to-day, as they have been
denied on numerous occasions In the past,
by the very highest authorities representing
both parties to the present Northern Sc
curities controversy. a. unmitigated false
hoods. 1t IL q fact that after the decision
Of the Supreme Court Of the United States
IN the original Northern Securities case,
and while plans for dissolving the Northern
Securities Company were being discussed,
q proposition was made to the Great North
ern interests that the control Of the Northern
Pacific Railway should be turned over
Jointly to all the different railways having
an interest in the matter, that is to the
Union Pacific, Great Northern, st. Paul,
and even the Chicago and Northwestern
company: but this proposal was promptly
rejected and has never since been renewed
1t is the firm belief Of all parties concerned
In the matter at present that the situation
Ia one that can only be relieved by defini-
tive legal adjudication, and that the law
suit that Is now In progress must be con-
tinued until that adjudication is made.
The most satisfactory theory to account
for the rise In ST. Paul stock to-day re-
mains, therefore, that 1t was mere piece Of
market manipulation. 1t can be argued
that its price has been "out OF line" with
dividends at the rate Of per cent. and
this argument in such a market as the pres
ent is conclusive to many people, How sub
stantial it is may be gained by some calm
study Of the last annual report Of the st.
Paul company. Inspection of the security
list at the close Of the trading revealed,
as it has done frequently recently. that
while the market gave the surface appear
ance Of one of exceptional strength, large
advances were con ned to a few stocks
and that many Of the prominent stocks
closed on a heavy volume of trading at
declines. The days news, Of course, was
little needed. Railroad earnings as re-
ported were generally encouraging, al
though the Pennsylvania August state
ment, showing a decrease In gross earn
ngs for it's lines east and west OF Pittsbure
Of LOTT ,eo0 changed by a curtailment Of
operating expenses into a net in crease Of
1901 900. was hardly up to expectations.
It had been supposed that the gross earn
ngs Of the Pennsylvania we're enlarging.
rhe weekly crop bulletins were favorable. |
The banks in their transactions with the |
thus far this week have lost
z, sos 900, a loss which was further in
creased to-day by transfers OF money
through the sub-Treasury TO the interior