The evening world., 1905-11-06
K4LLSzREZ
MONDAY, Nov Q.

Inc uleplhgNN w bN
stock market to-day Indicated wall
streets doubts and fears regarding
tho outcome OF the municipal cleo
ton tomorrow, A feeling OF I'M
certainty prevailed, especially os TO
the Mayoralty, and the strong bulltsh
tendencies Of last week were held n
check for the time being. That the
market did not slump badly Is evidence
that strong forces are still behind H.
The extent TO which the Hearst sem
timent has developed Is discussed with
much earnestness by Stock FXchahso
men and the actual effect Of Hearsts
election az Mayor Of Greater New ioik
forms the basis OF a variety OF con
lectures.
In view OF the attacks on the So
called Gas Trust by the Municipal
Ownership oampaigners, a raid on Con-
solidated Gas stock "a looked Tor TINS
morning Specialists in this stock ex-
pected that the bear operators would
take advantage Of the sensitive condi-
ton Of the market to hammer o
solidated-and perhaps the stocks OF
other local public utility corporations
But little aggressive spirit was mani
tested by the bear element, however
Tho opening OF the market found the
supporters Of all the pool stocks ready
to resist attack. but there was no con-
certed attack. Consolidated Gas opened
at 1873 l-2, with a sale OF 100 shares,
Immediately thereafter the price was
bid up TO l5 l-2, and J., NJ Shaw Of
fered to bet 5000 even that the quota
ton would advance . points before 1t
declined 5 points,
Notwithstanding fractional declines IN
some Of the high priced stocks, such
leaders as Reading, Union Pacific and
smolters developed strength. These
market leaders showed the effects Of
determined support. The Steel stocks
also retained a pronounced bulllsh
tendency.
A significant feature Of the days
trading was the advance in the prices
Of several Of the low-priced stocks.
More than ordinary activity was shown
by Railway Steel Springs, American
Grass Irvine, American Cotton OIL and
Duluth, South Shore and Atlantic with
rising quotations. Each effort 10 start
a movement in low-priced stocks re-
ceived encouragement. A few Of the big
operators turned aside from their more
important schemes to help along a boom
in the l~ow-prlced and hitherto passive
stocks. These conditions apparently
justified last weeks predictions Of Ger
tain room traders that manipulation or
the big bull pools was to be supple
men,ed Dy a stirring Of speculation In
terests in the cheaper grade of securi'
ties,
Such enthusiastic hackers Of Cana
dian Pacific as jefferson NJ. Levy and
his friends scout tle story from Lon
don that lanes ]. Hill and j, Plerpont
Morgan have bought control OF the "a
madam Pacific system, This story was
evidently put into circulation BY way OF
cNplaining the recent CNtraprdlnarE Ouy-
mg of Canadian Pacific shares AZ steau-
ily advancing prices, In order 10 OBTAIN
control II the Canadian Paclllo road !.
would he necessary 70 buy I0,0N,WO OF
Tia common stock, at least. Few per-
sons In wall Street believe that the
Mcssrs Hill ana Morgan nave bought
any such amount Of Canadiaa Pacihc
stock. 1t is well known that James J
HI and his friends own a considerable
interest IN the Canadian Pacific, hut
there is little grou.d for belief that Mr.
I'm has even sought 10 obtain the con
trol. Representatives Of the dominatng
Prittsh interests IN Canadian Paclnc
frankly declare that British sentiment
would not permit the sale Of control OF
this system 10 Uaitel States capitalists.
Shouli Hin and Morgan yet control OF
Canadian Pacific they would dominate
the entire railroad traffc u tho North
west and Alaska. including the indus
trial development Of British Columbia.
4 bit OF gossip in the Stock Exchange
to-day was TO the effect that fully 100 .
OGO shares of Canadian Pacific had been
bought in the open market for the ac-
count Of a widely known wine merchar
win long standing affiliations in Wall
Street,
The fact that no gold engagement
for export had been made at the United
states Assay office up to late this after.
noon was taken In Wall Street as an
assurance that no shipments OF gold
will go out tomorrow. The money
rate hardened soon after the exchange
opened. call funds l%oaning as high as
par cent. and ranging NJ 10 6A per cent
Tbis rise IN the local l%Oaning rate was
largely due to the bad bank statement
inst week, and II caused the foroigi
eXchange TO ease somewhat, Demand
sterling shortly after the opening de
cllned 3 points TO $3.50 a $3.50. tn,
stock market continued feversf
throughout the day,