The sun., 1908-12-02
FINANCT.tL q ) C0MMERCIAL.
TrrspAY. Dec.

! were were In their general nature pretty
well understood in Individual cases. or al
least were 30 understood by those who
have devoted timb and attention In recent
months to q study %, the existing condi-
ton and reasonAH Il business prospects
OF certain railxa end Industrial cor
porations. In other cases lille the exact
nature Of the forces operative could only
be guessed at their vefitableness was
none the less evident 1T is invariably
noticed on such occasions that speou-
lators and others who are not informed
of the facts and who rely for their judg-
ment concerning the probable market
action Of securities not upon specific
nowledge ebut vague Impressions gathered
cursorily from general new spaper read
ing and the like are wont to denounce
the rapid movements In price quotations
that occur as being the work Of "manipu-
lation.". Manipulation there often Ia in
the stock market an / of bareface1 kind;
but IL not infrequently happens that an
advance or a decline in the price OF stocks
occurs that meets with much reprobation
from severe critics of stock market af-
fairs whose origin is simply ignorance
OF, the part cs the critics themselves.
II may be we'll therefore for those who
have been particularly strenuous in their
condemnation of the advance in various
stocks in the last week particularly, and
who have not hesitated to characterize
these as being merely gambling transac-
tons, to endeavor to ascertain whether
after all there may not be substantial
reasons for the movement described
regarding which they have been thus far
without knowledge 10
At the opening Of the market to-day
there was again heavy pressure to sell
the United States Steel common shares,
but as the one or two unusually large
blocks of stock offered at the outset were
Immediately taken without lowering in
any way the price of the stock efforts TO
further depress the quotation for this
particular issue were not continued with
the same vigor as on Monday. A story
that was received with considerable
credit in good quarters to-day ran to the
effect that the decline in United States
Steel common since last Saturday was
largely the work of agents directly
affiliated with a large bucket shop
combination. whose purpose was of
course TO wipe out a large number Of
spectators on small margins in these
institutions throughout the country who
have with great unanimity favored
United States Steel common in their
buying operations. All the metal stocks,
Amalgamated Copper, American Smelling
and Refining and the like, were relatively
heavy. Smelling stock being especially
u f,,kk
in the price Of silver Silver metal is
now selling at a low record price for the
year. The weekly copper statistics in
the London market also disclosed
slightly increased accumulation of copper
stocks there. These matters consti-
tuted. however. the only unfavorable
news of the day and the back kwardness
OF the stocks referred to was in short
time entirely lost sight of in the rapid
advance in a large number of stocks,
Milwaukee and st. Paul, Con-
solidated Gas. Rock Island. General
Louisville and Nashville, Mis-
souri. Kansas and Texas. Missouri Pacific,
Pacific Mail and great many other
prominent issues. Indeed, new high
years records were made to- day in twenty
different stocks There is very little doubt
that the source Of the remarkable strength
shown in the Rock Island common and
preferred stocks and bonds and in all the |
issues of the st. Louis and San Francisco
Railroad Company was due to the immi- |
nence of banking arrangements having
for their ptrpose a comprehensive care
taking of the st. Louis and San Fran
cisco Railroad system for an indefinite |
time to come. and the consequence OF |
this operation, whenever 1t is consum-
mated, will be, from the point of view |
Of the Rock Island Company. that as the |
current revenues of the Rock Island Com |
pany will be quite sufficient IL usei for
the company's own purposes to allow
the resumption of full dividends upon |
the Rock Island preferred shares, such
will be ordered. As regards .
St. Paul, it is altogether likely that the
arge earnings already made by the
extension of its Western lines
are at the bottom of the strength dis
played in the market for the company's
stock. 1t is trustw orthily stated that
the new lines Of the company running
nto the Butte mining district are tieli- |
ng about IL per cent, per annum upon
he capital invested in them, and it is
lnown that 1t is the expectation of the
St. Paul management that its entire new
inc through to the Pacific coast will
De- in operation by May next Ster-
ing exchange to-day moved to a point
hat so far threatened gold exports that
Inquiries for gold bars were made at
he Assay Office. On the other hand
Iterling in Paris also advanced and money
'ates here rose to level not quoted in
many weeks. To-day's 21s per cent.
all money quotation was doubtless due
lot at all to the talk Of gold shipments
,ut to the necessary preparations made
~ the banks for the forthcoming Panama
;anal issue and as a temporary result
II the numerous bond issues of the last
ortnight. II is therefore not at all
ettled that gold will be sent to Europe
his " eek.
Sew York stock Exchange Sales, Dec. 1.