181 



IKW OP !. 



torn. Canadian Pacific. Chic*. Cod 



ahare* Whbky. and Tennessee Coal ml tan, 

 While the loawe were heavi, ... Sugar. Cot^ 



vnda aoatham reland, 



HansMsH Chicago and .v 

 trl |jk- Shore. Michigan Central. N\v IOW 

 ^.un Pacific, Bwithern pn f 



IM |*.ih.T. \Va.aKh preferred. 

 .. . A tl .' VMfBMOdb 



lower in October, influenced l.y aln..-t 001 

 IBM* of an unwilling collapse in the mining 

 half .peculation in UOftdoO and Pun-: by the 

 firm tone for eiehanp . mainly caused by an at- 

 Upt to corner OcioBer deli vcriw of GHt 

 Ituuidation of long account*; ami l.y > 



rr, particularly upon the indust rials. 



was a sharp attack upon leather and T<>- 



dur; nd at the same 



time good buying of .-.icngo Gas, the 



CV>eJfuuY*.ai>dtheGrangers. Early in the sec- 



MfMurr, 

 There wa 



a very firm tne for exchange had a 

 disturbing effect! >ut Inter th> market rallied on 



inein sterling. due t< more liberal offer- 

 ings of Cotton bi I la. In the thinl week exchange 

 again gTOW strong, and then there was lil.n-al 

 selling of Tennessee Coal and Iron, Missouri 1'a- 

 dfc Sugar, Tobacco, the Leathers, Manhattan, 

 the Coal shares, and the ( i In the last 



week the political tension in Kur.|- and dis- 

 turbing derlim* in South African mining share* 



idon and Paris had more or less of an un- 

 settling effect ii|N.n .mr market, and one feature 

 was* a fall in Heading, caused by a report that an 

 assessment of 90 per cent had been decided 

 upon. The weakest properties, (in | i mi- clos- 

 ing with opening prices, were Beading, Tm- 

 nesste r.ial and Iron, the Grangers, Sugar. To- 

 bacco. Chicago Gas, the Leathers, Cleveland, 



mali, Chicago and St. UuK Denver pn- 

 ferrcd, General Rfectri<%H<K-kin^ Valley. Illiix.is 

 Oentral, Louistille and Nashvillo. Manhattan, 

 Missouri Pacific, Northern Pacific preferred. 

 Missouri, Kansas and Texas preferred. Pit t -I .mv. 



nati. rhieji^'M and M. L'-ni^ preferred, 

 South-ni pn-ferntl, Walwish pn-ferred, and 

 Wheeling common. Tin p-.litieal tension in 

 Europe, arising out of the vigorous protests of 

 the sue powers against the failure .,f the Sultan 

 tf Turkey to j.r id the 



of the specuhitin in Smth African 

 shares in London and <>n the Continent, 

 g enormous losses, were t he chief d isturb- 



4 

 fnvom 



ing factors during November, tlumgh the firm 

 tone for exchange and the resumption of gold 

 export* had an Important influence. The clos- 

 ing of some of the Sugar refineries affected Su- 

 gar. and the restriction of work at tanneries un- 

 rttled the Leather stock*, while the deciV 

 the Attorney-General of New Y.,rk to proceed 

 against the Tobacco tnwt caused a sharp decline 

 in that proprrty. There was more or less sell- 

 ing of the (irangers. Reading, and of Louisville 

 *i.hville for European account, and Man- 

 hattan wa* broken down by decreased earnings, 

 while Western Union was unfavorably influ- 

 Mta brt> decinion of the t'nit.-d States Su- 

 pWM Onurt, which deprived the company of 

 the priTilene of contracting with subsidized 

 roaitt. After the middle of the month com para- 

 arge gold exporU contributed to the de- 

 cline in the market. In the last week there- 



was an irregular recovery, due to reiumns to 



close sh'Tt contracts, induced I . 



the political tension in Kurojx', and also t,- j,,,ij. 



- that the liquidation in S.nth A 

 mining shares in London \\a-atancml. The 



important, losses for the m.-nth. coii 



\v It h the open;: ' il^^H 



Delaware and Hudson. \\ 1, 

 I Icy, Lui-ville and Na-h\ille. Manliat- 

 ^Ii-*ouri. Kansas and Texas pre! 



Southern : 



and Iron. I'nion Pacilie, the Le.-r 

 Western Union. The market was ii 

 December with the hir-^st trading iii ill' 1 In- 

 du-irinN. Sugar advancing, followed l-y < 

 Gas, while Tobacco sharply decline. 1 on n 

 the passing of the dividend, Itut later tin 

 advanced, and one feature in the 



was a rise hi Consolidated Gai and in 1. 



preferred, while Reading wasw.,ik mi tl 

 nounceineiit that the plan for re< 

 had been agreed n | ion. The tone wi 

 the early part of the third week, with p: 

 upon the industrials, Chicago < > 

 Grangers, and Missouri Pacific as t he feat u i 

 Irritation in England <au-,i i.y the Pres; 

 reference to the M <>n ro<- I)o-trine in his 

 message to Congress caused a sharp d< line in 

 American stocks in London on \\ednesda 

 this was reflected in our market. T 

 Congress in sustaining the Pre^idm 

 increase the irritation on the following da 

 on Friday and Saturday there wa 

 fall in the market, and compared with th- 

 ing of the week prices at the close 

 dines of H per cent, in Sn-rar. 1.V, in iVntral 

 New Jersey. 'Jl in r,.nsolidated <ia-. fr..i. 

 the (J rangers, and from 4 to 1 1 per* 

 other stocks. There was a much lieiter feelift 

 in London in the following w. !<. based upA 

 evidence of the determination of < 'on^ress tosilp 

 port the President, and also upon the .-..nvietimi 

 that there would lie no M-MMUS tronlil'- I.eiween 

 the two countries arising on i of the \',-n,-/:j.-ln 

 controversy. and relmyini; io cnver -hort contracts 

 caused a recovery there, while our mari 

 favorably Influenced by the action of the I '.auk 

 Clearing House Coin in it tee in decid 

 loan certificates if necessary, and l*y 

 Congress would speedily act f..r the relief of the 

 Treasury. The market was very M 

 toward the end of the month, when t 

 financial situation, the opposition of the Inter- 

 state Commerce Commission to the tin 

 agreement, renewed selling by the ur 

 houses, local liquidation, active" n 

 dications of the failure of th. >n>PJR 



to act upon the tx>nd hill, which had pa- 

 11'iii-e. caused an irregular de.-lin. 

 undertone was better at 1 1 

 influenced by reports that a bond i- 

 000,000 had been decided upon l.y t 

 t rat ion, and that a syndic ate 1, 

 negotiate the loan. The largest losses 

 month, compared with the opening pri- 

 in Sn^-'tr preferred. Cotton Oi 

 sou. the Vanderbilt special! i--. the ' 

 the Grangers, Denver and Kio (irande. \\ 



ric, Louisville and Nashville. Illin* 

 tral. Missouri, Kansas and T 

 Lead, New England, Pacific Mail, Pullin;, 



