The sun. [volume] (New York [N.Y.]) 1833-1916, 1902-11-08
FINANCIAL AND COMMERCIAL.
FRIDAY, Nov. 7

FRIDAY, NOV. '.
: For the greater part of to-day the secu-
| rity ma rket was listless and uninteresting
in the extreme. Transactions for the first
four hours Of trading were only slightly
over 25O,OOo sha res; and there was little
either of news or gossip that in any way
affected prices The feeling was general
that rally in the warket was about due,
even If ii should not go very far and under
this influence prices hardened a little. Then
the market lapsed into complete dulness
maintaining. however. a firm tone. London
exchange in Paris again advanced. but the
usual counterbalance OF an advance In
sterling exchange here Immediately APP
reared The foreign exchange market
was very strong throughout the day. rising
10 4s7?5: but in view of the strength of the
Paris cheque. further advance in sterling
here will still ba required 20 make gold
exports profitable. Nevertheless, sterling
rates here showed a gain for the day. even
allowing for the development in Paris
Delaware and Hudson stock made no re-
Spouse. very properly, ia the r,inor printed
In nearly all the morning papers that the
railroad had been purchased Jointly by
The Pennsylvania and Vanderbilt inter-
eats The ruInor did no, need the denial
which was accorded To il in high quarters.
The preliminary estimate of the move-
ments OF currency during The week In
dicated that the banks had lost net about
81. 10000. The banks actually lost on bal
ance o the interior 50 .634 500 and on ordinary
transactions with the Sub-Treasury s? ,347.-
90 Had il not been, therefore, for the
receipt of new gold and Of payments by
the Treasury on bond purchases. the banks
would have lost during the week nearly
81, 10000 This would seem TO indicate a
bank statement tomorrow rather poorer
than was presented last Saturday, although
the fluct uatlons Of prices during the week
predicate no particular increase in the loans
~ the associated Institutions. In the clos
ing hour the market was affected by the
extreme weakness Of the American Sugar
Refining shares and closed heavy. Sugar
stock fell nearly 3 points on large trans
ctions The Street which has been some
what scoptical Of 'he decline in the price
Of the security which has recently occurred
fearing that the movement was merely
manipulated one. il now inclined to pay
more attention TO the evidences Of increasing
competition in the sugar business On the
face Of things. that business appears 10 be
in demoral2ed condition. Prices Of refined
sugars were again reduced during the dav
by the leading interests and announcement
was made ofthe construction of large new
independent sugar refinery in Philadelphia
Union Pacific was one Of the strongest
stocks to-day. as II has been for some time
past. doubtless in anticipation Of the pub
LEGATION next week of the annual report
of the company. II is understood that
h, - nj n
earned on the common shares. no allow
ance being made in the calculation for the
Union Pacific equity in its large southern
Pacific holdings. These holdings are. in
deed, considered as an expense account
and are 80 treated. II must he said here
authoritatively that the management Of
the southern Pacific Company is
20 say. the Union Pacific directorate which
holds the ma jority of the Southern Pacific
stock-has decided TO postpone indefinitely
he execution of the plan proposed during
the summer of making a largo bond issue
for tho purpose Of refunding bonds on parts
Of the Southern Pacific system. and of
providing for the vast improvements now
being made on the Southern Pacifcs prop
erty II il estimated that these improve
ments will require. before they are COM
pleted, the expenditure of about $50. OOo. OoO
Mature consideration has convinced those
responsible for the present and future
of southern Pacific. first. that inasmuch
a. the southern Pacific Company Is simply
a holding company il will be difficult 10
make attractive TO investors an issue Of
its bonds Of the character as stated: and
secondly, that II will be for the best inter-
eetS Of those who hold Southern Pacific
stock for investment a. distinguished from
speculation, that the improvements upon
the property should BE- paid for out Of cur
rent earnings rather than by an issue Of
bonds. and before th" distribution Of divi-
dends upon the stock is begun