The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-05-09
FINANCIAL AND COMMERCIAL.
FRIDAY, May 1

| FKIpAY, May 8.
Save for dealings In two or three stocks
to-day, transactions In the security market
represented no moro than the desultory
operations OF the room trading element
| and, except In the instances referred to
net changes In prices during the day were
but fractional Professional spectators
have professed considerable disooura &c.
ment OF late over the 30 called lack OF
public interest in the market. or. in other
words, that no decided volume OF public
buying has been attracted BY the advance
in prices. They have. therefore. been In
otned in the last two or three days 10 sell
the stocks that they have recently acquired
as we'll as to indulge In operations for the
short account There was nothing In to-
days news to warrant operations for the
fell. Sterling exchange was a shade easier
in Paris, but was also perceptlbly easier
hero, and there is now no profit In shipping
gold either to London or to Paris. con-
siderable rise In the price Of sterling In
this market would have to occur before
gold could be shipped to London, while
the question Of shipments to Paris seems
to depend upon the fluctuations OF the Paris
cheque, always assuming that firm tone
for sterling is maintained here. GOOD
judges Of the sterling market declare that
the pressure for remittance Is lessening
the important feature OF the foreign ex-
change market to-day was, however. the
appearance there Of bankers bills in
dicating that sterling loans were being
negotiated abroad. 1t is this operation
that has several times in the last year pre-
vented gold shipments when 1t seemed
as II these shipments we're unavoidable;
and it has been with the knowledge OF this
fact, undoubtedly. that various experts IN
foreign exchange have recently predicted
that there would be no gold shipments
from this port in the near future.
Preliminary estimates Of to-morrows bank
statement are that the banks have
gained about 100000 net on all trans
actions, and, In view OF the fact that last
weeks bank statement was distorted by
the payments for the excise taxes and
upon the Erie Railroads bond issue, the
hope seems reasonable that the statement
Of local banking conditions tomorrow
will show not only a fair increase In cash.
but diminished liabilities and, hence. an in
creased surplus reserve. Money was Of
fered on call to-day at the Stock Exchange
at 2 per cent, and time money rates were
again shaded. The supply Of money offered
at s per cent. for a period carrying we'll over
the first Of next week Ia now in very fair
quantity. There could be no stronger tes-
timony a. to tho ease Of the money situa-
ton and the conviction OF the money lenders
that this situation will not become one Of
stress in the present calendar year. In the
early trading to-day stocks were, il any
thing, inclined toward weakness. A drib-
bling liquidation kept up in the Western
railroad shares. The Southern Pacifio's
exhibit OF q gross increase Of Ssol ,slo in
March earnings changed into net decrease
Of Sl62 ,ss3 testified to the continuation Of
the large expenditures for improvements
on the Southern Pacific system. The state
nent, however. made better showing than
those for the preceding months Of the
year. The Rock Island and San Fran
cisco shares were sold because Of the gen.
eral belief that the Rock Island company
had taken over the ST. Louis and San Fran
cisco common stock by paying 800 in Rock
Island collateral trust bonds and $50 In Rock
Island common shares. No formal promul-
cation OF these terms has been made. but
common rurnor has for some days declared
them to be as stated. The speculative SELL
ing Of the issues was in pursuit Of the we'll
known Wall Street rule that stocks which
have been the subject Of deals should be
.old as soon as the operation is consum-
mated and the news Of 1t becomes public.
The days dull ard dragging market was.
however, turned into strong and active
,ne in the last hour by the strength Of the
Mexican National preferred. Amalganated
COPPER and Delaware and Hudson shares.
All these stocks, along with Missouri Pacific.
Erie and Manhattan. had held steadily
during the day. and 1t was evident that they
we're being bought for special reasons.
At the close OF the market Mexican National
preferred was up points from it's previous
close, and Amalgamated Copper ~ points.
while the other stocks referred to made
rood gains The recent siren 9Th OF all
The Mexican railroad issues has been many
lines adverted to In this column and the
TACT has been duly stated that the advance
has been caused by other reasons than the
rise in the price of silver and the general |
prosperity Of business in Mexico What |
.hese reasons are will appear at the proper
ime. II Ia not impossible that In the case
IF the National Railroad Of Mexico some |
,loser alliance between the mana cement |
IF the railroad and the Mexican Govern |
nent will be effected, and the current nego-
iation Of q large loan for the Mexican Gov |
eminent by prominent banking house
IN this city will probably be found to have
zone relation to the affair. Amalgamated !,
Copper has been strong for several days |
past by reason OF steady buying for the !
account OF the interests that caused the re-
,ent big advance in the price Of the security. !
md the buying is understood to have its
basis in the steadiness with which copper |
METAL holds it's present price and certain |
favorable developments In the copper trade |
which, it Is rumored, are impending. So |
ar as Delaware and Hudson stock is con-
,erned the strength OF the security in the |
market is no surprise to those who are in
'or1ned concerning the true facts of the |
present earning power,
View Ysfk Stock Exchange Sales. May .. !
closIro PRIcIs o. rHrrkD sIA1ss ssHDs
SA Asksd BtA ASKED. |
S2s Z sat-. !