The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-03-19
FINANCIAL AND COMMERCIAL.
WEDNESDAY, March 10.

| FlNANCIHL AMI CVMm Eht<H|
"WEDNESDAY. March 10
Up to the closing hour to-day business
on the Stock Exchange was practically
at a standstill There were no important
news Developments. but the general ten
dency Of all events having relation to the
market seemed 10 be Of favorable nature
Word came regarding the demands OF he
employees Of the Chicago and Alton nan
road Company for higher wages that both
the employees and the managers OF the
company were considering the question
| in an amicable way and that both sides ex-
pressed themselves as confident that the
matter would be satisfactorily adjusted
The feeling Is prevalent. too. that all reai
danger of a strike upon the New YORK.
New Haven and Hartford Railroad sys-
tenn has been obviated. Domestic ex-
change in the leading interior cities To-
day rose to a round premium, ana trust-
worthy advices from these places arc
that money is growing easier there ana
Is pointing heavily toward New fork.
The banks have lost thus far in the current
week only trifng sum to the SUB Treas
ury and there are strong hopes that what
Wall Street will consider good bank
statement will be exhibited on Saturday
In the early trading to-day the Reading
and the American Sugar Refining shares
were features Of strength, the one upon
the belief that the report, soon TO be pup
lished, of the Anthracite Strike Aribitra-
ton Commission will not be very unfavor-
able to the mine owners, and the other
because OF the expected speedy ratinca-
ton Of the Cuban treaty by the United
States Senate. Close observers OF the
market declared, moreover. that the pres
sure of liquidation upon 1t had ceased.
even If outside buying Of any consequence
had not yet begun.
But the dull market became a very eX-
cited one shortly after 2 o'clock. when
violent upward movement in Southern
Pacific began. which was maintained until
the close Of business. and carried the price
Of the stock up nearly points. The move
ment in its incipiency strengthened the
general list, but as 1t progressed fears
that the advance was due to possible
corner" in the stock slightly weakened
the rest Of the market All sorts OF theories
were current as to the reason for the rise
in the Southern Pacific shares. The known
facts are. Of course, that, pending the an
nual meeting Of the company. soon TO occur,
both the contending majority and min
ority factions do not care TO sell any OF
tho stock possessed by them. and are, II
anything. inclined to add 10 their holdings.
A large short interest in Southern Pacific
exists in the shape Of sales made by many
members Of the pool in the stock managed
by MIR james r. keene against their I'M
liquidated interest in the pool. In addition.
there is borrowing demand for about
10000 shares Of Southern Pacific sold here
by representatives Of foreign houses. The
stock thus sold must, of course. be bor-
rowed for delivery until the original GER
tifcates arrive from Europe. In the fore
noon Southern Pacific stock loaned at
considerably under the prevailing money
rate. The loaning rate steadily lowered
throughout the day, until at one time q
few hundred shares loaned at 4 OF per
cent premium: after the close OF the
market the rate varied between per cent.
and fiat"-that is to say, the person desiring
to borrow Southern Pacific stock for de-
livery was forced to be content with the
receipt Of only per cent. interest on the
money deposited by him TO secure the re-
turn Of the stock borrowed. and was even.
perhaps, unable to obtain any interest at
all.
A movement such as was seen to-day
in Southern Pacific might. of course. indicate
the approaching settlement OF the diffi-
Guilty in the affairs Of the company. 1t Is
more probable, however, that IL represents
the desire Of the minority interest in the
stock that Is to say, in substance, the pool
Of which Mr.. keene Is the manager, to put
itself in the advantageous position that
would arise with Southern Pacific stock
quoted at higher level than has recently
been the case. With the stock showing
the syndicate a profit rather than a loss
ON its venture, there il less danger OF dis
satisfaction among the syndicate members.
and with the floating supply Of the stock
10 small a. il now the case, II is not such a
difficult matter to advance its price AZ IL
might seem Some of the buying of South
ern Pacific in the late trading came nat
urally from the frightened efforts Of opera
tor- for the fall 20 retire their cont racts,
but by far ia" greater part Of the buying
Orders were given out by houses that have
in the past been Identified with the southern
Pacific pooi II i not generally relnem-
ber.d Ia Wall Street to-day that under
the agreement by which this syndicate
operates Its managers have the right 20
increasa the holding ~ the syndicate to
4OO UO1 SHARE The chief sufferers by
.uch an operation would lie. Of course,
Ihu-s members of the syndicate who have
bon unfaithful TO their agreement IN the
manner hitherto d.scfil-d
-