The sun., 1903-11-10
FINANCIAL AND COMMERCIAL.
MONDAY. Nov. {

| MONDAY, Nov. O..
Decided weakness in the United States
| Steel shares, decided strength In the local
| traction stocks and we'll nigh complete
dulness and inactivity in other portions
Of the security list made up to-day's stock
market Save in one particular there ives
an entire absence Of news affecting val ues
one way or the other. Call money was
slightly harder In tone. but still did not
rise above per cent. Only small amount
Of money was sent West through the Sub
Treasury. for crop moving. and announce
ment was made Of the shipment OF s75O,ooo
gold to this side from Europe Sterling
exchange was again very weak. and this
was the days one important development.
The sterling exchange market was in a
condition that may truly be called demor-
allied. Very large offerings Of commercial
and security bills depressed sterling at one
time to A.ssN. or y Of a cent below Il low
figures for exchange quoted on Saturday.
The market rallied very slightly before
the close, but ia now clearly at point when,
accordir o calculations based on orthodox
standards. gold can be profltably imported
by anybody. The asking price for gold in
the open London market has been ad-
vanced to very high figures. but 1t is to be
assumed that concessions will be maoe
in these figures before our agents In Lon
don come to the point Of withdrawing
sovereigns from the Bank Of England.
The position assumed by leading foreign
exchange houses is that inasmuch as Europe
seems reluctant to part with it's gold at
present it will be poor policy for us to force
her hand until it becomes really necessary
for us to do sc; that is, until definite sigrs
Of real money strinRency appear here.
European investors are just now very vel
disposed toward our bends and standard
stocks and have recently teen customers
of our large banking houses in this regard
to a greater extent than they have been
for two years. Needless Withdrawals Of
gold from the leading Europeen centres
would undoubtedly serve to check this
buying, and so do more harm than coed to
the American market. There is, of course,
no question as to our ability to draw gold
in quantity from Europe whenever we
desire. and the knowledge that this is the
case should, and probably will, be fully
as encouraging to stock market sentiment
here as actual gold imports would be. Gold
to the amount Of ST. 200, 900 is. anyway. either
now actually on its way to this country
from Europe or has been engaged for that
purpose.
The security market acted to-day like
one in which instructive impulses for higher
prices for the standard shares were re-
strained by great pressure brought to bear
upon one quarter; that is to say. upon the
United States Steel stocks. United States
Steel preferred fell 81 points from its close
on Saturday. and rallied but little The COM
mon stocks and the new sinking fund bonds
Of the corporation were comparatively
firm, and transactions in them were much
less than in the preferred shares Deal
ings in these preferred shares, in fact
almost monopolized the days business on
the Stock Exchange. Close observers Of
the trading declared that a good part, at
least. of the selling came from bearish
speculators who felt, apparently, that very
little protection was being accorded to the
steel stocks. Such protection is, Of course.
difficult at best, on account Of the large
volume Of the issue. Other information
was to the effect that much genuine uqui-
dation in the Steel stocks was going on,
and that numberless investors who had be-
come fright ened over the cuts In steel prices
were pressing their holdings for sale. .Au-
thorties in the steel trade were practically
unanimous in stating that this fright was
without reason.
That the general market was not un-
settled by the weakness in the Steel stocks
must be recorded as only another proof Of
the strong foundations on which it now
rests; and that one group Of stocks. namely.
the local street railway shares, actually
scored considerable advances in price dur
ing the day is, indeed remarkable. No
specific reason for the last named phe-
nomenon was made known. but in all proba-
bility it was, substantially the fact that
people are now making up their minds that
the Manhattan and Metropolitan Street
Railway shares must be considered without
cavil as per cent. guaranteed stocks, and
that the Brooklyn Rapid Transit shares
are exceedingly cheap considering the con-
tinuously increased earnings Of the, Brook
lyn Rapid Transit Company and OF the
profit able part that the company must play
in the future development of the Greater
New York
New York Stock Exchange Sales. Nov, q,