The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-07-02
FINANCIAL AND COMMERCIAL.
WHpNKspAx. July I.

realization thae tho factors faaloN 70 01iSl
for the development at this time OF an ex-
cited bullish speculation. Further profit
taking sales by buyers Of securities at the
recent low levels were reflected In moderate
declines throughout the list. This selling
included considerable volume Of orders
for London account. Before the opening
OF business here 1t was evident, from tho
irregularity shown by the cabled London
quotations for American shares, that stock
operators abroad were inclined to conser-
vatism as to the immediate future OF tho
American market. At the same time 1t
cannot be gainsaid that elements for the
creation Of much more hopeful sentiment
exist. and that there is warrant for the
expectation held In financial quarters OF
Importance that the prices of the best class
Of securities are likely in the near future
to show further improvement. Much
interest from now on will be taken in the
exhibit to be made by the monthly Gov
eminent crop report due on the 10th Of this
month. n must be remembered, however,
in this connection, that the improvement
in the Northwestern crop situation from
the rains announced by to-day's dispatches
the report. The commercial markets de-
veloped further weakness to-day, with
wheat and corn both declining. The
interests that have been in control Of the
cotton speculation and have forced the
price Of that commodity to level that
threatens to interfere with the textile
industry, apparently had recovered their
grip upon the market for cotton futures,
which sold of very sharply yesterday on
talk of discussions among the clique, and
they managed to hold the quotations well
above yesterdays low figures
In the early trading in the stock market
weak features were the shares of the
Colorado Fuel and Iron Company and the
Hooking Valley Railway Company. In both
instances the belief that these shares now
practically represent minority interests
in these properties, doubtless, played q
part in inducing selling There was ro-
newed talk. bearing upon Colorado Fuel.
that the carrying out Of the financial policy
of the interests now controlling the COM
pany may contemplate an issue Of bonds.
As yet no official announcement has been
made OF the disposition Of the Hooking
Valley property, though Wall Street takes
it for granted that the matter Is practically
closed. Special strength was exhibited
by the shares Of the Brooklyn Rapid Tran
sit Company, and the statement is made
on good authority that the earnings OF
this company, no longer made public at
frequent intervals, have recently been ex-
cellent No doubt the development OF
warm weather to-day, which will help the
company's traffic to nearby beaches, also
played a part in the improvement in its
shares. The immediate market effect Of
the announcement that an assistant to
the president OF the United States Steel
Corporation had been appointed, who will
take over the active duties OF the presi-
dency, appeared to have largely spent itself
in anticipatory dealings yesterday In the
securities OF the corporation, but they.
nevertheless, held well in price throughout
the day.
Earning statements for May Of several
important railroad systems were made
public. In two prominent instances these
statements showed large increases in gross
but with operating expenses offsetting the
gross gains. In the statement most note
worthy, that Of the st. Paul company, an
increase In groes of S2l7 ,982, with operating
expenses and taxes deducted, resulted In
decrease in net being reported Of 1929
While the percentage OF operating ex-
penses to the gross earnings lis close to
II per cent, the -highest percentage re-
ported by the company In any Of the eleven
months so far In the fiscal year. the monthly
average Of operating expenses for the
entire year will probably not vary much
from that OF last year. 1t Is known thai
the St. Paul company has been charging
to operating expenses great many i'm.
proyements that some other companies
would charge naturally to surplus account
or even capital, so that the earning capacity
of the company is really better than ap
pears by the statement. The feature OF
the Louisville and Nashville statement fol
MAY, also issued to-day, Ii an abnorma
charge to expenses for the month, thai
item increasing $500, 400. This company
however, shows a net gain Of 81 500. 1852 To-
the eleven months Of the fiscal year, which
will probably figure out 81, 100000 for the
entire year 10 is worth remembering tina
the Louisville and Nashville companyfalsc
has the same policy as the st. Paul company
of charging betterments to operating ex
penses 1t can be safely assumed tina
the bette:ments this year amount to 81 600.
900, as against 81 SOC, 600 in the year previous
The May earnings statement of the Unior
Pacific Railroad. also made public, showed
an increase in gross earnings for the montl
of s4S2 ,77s, and an increase in net Of sil9.
$50. Other earnings statements were tn
| Lehigh Valleys. showing an increase IL
gross of ss24,244 and an increase in net o
| 1852 500; and that Of the New York, On
| tario and Western, with a gross increas
Of 1851 ,l94 and net increase Of Sl59,934
the two latter reports further attesting h
the present prosperity Of the anthracit
roads. In the later dealings the stocl
market narrowed and relapsed into dull
ness. The undertone, however, was steady
and In the final trading there was an i'm
nroyement from the lowest prices, wit
the fact that the rate for call money, afte
opening at Q per cent, had fallen TO pc
cent, helping sentiment.
New York stock Exchange Sales. July
UNITED STATES AND sTAra BONDS I'm N.oOOS.
~ Sas r.................!..... o8
CLOSING RRIcns or UNITED sTArns BONDS.
afd AskedJ BID Askec