The sun., 1903-04-03
FINANCIAL AND COMMERCIAL.
THURSDAY, April Z

The quantity Of business done was almo,
as small as on any day in the present yea
Prices OF active stocks declined about
point, closing without the usual final rail-,
and bearish speculators expressed tn
view, OF course, that the fall in prices o
such limited volume Of trading was q
unfavorable market symptom. This muo
must be admitted. that the resiliency whic
has characterized the market since Las
Monday to-day disappeared, and that tn
days developments, while OF no grea
Importance. could hardly be said to fsvo
values. Despite the disbursement by tn
Government Of 8, 900, 900 In the local marke
| Tor the purchase OF silver for the Philip
pines, the banks have lost on net balanc'
this week 81 .OSs 900 TO the Sub-Treasury
The Bank Of England's weekly report o
its condition was poor, although the bank
reserve il still higher than II was last yea
at this time. The returns likewise of al
the great European banks showed increased
loans and diminished resources. Perhaps
because Of this, but more probably because
Of the turmoil In the Turkish Empire, prices
Of stocks were depressed In the London
market to-day, Americans along with the
others. Sales for London account in this
market during the day were, however
inconsiderable. In the early trading COM
paratively heavy selling of the Western
Union shares attracted not little attention.
Western Union has long been an inactive
stock and is supposed to be held to greater
extent for investment than almost any
security dealt in on the New York Stock
Exchange. It Is certain, at any rate. that
hA tnD - L. l. NIL
Street is exceedingly small. Hence raids
upon 1t are almost unknown. and the sales
OF the stock to-day were generally regarded
as OF liquidating character. As IL is
doubtful II the advent Of wireless teleg
raphy has as yet disturbed the holders Of
telegraph company shares TO any degree
worth mentioning. the most plausible
theory Of the sales Of Western Union to-day
was that they were made by people who
found 1t necessary to protect holdings Of
other more speculative stocks, and 1t is
probable that they were not unconnected
with the general liquidation that seems to
be proceeding on the Toronto and Mon
treal stock exchanges. The Colorado Fuel
and Iron stock and convertible bonds and the
Wabash common and preferred shares and
debenture bonds continued weak because
Of the announcement OF the proposed
issue Of additional mortgage obligations
by these companies. for purposes, at
least in the case Of the former company,
which IL has been supposed had been
previously provided for. The general bond
market. instead of showing the desire
usually exhibited by investors following the
day Of large dividend and interest disburse-
ments to renvest the sums received By
fhem, was governed by the same liquidat-
ing tendency as the stock market. The
Railroads statement OF gross
and net earnings for February OF the
ines directly operated by the company
again attested the disadvantages to rail-
'oads OF the recent congestion Of freight
raffic and OF the increased expenditures
made necessary by railroads, for higher
wages to employees. higher cost Of nate
'ials and greater expense Of conducting
business generally. The Pennsylvanias 3
gross earnings for the month increased
II OO4 900. but its net earnings decreased
1851 600. Toward the close OF the market
United States Realty, Chicago Terminal
md stocks Of q similar class seemed TO be
ather heavily pressed for sale. and there
vas resumption Of the same sort Of selling
II the Pennsylvania and New York Central
tocks as was Witnessed two weeks ago.
While the stories of strikes In various
,ortions Of the country seem to occupy
! good deal OF space in the newspapers,
hey do not attract much attention In Wall
street. because the strikes seem to be pro-
eeding quietly and it is believed that they
will be as quietly adjusted. The really
mi aotA In k4 - l.
we're the unexpected continuance Of call
money rates at high figures and the growing
neasiness over possible complications In |
he Southern Pacific situation. The fact |
hat the supply OF money in Wall Street |
vas fully as limited to-day as 1t was yester-
lay, naturally suggested the reflection that |
ONE other cause for the phenomenon |
must be attributed besides the familiar |
ne incident to the season, and II call money
ates on the Stock Exchange do not de- |!
line within q brief period this suggestion |
ill obviously become more pointed. The |
eneral conviction, however, il still strong
hat within the ensuing two months the /
money market win become easier. Sensible |
ersons In the financial district have ceased /
D pay any attention to the ordinations and /
Of the lawyers and other
arties to the controversy and are only
,aiting for judicial determination OF the
.sues involved. Some questions put by
he United States Judge at the hearing at
Nashville to-day upon the motion to re-
train the Union Pacific directors from
oting the Southern Pacific stock held BY
he Union Pacific company indicated.
that he was impressed with
he idea that the two roads were compet-
~ lines and that the right Of the Union
acfio company to own and vote the
outhern Pacific shares was doubtful.
lues OF this sort to the decision in the case
re, il is needless to say, untrustworthy.
sU Ysrk otssk AxehAngs 0alss. April 3. |
UNITED STATES AND Stat. BONDS uH N.ooos.
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