The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-07-03
FINANCIAL AND COMMERCIAL.
THURSDAY, July !

lHURSDAY, jury y.
Professionalism continued to rule the
stock market to-day. A heavy tone de-
veoped with the opening, and on small
volume of business general declines were
registered. London again came into this
market az a seller Of stocks in moderate
volume, Rates for foreign exchange ad-
vanced, and this led to talk about the
probability Of further gold exports, although
cable advices reported easier money con-
dtions abroad. Outside Of its dulness and
summer holiday characteristics, the stock
market may be said to have been without
marked feature. The stocks in which some
pool manipulation was evident yesterday
f-iapsed into heavness with the rest OF
the list. Excellent crop weather condi-
tions were reported and grain prices made
a further decline. The cotton market was
dull prices continuing to be held up by the
interests conducting the speculation in
that commodity. The Pennsylvania Rail
road Company was the most prominent
corporation making a return Of earnings
to-day. Its showing for May is not as
favorable as was that Of last month for
the lines directly operated by the company.
The increase in gross was less than half
that reported In April, while expenses held
up well. the result being decrease in net
OF $40, 800.
Interest was, Of course, taken by Wall
Street In the probable showing Of the weekly
statement of averages Of the associated
banks TO be published tomorrow. Any
forecast Of this statement Is very difficult,
as it will be complicated by the financial
operations connected with the closing
Of the subscription to the S75 100000 new
stock issue of the Pennsylvania Railroad
Company and the shifting of accounts
Incidental TO the ending of the fiscal year
and the heavy July interest and dividend
payments That this shifting Of accounts
has been very large was indicated yester-
cay by very heavy individual credit and
debit bank balances at the Clearing House.
These operations make the loan showing
OF the banks particularly difficult to pre-
dict. The preliminary returns rs to the
known movements of money at this centre
as figured out to-day indicate loss Of cash
by the banks in the period ended yesterday
Of about 81 100000. Whatever the showing
may be of the bank statement, 1t is known
that a very large amount Of money ia to be
released by the payment this month OF the
40 900 900 Of loans of the Pennsylvania
Railroad Company contracted by that
company at ~ per cent. six months ago in
order to inaugurate It's vast scheme OF
improvements, now fully financed by the
recent successful subscription to the new
stock issue. Additional money Ia also
being released by other railroad companies
which are paving OF various considerable
loans out Of earnings.
The period Of preparation for the heavy
July disbursements having passed with
only one minor furry In call money rates,
easy money conditions would appear to be
assured for at least some time to come.
Time rates for money were officially easier
to-day, with six months money offered
with some freedom at per cent. 1t is
likely that this situation may in the near
future encourage a renewal of operations
FOR the rise in the stock market, though
banking interests will be pretty apt to dis
courage any attempt to bring about at
this time an extended speculative move
ment There has been buying Of the most
excellent sort in the past week in some
groups Of stocks. This is notably the case
with the securities OF the United States
Steel Corporation, particularly the bonds
OF that corporation, which at the present
market price yield an investment return
OF practically per cent. Developments
Of the greatest future value to the Steel
Corporation have occurred, and it would
seem that this quarter OF the market GER
tainly presents decided possibilities.