The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-06-27
FINANCIAL AND COMMERCIAL.
FRIDAY, June 2

FRIDAY, June &c.
No change was exhibited to-day In the
character OF the security market, except
that the dulness and stagnation OF the
market were, If anything. greater than
have yet been witnessed. II dealings in
two or three stocks had been eliminated
the number of shares dealt in during the
day would have been as low az the minimum
number OF any one days transactions for
several years back and, as it was, the small
est days business thus far in the present
year was done. The only ripple OF interest
on the Stock Exchange was caused by the
trading in Pennsylvania shares and was that
naturally growing out OF the fact that the
subscripti ion books to the Pennsylvania
new stock issue close tomorrow, and that
partial payment, at least, upon subscrlp-
tons must then he made. II is we'll UNDER
stood that most of the stockholders sub
scrbing to the issue will not avail them
selves of the privilege Of making deferred
payments. but will pay tomorrow FOR all
the shares taken by them Considering
the amount OF money temporarily with
drawn from circulation by this circum-
stance the money market to-day was re-
markably easy, the fluctuations in money
rates being hardly noticeable. One rea-
son for this was disclosed in the preliminary
estimates regarding to-morrow's bank
statement These were in general that
while the banks had lost 5,25O,0m by gold
exports and other causes, the movement
OF money from the interior OF the country
was upon such a scale that the banks liad
actually gained in cash sum VARYING
according to different calculations. from
81 100000 to 100000. These remittances
of funds we're undoubtedly caused by prep
arations for payment on the Pennsylvania
s,Ibscript ions Ii is assumed. OF course,
that the Pennsylvania company, having
borrowed for Ise in advance good share
of the sum now returned to il by its stock
holders in new stock subscriptions. will
nay off these loans as quickly as possible, and
that the large loan account OF our local
banks will be reduced thereby. The hope
Ia that the effect of this loan reduction
will be at least partially seen in to-morrow's
bank statement. Experience has proved.
however, that the most delusive thing in
Wall Street is the attempt to form an opinion
a day in advance as to the character OF the
weekly bank return.
lOlOTdQO uel dINl iron NdS Wedh 'o-uoy
because OF fears that the financing" that
the company must undertake may involve
a bond issue. Amalgamated Copper was
strong, chiefly, 30 far az could be seen.
because OF the improvement in the Rio
Tinto shares in London. The Wabash
stocks we're favorably affected by the re-
port Of the company's business for May
and FOR eleven months of the fiscal year,
showing a large increase in net earnings.
while the Atchison issues were not dis
turbed by a report of their corporation
for the same period, exhibiting a net de-
crease for May OF S42,s5O and a decrease
In surplus for eleven months Of 37s4,53
The price changes in these stocks and in
all others were very small.
The grain markets were weaker in the
early part of the day upon news Of showers
in the drought stricken region, So called,
in the Northwest; but later on the report
was that these rains did not amount to
much, and the markets again strengthened.
Wall Street does not believe as yet that
the spring wheat crop is at all endangered
and regards the movement in the grain
market as almost wholly speculative. The
very strong Statistical position" OF wheat
and the poor outlook for the worlds wheat
crop outside our own country may very
we'll Justify higher prices for the staple
before the end of the season But rise
in wheat for these reasons is not anything
that should fill the stock market with dismay.