The sun., 1903-03-05
FINANCIAL AND COMMERCIAL
WEDNESDAY, March 4.

At the close Of business yesterday prices
In the security market had declined ovef
seven consecutive days without perceptipie
reaction, and had almost again reached
the lowest level touched In the decline In
the market which eliminated In the early
part OF last December. Reflection over
night concerning this fact and over the
unmistakable evidence OF buying OF stocks
on a scale down by substantial interests
to-day caused many of those who have
been engaged in depressing prices to close
their contracts for the fall The market
opened weak. although prices from London
came not a little higher but II soon steadied,
was exceedingly dull during most OF the
day and in the late afternoon and at the
close stronger than II had been for some
time past. The buying OF stocks seemed
almost wholly of the sort which has been
described nor can il fairly be said that the
fear of higher rates for the use of money
which is the only real cloud overhanginR
the market, was greatly diminished Time
money was more firmly held to-day and
call money rose TO a a per cent. Commercial
paper is also ouotably higher. The banks
have lost nearly 81 500 900 to the Sub-lreas-
ury thus far during the week, and a round
loss in cash by local banking institutions
will almost certainly be shown in the bank
statement at the weeks end; but. on the
other hand, the continual weakness OF the
foreign exchange market, caused almost
entirely by large offerings OF bankers
bills, indicates that sterling loans are being
freely negotiated and that therefore. the
loss in cash sustained by the national banks
will probably be Offset in no inconsiderable
degree by a reduction in loans. The Al
drich bill as a topic Of discussion to-day
seemed TO have utterly lost its interest
The strongest stock in the days dealing
was Manhattan Elevated. The rumor filled
Wall Street that the stock was 10 be placed
upon full per cent. basis at once instead
Of at the end OF year, as IL was supposed
had been previously arranged. The story
received no authoritative confirmation,
but il was, nevertheless believed in good
quarters. The Missouri Pacific and Brook
lyp Rapid Transit shares were also espe-
cfAlly strong because Of the knowledge
that extremely favorable statements of
monthly earnings will soon be submitted
by the companies named. There is sub
stantial reason for believing that the earn
ings OF the Brooklyn Rapid Transit system.
in particular, will be exceptionally gratify-
ing. Comparatively heavy transactions in
Northwestern common at prices above
those Of yesterday again attracted notice.
and il was evident that the present prices
at which the shares are offered are attract
ing purchases for investment. The recent
pres .ure upon Union Pacific common was
perhaps explained by the publication to-
day of the statement Of earnings OF the
system for January. Union Pacific's gross
earnings decreased SAL ,947; its expenses and
taxes increased $3.50, ,o36, making a net
decrease for the month of 34O1 ss3. The
increase in expenses was semi-oficially
stated as due to larger and enforced ex-
penditures for fuel and for higher wages
paid TO employees. The burden Of higher
charges of this kind is not, Of course, felt
by the Union Pacific Railroad Company
alone at this time.
The formal announcement by the direc-
tors Of the United States Steel Corporation
of the details of the bond conversion plan
affecting the preferred stock OF the COM
pany had no particular market influence,
as the plan as finally settled upon contains
no feat ures that have not long been publicly
discussed. knowledge has not hereto
fore been had however, of the exact nature
OF the improvements contemplated upon
the various plants Of the corporation and
which the execution of the bond conversion
scheme will make possible. II is needless
TO say that sentime in the financial COM
munity was Of one mind to-day. that these
have been most wisely
determined upon and will inquest ionably
add TO the efficiency Of the greatest indus
trial machine ever seen ia this or any other
land. The marked fall in price OF cotton
to-day did not seem TO be considered as
an important event, although Wall Street
has of late interested itself speculatively
in this s'aple a little more than it usually
does Two very distinct views concerning
the future price Of cotton seem 10 Ire enter.
tanned One is that there has been a wild
and unsound speculation in the article
going on. conducted by very young and in
leaders. The other IL that the
statistical position OF cotton IL now OF a
:, rength that has been rarely equalled II
recent years Opinions also differ as to
the effect upon the stock market Of what
might H. called a great break in the price
Of cotton. one thing that is clear 10 thsj
I he specuat ion Ia cotton has required
great deal Of money To carry il on and that
any considerable fall in cotton prices would
make for greater ease in he general money
market