The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-06-02
FINANCIAL AND COMMERCIAL.
MONDAY, June 1.

The news of the damage uone III VIZ
Mississippi Valley by the floods naturaii!
served to-day to intensity the extreme
pessinism prevailing in Wall street. Never
,beless. all things considered. the marke'
held better than might have been expected
Tho larger and more powerful bear operators
made cautious by evidence OF GOOD puy-
ing in many in the investment stocks are
not now selling securities miscellaneousiy
and are combining their attacks to quarters
which they think are comparatively uh-
protected. But the conclusion that the acute
market depression of the last three weeks
has been wholly caused by a mere specn-
lative jamming down Of prices, or even
had it's initiative in such a process U.s. OF
course, erroneous. The short selling has
been accompanied by great deal of liquida-
ton in the first place by large holders OF
securities who have found themselves
compelled to strengthen their hnanclal
position. and in the second by persons
who have become Disguised with the mar
ket. II must be confessed that Their" does
not appear TO he anything in IN" news OF
the moment that can lead to an outbur>'
in the direction Of higher prices. However
unless the lessons of eXperienc" are wholly
worthless, the market will sooner or later
get into an "oversold" position, sufficient
quantity of the higher grade securities
will pass into the hands of investors 10 make
their ing supply in tn" market small
,l shorn ali. =, ,o.st in nrces will
follow.
With speculative temper still running so
strongly adverse to values AS it does. the
market would have declined to-day. in all
.,r1,h,,,i,;,,. .,sn 70 th,re nod haon M flood
.. d., ,ha educational accounts in so
,,,,, ,,,arrina n.,s,,.nors or u;desnread
j., i,,r,. r., ,rone-tv in tho ter.;torv described
,a,,.od ~ d;r,,t tho r,rces ~ Eru,idation
,rd shor, sailing with roneved strength
ra;,., ,h, ro;,r,ad stocks which vould
is ,,,.,,., oC.o,.d h, suoh , l,s. At,ep,ive
r.a,,.-s ,ra rslI aw,re TINT tbnre
49,, ,f> ,iis,,,,rs that orc s,,h;.ot IN GO much
a,,a,.r,,i,n il, tho falling as those through
ana1s srd ,aonIa 81 common sonse in IN.
Gn,no;al dis, riot know that the real amount
~ r,a,,ara d,,e At ,bss. ,;,,a & NJ a nature
- Which, IN. stock market should take
oooniyanc, ia seldom largo The chief
hor,, ,,at has lesn done nv tho rising
,r,tars and r,, the recent wet weather in the
>J;ss;.sirri valley is tho in iurv Ia the grow
i,,a nrr,,,. ord narticu,arly the dslov that
hns taan aosI.i,,ted In rho n,,ntiny os
oarn The ,ise IN tho nr;ca ~ wheot to-day
vas ;ndic,tive Of the trade opinion as to
Wv. il ;urv th., bas haen dopa "a the wheat
ea,Is ri. d.,,, IN corn n,art;ng which
" .;,,,, u a., r. h.onn,a war;.
s. 49,, 20 o,a.r wsath.r should nrayai,
~, ,ho aes;n,ad soot;ons FROM now on CON.
s;aara,I. i'm. ,,,,,st ola noe hefore he ground
.ha., IL a, for cultivation The stocks of
~ ,,,d;ro ro;,roads IN tho Southwest and
49, M;Id,1' We, wsro vary veal TODAY
.,,,,,na hr, sl;obt,v at tha c,osa If the
.,o, Th.;r yaalnsos w,s NOT staved
-. 49,, ,>,l,,i,at;on ~ III. J-n;nn Pacific.
.,,o., - .orrira, ,or Anr;, show;no .
,,r,,ss ;nora.sa or s.aa s1o over half Of
,.Linh ,.,s r., ,;nad in NOT accomnan;sd
49,. H., ,ha ,,roePo;o, hu, ,utbortat;ys
,,o,or o,;ar ,hot tho eorn;ros NJ rho
,.o.a e.. ,ha Grst throa ws.ts If Nav
49,, ;,,or.os.d o,or sAno mn ,nder condi.
,ions Which vii, result in even q oreater
..i, In not tb.p for tho nracedinu month
r. H. ,,..,, L,owr too thot tho Forthcoming
=, ,,.,rsnt ~ rho Missouri, Pacific sys,em
e. AMI; vii, MAIZE an ercentonallv 6ns
shar;ne The comnara,ive strength of
pr,, IsIand waa accounted for nv ths
..o,.or;nn- n,,rohasas IN a lar,e SCALE ~
short stnck previously sold. In the indus
10, lie, Tho American Sugar Refining and
I-,,;,.d state. Iaatber shares werc sold
heavily the former without ostensible
reason and the latter on account OF story
that leading interests in the company are
not satisfied with the plans recently pro-
NV e H. 49,, I;,:;,,
posed LOT paying o,' VIC '"'" '"''''e''>''
on me PreierFeu ehares.
ST Paul. Pennsylvania. New York Central,
Erie, Baltimore and Ohio, and the Steel
stocks f,uctuated in price to-day but little.
T., ,u,h f, ,,arket a. tho nresent renewad