The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-06-28
tIMtNCA4L,AYPs epxMERclAA'
! ;GkrpRpAY, June 2

JTo-days stooks market. though repre-
senting a short days trading at the week
end, showed some improvement In activity
over the exceeding duIness OF Yesterday.
Its action was largely bound up With the
successful subscription to the s75,ooo'oOo
new stock issue Of the Pennsylvania faii-
road Company. This success. which re-
fleets great credit ON the managers OF the
syndicate Underwriting the issue, was par
tieularly reflected in. the course OF Penn
sylvania =. shares in the market These
shares exhibited strength from the OPEN
:-g. closing at nearly their highest price
Yor the day and al q net gain OF M points
The, receipts representing full paid sub.
soriptions to. the new stock also moved
up in price, closing closer to parity with the
stock thar, heretofore The weekly show
ing OF averages by the associated banks
was materially affected by the Pennsyl-
vania stock subscription operation. As
forecast by the preliminary returns as to
The movements of money at this centre.
the bank statement showed heavy IN
crease in. cash holdings amounting TO
5000 400 this increase being quite largely
attributable to the receipt OF money repre-
senting subscriptions to the new Pennsyl-
vania stock, which the company is placing
or deposit in. local financial institutions
presumably preparatory to the early pay
ment Of the looms of the company Inc
loan account Of the banks did not Indicate
that there had been any reduction in theee
Pennsylvania loans as yet. An increase m
loaus OF $s,s75, 900 was shown by the state
ment. which was easily accountable to pre-
parations for the very heavy July interest
andatii vtdend disbursements. The deposit
item reflected the Increases In cash and
loans by an increase Of Sl3,94O,50o, and as
a result, OF the changes the surplus reserves
of the banks increased 81 1924 ,2S5.
The best prices Of the day in the market
id general were. reached ip the dealings
follo&hgstle publication of the ink state
ment, and while business was still on de-
ckiedly limited scale, Improvement was OBJ
sirvabe : IN The! .trptitng sentiment, The
tone Of the market could be called good, in
fact, all day. "A slightly higher range OF
ptices came from London, and helped to in
duce small amount OF buying at the open
ing, untlsr. which thee market started at
fractional gains. As already noted. Penn
stlvania stock was the firm feature. and its
fitmness e1erted synpat hetic, encouraging
influence elsewhere in the list. The, Erie
iss,lss were all decidedly firm notably the
second rxeferred, which made q gain for
the day Of N points. Their strength was
sinnssrah consequences, Of the excellent e1-
hibit OF earnings made by the May state
meat- Of tho Erie company, a statement
which; m point Of fact Ii one Of the best in
the any's history. There was further
evir.ence that SOME sort Of pool. appar-
entity not an important one, is operating in
the shares of the Amaigamated Copper
Company. THE operation Of this pool
seems to be based upon an idea that at the
next quarterly dividend declaration by the
Anhaieshnted directors an increase will be
made in the rate, but there is nothing to
indicate that the controlling interests in the
Company are encouraging any such idea.
An incident Of the ,dey was q rather sharp
decline in the price Of wheat. which was
quite indicative that no actual real alarm
exists as yet regarding the spring wheat
outlook and that the recent advance in
wheat has, so far a. domestic crop prospects
are concerned. reflected speculative con-
ditfons almost wholly. No rain was reported
in the Northwestern spring wheat sec
,icns, Though, ~ Is. true, the weather map
afforded little inore prospect Of break
up in the dry conditions there. Announce
nent was made from Boston OF the failure
ORA brokerage house 1t was understood
to be small concern. and its suspension
had no influence hire.