The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-03-27
FINANCIAL AND COMMERCIAL.
THURspAY, March 20.

Sentiment on the Stock Exchange con-
tinues nervous and depressed, not because
Of the immediate money situation or any
fears OF impending business difficulties
or any acute reason whatever. but by
reason Of general encouragement over the
lack Of public buying power and the large
quantities Of new securities either already
offered for sale or about to come upon the
market The large number OF the pro-
fessional traders usually active In the mar
ket seem to be at work for lower prices.
and their tactics consist Of making drives
against this or that stock which they con-
ceve to be in an exposed position, and
then of beating a hasty retreat with what
spoil they have managed to gain. Through
out most Of the session to-day these traders
manifested desire to recover the stock
sold by them yesterday, but the market
was Influenced by pronounced weakness
in one or two quarters, and at its close was
as unsettled and nervous as at any pre-
vious time.
The Metropolitan Street Railway shares
improved because Of the developments in
every way favorable to them at the hear
ing now being conducted in one OF the city's
police courts. These developments have
not only brought out the character and
animus OF the assault upon the Metro
DO itan company but they have shown
that several firms of accountants OF the
highest reputation for conservatism and
probity expressed their unqualified dissent
to the charges made against the company
before these charges obtained publicity
The re-merger Of some Of the subsidiary
companies of the United States Steel Cor
poration was explained as being for the
purpose Of saving taxes and State fees in
New Jersey and also for ma king economies
in management.
The matter does not affect in any way
the present organization of the United
States Steel Corporation. The banks have
lost 81, l5s, 600 TO the Sub-Treasury thus
far this week and have probably also lost
money on balance to the interior, the $780,
600 in gold shipped TO Argentina yesterday
also coming out Of private bank Golfers
On the other hand. the warrant for So
900 900 drawn by the Treasury in favor
of the local fiscal agent Of the Philippine
may cause the Sub-Treasury
10 be a debtor at the Clearing House be-
fore the week ends In a sum which will
nearly, il not quite, Offset the losses to
{ he barks on the other accounts men
toned. The current impression to-day was
I hat the banks have sust aimed cash losses
during the week somewhat larger than
has previously been the case. The news
hat $500, 900 in gold had been withdrawn
from the Bank Of England and the rumor
hat 3i7.0OO,0 900 Of new stock was about
O be issued by the New York Cent raj Rail-
road Company naturally did not tend TO
improve speculative sentiment. Whether
he Atchison railways report OF an in
crease in gross earnings for February OF
1851 .95l and an increase in net OF only $780,
sos should be considered unfavorable
can hardly be decided. Of course. until
is forthcoming as to the eI-
ent TO which gross earnings were drawn
upon by expenditures for extraordinary
Improvement as opposed to operating ex-
oenses proper. One report Of corporation
earnings made to-day concerning which
10 quest ion could arise was that Of the
Locomotive Company for the
line month"; OF the fiscal year ending March
II, showing an increase OF n, $50. COZ.
The attempts to break the market
on Amalgamated Copper and
Pennsylvania Railroad stock. After good
Zeal Of furious selling at the opening of the
market the Amalgamated Copper shares
ecovered sharply and closed higher than
hey did yesterday. Copper metal rose
,ver G. a ton from its lowest price in the
.ondon market. and large sales OF copper
we're reported here for future delivery at
PRICES considerably above current quota
ions The attack upon Pennsylvania was
accompanied by sales made
~ bankers OF ali arbitrage character. II
vas accurately calculated that at the clos
ng selling price Of the Pennsylvania stock
there was a profit to he made
~ buying the rights on the stock and
elling stock against them at the same
ime, with the intention of taking advantage
y the permission given 90 the stockholders
II the company to pay in the entire amount
4 their subscription to the new $50 900 90
-sue in the coming June. As this opera
ion required close figuring as to interest
ates and other matters concerning which
detailed information Is seldom had outside
houses. it was probably not en-
jagged in on any considerable scale by the
ank and file Of Wall Street specIlators
announcement was made after the close
" me fnhFhti OF tue pHef Oh tfle DeffstHfN
4 The Treasury to receive for refundlng
IA amount no, exceeding 500 O00.0U uf
he bonds Of the 3 per cent loan OF 1903
md 1915 and per cent refunding loan Of
sO7 That 10 to say. holders 81 these bonds
nav turn them into the Treasury and re-
Give for the sam. ia. new r-fundlng (?
~ cent bonds aud az amount Of cash
'aual H. the pre-sii, premium nov stand.
"a. upon the Old bDndr The available
non-y supply ~ the opon mark-' will
hsr-iur-, l-- Increased. Opiniohs Vau-d
- 90 "a. quantity ~ londs that the seer.
afy unIid ssi under his os.f Ia. meas.
in ~ rrl,.f anordsi a. the hhanciai sHuA.
lpr b, the Ss-T-'afy's Ari"n h.s rhi-ny
u thr gr-at-f ds.sifainliiy a. tho Rational
,ahks ~ noe 100 800 'si,i leo .. Ls.l.
90 i.ank nuis uf'uiaiinn
10. ,ssL sisss tari,sass ssiss. sassaI %