The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-06-16
FINANCIAL AND COMMERCIAL.
MONDAY. June Is.

and both Of them were current In Wall
Street to-day to account for the days de-
cline in the stock market. One is that
the decline represented merely the natural
reaction from the very sharp upturn IN
prices at the end Of last week The other
one was predicated upon the conviction that
the advance in the market last week was
merely the excited covering OF short con-
tracts, stimulated by vigorous but artihclal
| support of the market at a critical time
and accompanied by little investment
buying The investment purchases of stocks
quickly ceased. and with the short interest
greatly reduced the market was left TO fall
by it's own weight, suffering additional
depression, of course, by the confident
attacks of the bear party. 1t must be
| admitted that the last-named diagnosis
| of conditions was the one generally enter
tanned in the financial district to-day and
that discouraging as 1t Is, it seems to have
more elements of truth In 1t than its al
tentative. The worst feature OF the market,
even from the point OF view OF those who
| wished to look at things as optimistically
| "a possible was its utter lack OF resillency.
Prices of the leading stocks sagged slowly
but continuously. meeting buying power
of but feeble nature. Several times the
declining movement hesitated, but at those
times the market became stagnant and
showed no tendency to reverse its course.
Then, invariably, the decline was renewed.
Quotations closed almost at the lowest
point of the day with not even the usual
rally in the last few minutes OF trading.
It may be doubted very much whether
the news of the day had any appreciable
effect in the market but this news, such
az it was, was not of character to suggest
purchases Of stocks Prices from London
came lower and London houses sold largely
here on balance. The convention OF coal
miners began with the expressed deter
mination of the miners simply to indorse
the action OF the executive committees
of their various organizations in appoint
ing the presidents Of these organizations
az representatives OF the new board Of
Cancellation, rather than to elect these
same men as representatives as the opera
tors insist shall be done Foreign ex-
change was frmer, the Paris check de-
clining sharply, and there were rumors
of gold exports by large banking house
unless the house in question found itself
able to make large time loan on what it
would consider advantageous terms. Tho
declaration Of the employers in the build
ing trades here that they will insist alb
solutely upon the abolition Of the walking
delegate system before they will again
begin business operations is, in broad
sense, extremely commendable, but is
not inspiriting as a factor in a disturbed
and speculative security market. Tho
demand of various organizations Of Penn
svlvania Railroad employees for fewer
L.. se nosA
but ie hardly regarded as serious. So far
as the Pennsylvania stock is concerned.
it should soon reflect the success Of the
new Pennsylvania stock Issue, matter
which it is now definitely known is assured.
The corn and grain markets were strong
to-day upon further news of wet weather
in the Southwest and continuance of
the unreasonable cold weather in the corn
belt.
There was said to be good deal of liqui-
dation Of stocks to-day for the Canadian
account, and there is some reason to be-
lieye that the damage done by the collapse
of the recent spec ulative movement in
Montreal and Toronto was Of q more Grip
ping nature than has been supposed. All
the active stocks declined to-day from
3 points. the pressure upon the Atchi-
son shares. perhaps. being greatest. The
liouielating movement in Atchison Gems
not to be founded upon any erroneous ideas
of forthcoming ond issue upon the prop
erty, or from the existence OF a large pool
in the stock whose market position may
have become somewhat weakened, but upon
a general questioning Of the permanency of
the present rate OF dividend distribution
upon the Atchison common shares. The
margin of net earnings over and above
the sum necessary to pay these dividends
has. as all know been heavily reduced in the
last year. The reason for this diminution
in net earnings is said to be the increase
in the Atchisons operating expenses and
the large sums spent in permanent improve
ments. Tn, Atchison, however, has pro-
vided for much of its permanent improve
ments by bond issues. md it is now under
the necessity Of diverting from its net earn
ings 81, 500 900 a year for nine years to come
in payment Of its serial debenture obliga-
tons issued last spring All this. of course.
represents money spent upon the Atchison
property. But 1t means at the amount
of money applicable to dividends upon
the Atchison shares is reduced early bv
the sum named and that one or two bad
Years might leave the margins above diyi-
dends low.
Another matter which is of very general
and very adverse influence upon the stock
market at this time is the revelations con-
corning the United States Shipbuilding
Company. The statements made by the
various partie in interest are not at all
clear, and the fixation of definite RESPONSE
bility for what has happened may be per-
haps somewhat difficult. but it is now adj
mtted that an attempt was made to secure
the public's money for a grossly ver-capi-
talized corporation by what was, in part at
least, deliberate false pretence. Each day
seems to put the matter in blacker light,
and to witness further unsettling Of pub
lie confidence in the security market be-
cause of il.
New York Stock Exchange Sales. June Is.
CLOSING PRICES or UNITED STATES BONDS
Bid Asked Bid. Asked
1880. ... o5A 0sl. ls2s....l3o l3o
US7ss US4so.
1890. oe,. lo7 lssS...lss lse
IS A.E USss,r
lsos-,s. lo7A 1882 ,ao+...lo2A 1854
USssc Z S5s.c.
isos.,s lo7A 1854 1894. .loaA 1904
UsSr. US s.ess.r
lsO....llO Ill 1874 DOl2l