The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-06-18
FINANCIAL AND COMMERCIAL.
WEDNESDAY,. June II.

WEDNESDAY,, June II.
To-day's stock market was quiet and con-
trasted strongly with the feverish activity
OF the past few days and weeks. Trans
actions were comparatively small, and that
mysterious but exceedingly positive thing
known as the tone Of the market was hard
Prices advanced at the opening. then de-
chned, then again advanced sharply and
again declined, the two movements alter
mating throughout the day in narrow
range. At the CLOSE quotations OF most
stocks were a little below those established
by yesterdays rapid rise. Some OF the
prominent stocks, however, showed gains
Taken as whole, the market indicated to
many observers that it was going through
tn. settling down process that often comes
at the end of q long decline and usually
preoedes period Of dulness.
The flrmness OF the market, in the face
of the unpleasant incident as detailed
in the morning papers in the affairs Of a
well-known industrial company, was en-
coura ging. as rowing that the speculative
element that had been at work for fall in
prices was fearful of its ground and for
the moment, anyway, was not desirous OF
renewing its plunging attacks upon values.
Had the matter occurred a week or two
ago it would undoubtedly have been the
signal for a market raid of vigorous and
extensive character. The facts about
the matter seem to be that, accidentally
or otherwise, t 9 money to meet certain
notes Of the company referred to was not
forthcoming and the notes went tempo
rarily to protest. The necessary funds,
however. were speedily found and the Incl
dent was quickly closed. There is no doubt
that some at least of the stockholders Of the
company are among the strongest financial
interests in the country, but as they are
not in control Of the company they may
not be disposed to take its financial burdens
upon their shoulders unless a final voice
in the management is given to them. The
question, no wever has little in 1t to disturb
Wall Street 1t is we'll known that the property
OF the company Is exceedingly valuable and
that it's control is sought eagerly by various
competitive interests. London prices came
irregularly to-day and there was more or
less selling for London account, caused, 1t
is said. by the fugitive sort OF financial
uneasiness that always seems to prevail
in England when the idea spreads that q
general election Is at hand This event.
again, is something that can affect our
market but little. All the grain markets
were very strong to-day, more, however,
by reason Of information as to the further
deterioration Of crops abroad and enlarg-
ing estimates Of the export demand for our
grain products this season than from any
stories Of crop damage at home. Foreign
exchange continued to harden, though
arrangements which were at one time
entered into for . shipment Of gold later
in the week were ca celled. The semi
annual reports Of the Lake Shore and
other Vanderbilt roads were published
and showed decrease in ne earnings
caused by increased expenditures on ac-
count Of operating expenses and permanent
improvements. But the New York Central
railroad companys report for the quarter
ending June 80 exhibited an increase in
net earnings for the period Of &3oe,sls,
and an increase in general surplus Of $685.
1872 The reduction in the price OF copper
metal announced to-day had very little
effect upon the Amalgamated Copper shares,
having already been discounted, accord
ing to the markets usual fashion, and antici-
pated in the copper trade.
The strongest stock on the list during the
day was Pennsylvania, which at one time
advanced ~ points over last night The
various Wabash issues also were very active
and strong and the story circulated that
the strength of the two stocks was due to
the same cause, namely, a tentative agree
ment" between the warning Gould and
Pennsylvania interests. Efforts are. no
doubt. making by influential people to
mitigate the trouble in this quarter, but it
is very doubtful If they have yet been
crowned by success. II is much more likely
that the advance in Pennsylvania to-day
was caused by purchases to cover short
contracts, stimulated by the knowledge
that the Pennsylvania new stock issue is
now certain to be very great success,
and that little. II any, of the new stock will
fall into the hands Of the underwriting
syndicate.