The sun., 1903-06-06
FINANCIAL AND COMMERCIAL.
FRIDAY, June

thoroughly typical Of the excited specu-
lation for the fall in prices now in progress
The effort was at the opening to make
the prominent stocks sell as low as possible
This was not very successful and prices
| rallied little. Then another drive was
made at the market, from which recovery
again ensued, and 80 drives and rallies
succeeded each other during the session,
with the forces making for higher prices
in the ascendant at the close. The con-
/ trolling element throughout the day was
| the failure Of any one of the host OF alarm
! ing rumors which were circulated yester-
| day to materialize into fact, very fair
| proportion of the market traders went
! home last night with the assurance dnned
| into their ears that there would be an
nounced possibly in the morning papers,
| ASST gnments Of any number of important
! firms and individuals in Boston, Montreal,
this city and other places. The expected
announcements were not made, however,
and the largest houses here having the
best means of obtaining information as to
the condition of affairs III Boston and the
other cities under discussion declared that
they had been unable to find any ground
on which the direful stories of yesterday
could he based No doubt. speculators in
all these cities have suffered severely from
the fall in stocks. and chiefly. Of
course. by the break in the prioe
of Amalgamated Copper. Neverthe-
less. expert Judgment is, as stated that
there will he no further failures as the re-
suit of what has happened. and all proba-
blities point to the fact that the worst Of
the current trouble has been seen. Naturally,
,rt. lt,,n 81, hot ktnh lno
occurred in the Canadian markets, there
is necessitated good deal Of liquidation
of the ~carried-over" character. and such
liquidation accounted, probably, for the
particular weakness Of Canadian Pacific and
certain other stocks in our market to-day,
AS the day wore on, the conviction grew
that the operators who, 1t was said, were
being -gunned for were themselves more
actively engaged than any one else in de-
pressing the market; and the suspicion
also became more or less acute that great
deal of the present financial scare has been
purely and simply manufactured article.
Other steadying influences were the per-
sistent buying Of investment shares like
st. Paul and New York Central by repre-
sentatives of powerful interests and the
utter inability of the bear party to make
any impression upon the prices Of these
securities or upon other stocks not strictly
in the investment list. such as, notably,
Southern Pacific.
Amalgamated Copper and Pennsylvania
suffered the brunt of the days attacks,
but both stocks closed we'll above their
final prices of yesterday. Many stocks
made. chiefly in the early trading, their
record low prices on the present move
ment The most active selling of the day,
and an operation that seemed to most
observers like an attempt to depress prices
in one direction for the purpose Of covering
short contracts in other quarters Of the
market, occurred in the early afternoon
in Atchison, Union Pacific, Missouri Pacific
and the whole list of Gould stocks Texas
Pacific and st. Louis and Southwestern
preferred were singled out for slaughter
and the selling orders in them were dis
tributed so as to give the appearance Of
liquidation. 1t was the general opinion
Of close watchers Of the market, however,
that few stop loss orders were reached by
means of these tactics, and that little long
stock" was forced out. The closing prices
of most Of the standard shares showed
good net gains.
The days news played. as usual, a very
small part in the days transactions. No
one seemed to regard either for better or
for worse such statements OF railroad earn
ings for the fourth week Of May as that of
the Missouri Pacitc's increase Of $l5l ,OoO--
the roads increased earnings for the month
amounting to 1887 1000 Norfolk and West
ems increase Of S42 200, Southern Rail-
ways Of $40. .991 and for the month of $685.
9s2, and the New York Central's gross in
crease in May earnings Of $7ts $50. The
grain markets were stronger throughout
most Of the day. but weakened at the close,
largely under the in uence of the publica-
tion of much more favorable weekly re-
port on current crop conditions than had
been expected In weekly newspaper which
Is regarded as a high authority In the grain
trade. 1t Is again worth emphasizing
that much Of the recent strength in the
grain market has been caused by the small
worlds visible wheat supply-the Euro
pean visible being now almost at the record
low polnt--and the belief that far heavier
purchases than usual OF Western fodder
supplies will have to be made because Of
the scarcity Of hay and oats in the eastern
portions Of the country. A rise in the price
of grain due to these causes is by no means
bearsh upon railroad stocks. Estimates
concerning to-morrow's bank statement
were somewhat more encouraging than
had been looked for, pointing to loss in
cash for the banks Of less than s. ,ooO, 900,
whereas loss of double that amount had
been anticipated. The large loss by the
banks by reason Of gold exports has. ap-
parently, been half Offset by gains in cash
from the interior. What the loan account
Of the banks will show. however. in view Of
the numberlese complications now attend
ing that matter Of bookkeeping, no one
can guess. Whether by reason OF the
firmer tone Of money rates or because of
the negotiations by bankers of sterling
loans in anticipation Of export shipments of
grain-a proce IS which, Of course, usually
begins at this demonstrating exchange
has developed decided weakness and has
fallen to point which seems to preclude
gold shipments, Scntimentally, at least,
this matter should not be without it's effect
in the security market. 1t will probably
he found when gold exports cease that
bank loans here will be reduced. and this
result, as removing the gloomiest cloud
H. IL