The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-06-26
FINANCIAL AND COMMERCIAL.
THURSDAY, June %

THURSDAY. June %.
Tho torpor into which the security market
has recently fallen was again very pro-
nounced to-day. The recorded prices Tor
securities fell from the stock quotation in
struments at long intervals. and utter stag
nation prevailed. Upon only ono other
day during the year has less number
Of shares been dealt In upon the Stock
Exchange Various interpretations, as
usual. were placed upon the fact. those
pessimistically inclined declaring that the
matter proved the entire absence OF buying
power in the market, while more cheerful
observers maintained that the true meaning
of the event was that liquidation was over
There was clear ground for encouragement
In that the continued excitement in the
cotton market, the sensational rise in the
price of grain, the probability OF poor
bank statement at the end OF the week
and the darker outlook of the labor situation
in this city did not result in market weak
ness. This fact certainly indicated that
the account open for the rise in commission
houses was small.
The announcement last evening OF the
definite change in the management OF the
Colorado Fuel and Iron Company probably
means that the fluctuations in the price OF
the companys shares will no longer be
spectacular and will cease to be matter OF
concern to the general market. For this
every one will be thankful 1t Is under
stood that the company still has to do some
financing" About the only security to
which any market interest seemed to at
tach to-day was the new United States Steel
bonds. which fell to the lowest price OF
record on comparatively large sales. One
theory accounting for the decline continued
to be that the transactions represented
the conversion Of preferred stock into
bonds by the syndicate underwriting the
bond issue another explanation was that
a large quantity of the bonds held as col
lateral in loan were being sold because
of the necessities OF the borrower. As the
price OF the United States Steel preferred
shares held steady during the day and
ONLY the price Of the bonds declined. the
explanation last named seems the more
likely. Other incidents of the day COM
prised g. sharp fall in sterling exchange
and the publication OF an authoritative,
although entirely unneeded, statement that
tho International Mercantile Marine Com
pany had earned much more than the
interest on it's $50 900 900 collateral debenture
bonds for the half year. The decline in
exchange was attributed to foreign re-
mittances OF money to this country in pay
ment of subscriptions to the Pennsylvania
Railroad new stock issue.
Tbo,a wara ~ ANAL inn
portance beside the possibility of an ex-
tension instead of the hopedfor settlement
of the trouble in the building trades and
the reports Of deterioration Of spring wheat
received from the Northwest. The financial
strain upon a great variety OF interests
involved in the prolongation of the struggle
between the building trades employers
and their men is apparent. II is, Of course,
impossible, up to the present juncture,
to say in how great degree the advance
in the price of wheat is due to real injury
to the spring wheat crop and to lessened
winter wheat harvest. to reports OF UNI
favorable crop conditions abroad, like the
one received from Germany to-day, or to
a determined effort on the part of the same
powerful spectators who have recently
been 30 prominent in depressing prices
in the security market to advance quotations
for the price of all the options for the future
delivery of grain. Both these operations
by these spectators would be compile
mentary parts Of the same campaign.
The best opinion in the grain trade is that
the winter wheat crop this year will still
make record harvest and that spring
wheat has not yet been very seriously
damaged by drought that there is very
vivid recollection of the injury which spring
wheat suffered from lack Of rain in 1900.
1t may be doubted, on the whole. If the
building trades difficulty remains I'M
checked and the Produce and Cotton ex-
changes continue to afford such scenes
as they did to-day, that the stock market
will remain insensibe to the fact.