The sun., 1903-02-07
FINANCIAL AND COMMERCIAL.


Dulnsts ruled the stock market to-day
and prices reacted. The market Is still
highly professional and, while the inter-
est of outsiders in II has considerably In
creased. no great public following has yet
been excited. Hence. when traders turn
sellers, as they did nearly unanimously
to-day, sales must be made at concessions
One reason for encouragement was de-
clared TO be the friction that had developed
in Washington In the course OF the Nene-
zuean negotiations; but, viewed correctly
this controversy was really nearer an ami
cable adjustment to-day than II ever has
been. 'The advance In sterling exchange
was another event over which bearish
operators expressed concern, but they
failed to point out how, IT. owing 70 the pie
thora OF money here. little gold was shipped
from this city, 1t would amount to more
a. q stock market! factor than the transfer
OF the same amount Of cash into the Treas
ury. Another matter that was harped
upon was the possibility OF poor bank
statement tomorrow. The banks have
lost heavily to the Sub-Treasury during the
week, and have gained, 40 far as the known
movement Of money shows. from the IN
terror Of the country; but the gain IL less
than the loss, and so, az the probability
Is that loans have increased a considerable
decrease in surplus bank reserves is looked
for. Gloomy reflections drawn from these
circumstances by those committed to
decline in prices were qualified, however.
by the fact that rates for the use OF money
both on call and for long periods were
lower to-day than they have been for
months.
The decline in the market was not really
due to any OF these causes, but to natural
profit taking. The weight Of whatever
substantial pessimistic feeling there is in
the financ ii community centres on various
bigh-priced railway shares for reasons
that are sufficiently well known and do
not affect the general market The re-
ports of railway earnings for January as
they are made known show fattering in
creases In gross, at least. In addition to
the favorable statements issued yesterday,
others equally gratifying appeared to-day,
the most conspicuous among them being
that OF the Chesapeake and Ohio's in
crease in gross Of SiOs .ss7 for the fourth
week Of January. The Brooklyn Heights
Railroad. that 10 to say, the'core OF the
Brooklyn Rapid Transit system. reported
increased earnings for the quarter OF s2H.-
oO2, and an increase for the half year OF
$500. .ss4. Southern Pacifc's gross increase
for Deco mber was officially stated as more
than Se0O, 900; the net was about the same
az last year All the leading stocks were
equally weak to-day. and there was no
particular feature In the trading unless il
was the strength of Amalgamated Copper.
There il the hest reason for believing that
while the advance in the malgamated
shares has undoubtedly been stimulated
by the genuine improvement in the market
for raw copper the controlling interests
In the company have had no part in it.
and that II is wholly the work Of an out
side pool. One OF the incidents of the
day was the transactions in the curb market
In the stocks Of several Of the we'll
known and established Lake copper pro-
ducing companies, which have hereto
fore been quoted exclusively in the Boston
market The soft coal stocks are particu-
larly held in check at present by uncertainty
as to the result Of the conferences between
the bituminous coal workers and the coal
mine owners On the question OF the wages to
be pa i'd during the ensuing year. The opera
tors have now offered the men an advance In
wages Of i2K per cent. but the men are
standing out for various other conces-
sions, which the operators. with much
Justice. declare that they cannot give.
Those usually best informed in Wall Street
believe, however. that the mine workers
will accept the very generous terms offered
to them Announcement was made after
the close Of the market Of a declaration
by the directors Of the Reading Railway Of
a semi annual dividend Of per cent. on
the first preferred stock Of the company
This action was generally anticipated, but
of course, it does not necessarily mean. as
MANY people in Wal Street seem to believe,
that the voting trust in the Reading shares
is to be Immediately dissolved. The terms
OF the voting trust are that the trust
shall continue until per cent. cash
dividends per annum shall be paid upon
the FIRST preferred stock for two con-
secutive years. although the trustees
NAV In their discretion surrender the stock
at an earlier date. II the directors had
declared a semi-annual dividend Of per
cent. on the first preferred shares last Octo-
ber, two years term Of consecutive per
cent. dividends would have been completed;
hut only I per cent. was so declared in Octo-
her, and hence. 40 far as any compulsion is
concerned. the voting trust may be kept
in existence for two years more. The
Affairs Of the United States Steel Corpora
tion naturally came in for a good deal Of
discussion during the day, in view Of the
decision favorable to the corporations
proposed bond-conversion plan, handed
down at Trenton Yesterday. 1t was recog-
nzed that until the Judicial opinion in the
case had been written and fully considered.
no formal decision by the directors Of the
steel Corporation in the matter Of proceed
ing with the plan could he expected.
New York stock Excnanxe sales. Feb. o
rxITEp sTATss AND sTArs BONDS I'm N.ooos)
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ALosxNo PRIcBa o. ,SIrXo srArHs BONDS
Bsa- Asked Bid Asked.
US1s SU.r
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US,ae $ Is.
le9o ~ oA lOQiA iS2S.... l3o9 1877
u 8 h. S 5s.