The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-04-09
FINANCIAL AND COMMERCIAL.
WEDNESDAY, April Q.

"WEDNESDAY, hPrh o.
The spectators who sold stocks yester-
day showed a desire to-day TO buy them
back, and the pressure upon the market
caused by the liquidation for the account
of the Southern Pacific pool also ceased.
This liquidation, 1t Is believed, " over.
The days business, therefore, maintained
a firm tone. although transactions were
small and the market was very dull. No
other result could have been expected.
indeed. in view OF the approaching long
holiday. Developments were few but
were all in the line Of a gradual clearing
away of the difficulties under which the
market has recently labored. The trend
of the money market continued downward
most OF the days call loans being made
under per cent, while rates for the use
of time money give signs OF breaking
Sterling exchange fell of heavily under
offerings Of commercial bills, and in the
grain market the price OF wheat rose de-
cidedly upon reports Of poor crops abroad
and upon large takings Of the staple Tor
export. All trustworthy advices from
London are that the situation there Is
improved. consols having risen sharply
and an enlarged demand for securities
of the better class making itself felt The
news from Chicago was welcomed that the
demands for higher wages Of the firemen
and oilers on the grain fleet on the Great
Lakes had been compromised, and that
Lake navigation had been opened. Among
the important commission houses a dis
tinct reaction from the pessimism OF the
last two months is very noticeable; and one
prominent banking interest after another
IL Fl. L.. nj
while no great activity on the side OF higher
prices need be expected for time, the Wall
Street situation ought to mend steadily
from now on.
A drive was made by the bearish ele-
ment at the opening Of the market to-day
against Amalgamated Copper and the
United States Steel shares. but while the
former stock held weak, the latter promptly
reco vered it's loss. The explanation
made by the officers OF the United States
Steel Corporation for the small decrease
in the net earnings of the corporation In
the last quarter was accepted as entirely
satisfactory, and, In view OF the fact that
deliveries Of commodities over many
railroad lines practically stopped In the
period named because Of congestion oil
freight, it il a matter OF surprise that the
earnings of the Steel Corporation were
affected 40 little. One OF the most note
worthy features OF the report Of the cor
poration, as printed in full in all the news
papers this morning, was the increase In
the number of stockholders during the
year. and the very large total that this
number has now reached. The number
of stockholders in the corporation is So, e2s,
an increase of $3.50 In the last twelve
months. The common shareholders have
increased much more than have the pre-
ferred, and the statement as made does
not include the holdings Of 27,s7s en-
ployees under the profit-sharing plan re-
Gently offered to them.
Buyine of st. Paul common. believed
TO be for the account Of the controlling
interests in the property. was particularly
in evidence throughout the day. Manipu-
lation was carried on in the Rock Island
shares of a sort which indicated to ordinarily
keen observers that operators heavily short
of the stock were endeavoring to cover
their contracts as best they could. Es-
pecially strong features Of the list. too. were
Sugar and Brooklyn Rapid Transit. The
premium on New York exchange In the
interior cities Is rising. indicating that
money is returning here. The banks gained
I'M to this morning $4,000 on transactions
with the Sub-Treasury, and the Sub-Treas-
urv was a debtor to-day in the Clearing
House in 81 ,l23. o4o. 1t Is, therefore, reason
ablv certain that 90 far as dealings with
the Government are concerned the banks
will gain money this week; and all indica-
tons are that the interior movement OF
currency is equally in our favor.