The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-09-10
FINANCIAL AND COMMERCIAL.
WrDNFspAy. Sept. q,

Dulness and, for the greater part OF the
session, weakness characterized the move
ment of prices on the floor OF the STOCK
Exchange to-day: though the weakness
which was not az all pronounced, did NOT
reflect more than the temporary bearish-
ness of the room trading speculat ors
These operators professed renewed disap-
pointment over the lack of public interest
in the market. as shown by the failure OF
the market to absorb, save at declining
quotations. the liquidating sales made after
the slight upward squirt in prices yester-
dav and at the close of he week; but they
had little else to offer in the way OF pessI-
rnistc comment, The news of the day
was. in fact, favorable, Temperatures
were n little lower in the corn belt, but
were still far removed from the frost line,
and the frost scare agitated yesterday
utterly petered out IA was indicated by a
declining tendency in the grain market
Some small capital was made out OF the
declarations of the president Of the Chicago
and Northwestern Railway Company en-
pressing disagreement with the various
large estimates of the probable size OF the
corn crop and laying emphasis on the adj
verse weather conditions that have pre-
vailed throughout the summer in the North
west but every one is aware that the weather
in the Northwest this summer has not
been so propitious for the crops as 1t might
have been, and the fact has been duly taken
into account in ali conservative reckon
ings as to the seasons harvests. Con-
dtions in the Southwest have been much
l. lot INN tnD
steadily in all portions Of the agricultural
section The continued fall in English
consols was alluded to also as possible
cause for uneasiness, but il measured by
the quantity of stocks sold here for London
account to-day it was of small moment
On the other hand the price OF bills OF
foreign exchange drawn for payment upon
the European continent continued to soften
in this market in necessary response to the
advance in sterling in Paris and Berlin.
the phenomenon last named being due, OF
course. TO the recent upward rush in the
Bank Of England's minimum rate Of dis
count All this, with the appearance, even
though very slowly and gradually, Of cotton
bills at high price for the staple, points
in the direction of gold imports sooner or
later. Further. present indications, at
least. are that the bank statement at the
end of the week will make an exhibition of
a different character from those of its i'm
mediate predecessors. The banks had
gained at the close of business last even
ing 1914 600 in their transactions during
the week with the Sub-Treasury, as against
n large loss in the corresponding period
last week The Sub-Treasury was debtor
in over 81 900 900 at the Clearing House this
morning, and paid out 81 1852, 600 during the
day on account Of the Geographic transfer
Of gold from San Francisco. The gold
was that which had just been received
from Australia While statistics of the
movements Of currency to and from the
interior are wanting, it is clear that the
balance against the local banks will have
to be unusually large to Offset these heavy
gains from the Sub-Treasury. Payments
at the Sub-Treasury, on account OF GUS
toms duties were, however, unusually
heavy to-day. The full report Of the
American Smelling and Refining Company
for the year ended April 80, issued during
the morning, was certainly very encour-
aging document. Net earnings OF the
company increased sans, Oo7 for the year
and. after the deduction of $2,l55 1888 for
extraordinary improvements, as against
81 300 600 similarly expended last year,
this is a surplus over preferred dividends OF
81 92l JOB, or 3Js per cent upon the common
stock. as against but $8l ,8l9 in 1902. The
balance sheet Of the company shows
large reduction in current liabilities and
an increase Of 81 347,l40 in cash on hand,
The document is fully corroborative of the
unofficial reports current in Wall Street
throughout the year Of the favorable char
acter of the Smelling and Refining Com
pany's business.
In the last half hour the professional
sellers of stocks endeavored to take profits
on their short contracts and found that
their offerings during the morning had
been very we'll taken. A rally in prices
followed, which left quotations, in the
main. slightly above last nights closing
figures The rally was led by the stocks
of the Metropolitan Securities and the
Metropoltan Street Railway companies,
in which, as In the case of Atchison and
other stocks, a very large short interest
has accumulated because of the extreme
and unwarranted animadverson against
corporate invest ment current in Wall
Street during the summer. The short
interest in Metropolitan Securities Com
pany. in particular, is undoubtedly large
for n stock usually so inactive, and there
is reason to believe that some Of 1t has
been accumulated because of extraordinary
ignorance as to the meaning of quotations
forthe shares A quotation of II for Metro
poitan Securities represents discount
of 500 a share from the $50 already paid in
in the two assessments upon the stock.
The buyer of the stock at II pays S27 in
ST cad of SIT a share for it, shouldering,
of course, the liability Of calls which may
uayer be issued-for two further asses s.
ments of s25 each, The limit Of pos sible
profit of an operation for the fall in the
price of the stock il, therefore, s27 a share
Instead Of ST, as appears specifically,
and, strange a. it may seem, speculative
commitments have been made without re-
gard % his fact.