The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-03-24
FINANCIAL AND COMMERCIAL.
MONDAY. March Is.

ing upon the Stock Exchange witnessed
resumption Of the discouraged, not &c
say pessimistic, feeling which prevailed
generally few days since. but In the latter
part Of last week seemed TO be considerably
mitigated. The weight Of profession a
observation was that commitments FOL
the fall in prices had been greatly re-
duced In number and that there was nc
disposition az yet on the part Of substantial
interests or the public to support general
buying mo vement and the first OF these
conclusions, at least, was borne out by the
large quantity Of stocks pressed to loan
by members Of the Exchange who desired
to borrow money upon them at somewhat
under the prevailing rate. The early part
OF the trading was marked by great dulness.
| A sagging tendency was clearly In evidence
however. and this ran into a rather pro-
nounced selling movement in the last hour.
Southern Pacific rose rapidly two points In
the middle of the day on a small number OF
sales, but the movement was regarded az
clearly manipulative and did not help the
general market. As strong a stock as any
| during the day was Brooklyn Rapid Transit
the reasons assigned therefor being those
hitherto noted In this column. the expected
large business Of the company In the coming
spring and the favorable conditions as
compared with those OF previous years
under which it will be conducted. Markets
In adjoining cities were also weak, either
liquidation or vigorous short selling being
evident in the stocks known as Canadians
in the Boston market. Movements OF
cash and developments in the sterling ex-
change market presented little OF sig
nificance. The Sub-Treasury has, how
ever, taken twice as much money from
the banks so far this week as in the same
period last week.
All the foreign markets. including
American stocks in the London market.
were disturbed by fall in English
consols to the lowest point touched by
them within thirty years. In the opinion Of
competent judges here the price Of consols
will decline still further. The reason is,
simply, that within few days these bonds
will draw a rate Of interest which. the
English income tax being deducted. will
net the purchaser only a return Of slightly
less than az per centum per annum. There
seems to DO no doubt that French and
American investors who we're large sub
scribers to the last issue Of English con-
soils have disposed Of good share Of their
holdings
The afternoon weakness of the market
might have been due to a rise in the rates
for call money to per cent. and to a feel
ing that there will be a general ingathering
of funds by financial institutions between
now and the LIST Of April to meet the usual
requirements Of that date The reasons
given for the decline we're, however, those
hitherto mentioned. The suggestion was
made that the selling Of the Reading and
Pennsylvania shares and those Of all the
coal roads represented the opinion OF the
managers Of the coal properties that the
report OF the Anthracite Coal Strike Com
mission was unfavorable to the coal pro-
ducing interests. 1t Is believed that there
Is small basis for this suggestion. A moro
substantial reason for the depression in
the price OF the coal shares is that a dis
tinct reaction is visible In the minds Of
Spectators from the extremely optimistio
views previously entertained regarding
the profits which will be reaped by the coal
carrying companies during the ensuing
twelve or eighteen months. The feeling
has prevailed that the great scarcity Of
coal would make such a demand for the
product that producers Of the article would
have all they could do TO supply the demand
at high prices in the period named. But
IL is clear that these demands are losing
their vigor, and that while coal bins are
still empty there is no especial pressure
to fill them with coal at IS ton
Just as the warm weather is approaching
The result Ii that the present supply OF
coal is in excess OF the demand for 1t. The
Delaware and Iackawana company has,
il seems. cut down its mining operations
to Ave hours a day. while the Reading and
other companies are storing coal. All this
may be naturally expected 10 have its effect |
upon coal prices In the future. So far as
the report Of the Anthracite Coal Commits
sion is concerned. the general conviction
seems TO be in the financial community
Z hat. while II IL by no means a perfect docu- |
ment IL expresses the desire Of the arbitra- |
tors TO do even-hsnded Justice to both coal
OPERATORS and coal miners. and that IL II
now the manifest duty Of the coal operators,
~ representing the party TO the controversy
Of greatest intelligence and largest property
interest. 10 at once and heartily announce
their intention TO abide by tle decision. |
That will compel the coal miners q do like |
VIE aud will emphasize Ia the strongest
way the condemnation given by the com
mission 10 th. lawl.ssBe-- thar has. In the |
I,ast, characterized ia. strikes Ia the coal |
regions. u is also felt thai very great good |
IN par lculAr would 10 done and tha, II would |
H. IA. l-sl thing I'o.sibi" Tor the coal opera
tore 10 do In a nsr. polite srnse " they |
would forthwith de"lar- that they pro. |
I,o-.-d Ia at fayorahly upon the d.hnit. |
suggestion contained Ia tlso report - ~. |
commission that the Cual and lron Polio- |
siould 10 abolished.
sIsrcihr reas,n a"nori.d fof the d~clias |
~ I,rnusyiya hla sas ii.s l-.llsf that tho al.
n,alas .asni Of lara. Bsp i=s,.s - the ooin. 1
IaHys si,-'A Vas imIsi'cilas and that ihls I
y a. n0i az shhilfaiihs eiFs1mstanns in
lhs ls.-sni slate si ilr nossy nsrks
I,s laiaH siia.iisn ga tho k.s iofk No
Iia,.h aha Hereford hailfssa s,sisn slso
naus "a, fia die a-.l's, As ~sil - ti.s ti,i.ai
ris,d sifks - issniy thaa.ahd uoit.as