The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-05-16
FINANCIAL AND COMMERCIAL.


The STOCK market WAS oSuNc 'c-u"y
than It has been for some time past but
the activity was at the expense OF values.
The rather sharp fall in prices yesterday,
instead Of resulting to-day In a rally caused
BY speedy profit taking on the part OF oper-
aors for the decline. AZ mas been the
case on similar occasions recently, served
to increase the nervousness ana state OF
tension among holders Of securities and
produced fur, her fall in prices. Although.
therefore the market received support
throughout the day from the covering
purchases made in retiring short con-
tracts, the liquidating sales for the account
omen for the rise we're sufficient to over
come this and to cause decided net declines
in the prices of the most prominent stocks.
The news of the day was of mixed character,
so far as it's influence upon the market
was concerned Wheat prices were higher
because of continued rumors OF too much
rain and of the appearance OF insect pests
damaging to the growing grain In Kansas
and Nebraska. although a large export
trade also stimulated the advance. On
the other hand. large drop in the price OF
cotton futures was regarded by Wall street
with pleasure There seems t be small
fear that the inevitable collapse OF the
cotton corner sooner or later will unfaNor-
ably affect the stock market ihasmuch
as very little interest has been taken IN
the cotton speculation in Wall Street
proper; and that this collapse is near
at hand is b,lev,l bv god judges
to be likely in view of the favorable
weather that row prevails over the cotton
belt ard the enormous reselling of cotton
al, Inl n
cotton who purchased it for consumpt ion
at much lower levels. II the advance in
the price OF he staple continued il would
undoubtedly seriously affect the general
cotton manufacturing business, IA it has
already diminished or exports OF cotton,
and. by locking up money in the South In
the shape of advances made to holders OF
cotton for the purpose of carrying the
article. tend to draw money from this
centre.
Developments regarding labor troubles
were, Il anything, encouraging. Tho Great
Northern management has. 1t seems. COM
promised it's differences with its men, but
has done so, apparently only by making
costly concessions. The possibility that
the labor unions in the building trades
in Ills city may decide to throw over the
newly formed teamsters' union, or, in other
words, that the unions representing skilled
labor may decline to engage In a general
controversy with their employers because
of the demands OF a union OF unskilled
laborers which has been in existence prac-
tically speaking. only few hours, is. of
course, extremely gratifying; but Wall
Street was rot in mood to-day to set any
great store by the matter. The shipment
of $3.50, 900 gold to Argentina, announced
to-day. is greater than was rumored yes
terday but the shipment will figure to
only small extent in to-morrow's bank
statement Indications for this bank state
ment are for a smaller net cash gain by the
banks than has been witnessed in previous
weeks; but whether the statement will
show an enlargement Of the loan account
or not, and so will be accounted a good
or bad one, is beyond guessing. The
Paris check fell to-day to % francs 1917
centimes, though it advanced later and
sterling here was slightly, although only
very slightly, easier. Probab ilities. there
fore, favor renewed exports Of gold by the
fast steamer sailing on Tuesday, Bearish
operators endeavored to make capital out
of reduction in the Standard Oil Com
panys quarterly dividend as declared to-
day. to per cent. as compared with
dividend of 20 per cent. declared in Febru-
airy, and of 10 per cent declared for the
current quarter last year. The argument
was that this act showed the attitude of
the Stal dard Oil capitalists toward the
market. The price Of Standard Oil stock
declined on the outside market when the
announcement was made. but of course
the matter exerted no influence upon the
price of other securities. Late in the day
came the news of the serious illness of Mr..
Edward II. Hartman, and this fact prob
ably played its part in preventing any
tendency to rally that the market might
otherwise have SHOWN.
The Pennsylvania shares were very we'll
supported to-day, but New York Central
stock. with which compa risons with Penn
syfvania are constantly made, was weak.
In addition to New York Central. st. Paul,
Rock Island and Union Pacific were per-
haps sold more heavily than other stocks.
The market was without special feature,
save ite general weakness and the lack of
support extended by large interests.