The sun., 1903-02-17
FINANCIAL AND COMMERCIAL.



without other reason to account for Il
than the renewed consideration over Sun
day of the many factors making for con-
fidence In the financial situation. the stock
market to-day was strong almost to the
point Of buoyancy. The shade OF pessi-
mism which overcast the market in the
closing days OF last week quito passed
away, and the room traders and bearish
operators who were recently active In de-
pressing prices or attempting to do 30
not only ceased their efforts but bought
stocks AZ confidently as they had previously
sold them. The trading was still largely
professional, and the market was, az a
whole. one OF specialties. Commission
houses, however, reported that orders
from outside investors and spectators
were gradually increasing and that public
sentiment in the Western part Of tho coun-
try, especially seemed to be favorably
affected by the splendid way in which the
winter wheat crop has withstood the winter
season thus far and by the very bright
prospects for the crop throughout the entire
wheat belt. Sterling exchange was easier,
the fact being due. perhaps. to the slight
decline in sterling in Paris, and no talk
was heard during the day Of gold exports.
The banks have lost S653, 900 thus far In
the present week TO the Sub-Treasury.
but receipts of cash from the interior are
in nearly equal volume and call money is
available to all borrowers at "a per cent.
Only a few reports OF railroad earnings
were received to-day, and such as we're
received were OF small Importance. A
better application OF the meaning and value,
so far as the best interests Of the property
are concerned, OF the Erie Railroad Com
pany's convertible bond issue also con-
tributed to the days cheerfulness. The
new bonds are now bid for in the outside
market at 9O,l. The Standard Oil shares
advanced rapidly after the announcement
by the directors OF the oil company Of
the declaration Of quarterly dividend Of
$50 per share as against a distribution Of
$40 share in the preceding quarter An
other feature OF the outside market was
the strength and activity Of Havana To-
bacco. 1t il reasonably evident that large
plans concerning the future Of this COM
pany are in process OF execution.
Speaking generally. the movement In
the price Of securities continues to attest
the soundness Of the belief Of many COM
petent observers that public interest at
present most naturally inclines to the
industrial list and to certain classes OF
railroad stocks, rather than TO the higher
priced railway shares. Thus. the par
ticuarly strong stocks to-day were the
Gould issues under the lead Of Wabash,
the Minneapolis, st. Paul and Saut Ste.
Marie stocks-although the rumor is semi
oficially denied that the preferred shares
Of the company are to be retired-and
Amalgamated Copper, American Smelling
and Refining, American Sugar Refining,
Brooklyn Rapid Transit, Rubber Goods
and the United States Steel shares. While
many Of these stocks have undoubtedly
been taken in hand by speculative pools.
the strength Of the trade situation In the
market for the various commodities pro-
duced by them lies at the bottom Of their
advance. The buying Of Sugar to-day
was commonly attributed to trade In
terests and to speculative buying excited
by the advance In the price Of refined
sugars and the large demand for the raw
product Brooklyn Rapid Transit was
strong because OF realization Of the fact
that the time Of year Ia approaching when
travel over the company's lines increases
and by the knowledge that this year the
company will have ample facilities for
properly accommodating its traffic. The
managers Of the United States Steel Cor
poration have not yet officially announced
their determination to put into eheot the
plan, whose legality has been finally estab-
lished, of converting q large quantity OF
the company's preferred shares into boniis
The belief IL very strong, however, in the
financial community that this plan will be
inaugurated at a comparatively early date.
As the bonds to be issued will probably
sell at not less than 95-hiRher prices are
even now bid for them-the operation
will, logically, advance the price OF both the
preferred and the common shares Of the
corporation. and the matter. az usual, is
being discounted by Wall Street
New York Stock Exchange sales. Feb. 10.
CLOSING PrIce OF UNITED sTArEs BONDS.
BID Asked. BID Asksd.
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