The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-06-03
FINANCIAL AND COMMERCIAL.
TUESDAY, June 2

There was better Keeling IN wall street
to-day and prices Of stocks were higher.
Whether stocks were higher because there
was a better feeling or the better feeling
was brought about by the higher prices
remains very open question. Three
quarters of the transactions on the floor
of the Stock Euchange appeared to be
made, as has been the case for many days
past, by the room trading element. and
there was no more indication OF substantial
buying Of stocks by banking interests or
by the public than has previously been
noted. Very many times during the spring
has the declining market halted and seemed
about to reverse its course, only again to
halt and then proceed further down hill
A week ago to-day exactly such move
ment occurred as was witnessed to-day
and after a day or so it completely petered
out. II can hardly be said. therefore,
that any such rally as that which again
happened to-day can be taken as meaning
that the market has turned. There are
two fundamental propositions on which
rest the views of most of the sane and in
teligent people having to do with the stock
market at present One Of them is that
very many stocks are now selling at
faced of a general contraction OF business
in the immediate future. The other is
that while stocks may he cheap and
there may be no immediate leesening
of business profits, there can be no rise
in market values that will amount to
anything until there is some change in the
critical and respondent temper Of public
opinion. or until there is satisfactory assur-
ance that there will be no further enforced
liquidation on the part of overloaded specu-
lators such az has been seen in the last two
months. The selling OF good stocks to
protect bad ones may carry the prices OF
good -stocks down whether or not these
are already low. There remains the fur
Their consideration, concerning which, OF
course. no definite information will be af-
forded to people generally until the entire
usefulness of the news in speculative
sense has departed as to the extent to which
he decline in the market has been caused by
for the purpose of accomplish
ing certain definite ends. There are very
many shrewd observers Of the market,
who are in the habit OF backing their opin-
ions heavily in financial way, who believe
that the fall in prices has not been wholly
but has been produced because of the de-
sire OF various capitalists to acquire con-
troll of certain properties and that proof Of
his fact will be seen in due time.
The one important incident in the news
If the day was the announcement OF the
failure OF a stock commission house in
he city Of Toronto. which, it Ia said,
4 id the largest business OF its kind In
Canada, and through which has been
carried on a large part Of the recent
,pec,ilation in Canadian Pacific, Mime
,pois, st. Paul and Sault Ste. Marie. Twin
"ity Rapid Transit, Dominion Coal and
IRON and other so-called Canadian issues.
L is now believed that most Of the liquida-
ion in these issues for many days past has
ven the result Of Gales by this house in the
,ndeavor to save itself. Those best in
ormed regarding the situation in Toronto
md In other Canadian markets declared
o-day that the failure Of the house in ques-
ion was an event Of a clarifying nature.
md that they believed that the worst results.
10 far az the stock market was concerned,
we're already known. In the early part of
o-day's trading most Of the stocks men,
Toned sold Of very sharply. reaching the
owest point at which they have sold for
everal years. but in the afternoon they
most, and in some instances all.
# the days loss. The active stocks in the
market all showed net gains for the day Of
rom to points. Amalgamated Copper
vas az weak stock as any. selling OF 2
POINTS and regaining only half Of its decline. |
The strength Of the United States Steel
tocks continued to be feature.
-
he day was the Pennsylvania statement |
II earnings for April. making, as has been |
Predicted in this column. a very much |
,etter showing than for many preceding |
months. Gross earnings Of the lines east
II Pittsburg increased 81 1887 400, and net |
arnings increased 36ss 900. There is sub |
tantial reason to believe that the May |
statement OF the Pennsylvania. when |
t appears. will make an even better |
Exhibit There remains little doubt |
hat the large decrease in the Penn
ylvania earnings. due to an increase |
n operating expenses which was brought |
bout by special causes. has ceased The |
abor situation over the country seems, |
Z anything, to be improving. All danger |
II freight handlers strike at Chicago is |
low over, and although the workers in |
he building trades here and their employers !
AVE not yet settled their differences, it |
Gems reasonably clear that they will do 80 |
n short time. About half Of the striking |
nillhands in Lowell have returned to work: |
tut. on the other hand large strike Of |
and shipyard machinists !
threatens in this city. and over lOO, 900 |
extile workers in Philadelphia have quit |
Employment. News from the flooded dis
riots is encouraging but the exact extent |
4 the damage to crops and to railroad
has yet to be ascertained. The
weekly Government crop report states
hat the wet weather In the West has caused
clay in corn planting and has damaged
good deal OF the corn that has been al
eady planted. There is no doubt that the
orn acreage will be considerably reduced
side from these Western troubles, it seems
o many people hereabouts as il sufficient
ttention had not been paid to the loss
lstained by the farmers in New York
nd New England by the drought. The
ay crop In this section is we'll nigh ruined,
nd If the dry weather continues a little
While more our dairying industry will re-
Give the greatest blow that 1t has suffered
4 recent years
The prospects now ar, tina. something
,ore than u 900 900 in gold will be shipped
D Europe and Canada from this city In tho