The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-07-08
FINANCIAL AND COMMERCIAL.
TUESDAY, july

TUESDAY. July 7.
Activity in to-day's stock market was
confined to the closing hour of trading,
when price s, which had been improving,
sold of under the influence OF bearish
attack made upon the shares of the United
States Steel Corporation. This demon
stration was accompanied by ridiculous
assertions that the dividend on the COM
mon stock of the corporation was TO he
passed The only basis for the attack,
rs 1t turned out after the market had closed
and the proceedings at the meeting of the
directors Of the corporation were made
public, was the fact that a decrease OF about
3 per cent, was reported in the net earnings
of the corporation for the last quarter.
as compared with the corresponding quar-
ter of last year with the financial operations
of the corporation for the haf-year ended
June 80 showing a surplus less by 81, 428 $40
than that reported for the corresponding
period last year. The net earnings for the
last quarter very heavily increased, COM
pared with the net earnings of the first
quarter of the calendar year, though it
should be remembered that the earnings
for the first quarter Of the year are nor
mally smaller than those of the second
quarter, and that in the first quarter of
this year they were further cut down by
railroad congestion. which prevented
prompt deliveries. The operations of the
bear traders in their closing demonstration
had merely an unsettling effect upon the
neral list, and number of the active
shares showed net advances for the day on
their final quotations.
Magnificent agricultural conditions such
as prevailed throughout the country to-
day, would in a speculative stock market,
have meant an outburst i'll at least the
shares of the granger railroads. if not
the entire list of stocks dealt i'll Oh the ex-
change. As it is with speculative public
absent and the business confined to the
professional operations of room traders,
the market swung within narrow limits.
The undertone, however. was decidedly
firm, and il does not seem possible. with
n continuation of such crop weather for
any length of time and all that this means
in making up the backwardness of corn
and spring wheat and in helping along
winter wheat harvesting. that there will
not he a more or less material effect stock
ously. we're firm, the movement there
apparently being based chiefly upon opin-
ions that the monthly Government report,
scheduled for publication on Friday, which,
however will only show conditions up to
July T. will make a poor showing for corn
and spring wheat compared with previous
reports. Some influence upon grain prices
was also exerted by the immediate statisti-
cal grain position, which is described as
strong. The cotton market. in which
natural conditions are apparently regaining
sway, made further material decline
to-day and it would appear as if clique
manipulation in that direction had suffered
a very serious. if not fatal, setback
In to-day's early stock market dealings
a weak exception to the general steadiness
was the stock OF the Amalgamated Copper
Company, which made a further decline
influenced by lower prices for the metal,
the electrolytic grade being quoted under
IA cents pound for the first time since early
this year A batch Of reports of railroad
gross earnings for the fourth week of June
was made public. number of roads showing
large increases compared with the CORE
spending week year ago, notably the
Southern Railway, with an increase of
SIG, 1857; the st. Louis and San Francisco,
including the Chicago and Eastern Illinois,
with an increase of sl18,9s5; the National
Railroad of Mexico, with an increase Of
$3.50, PSI and the Mexican Central with an
increase of sI20,749. Money on call showed
some firmness toward the close of the day,
the rate touching per cent. The foreign
exchange market was dull but steady, and
indications pointed to the arrangement of
additional engagements of gold for export
to Europe by next Saturdays steamship.
Apropos of the exchange situation. the sharp
decline in cotton prices, tending to bring
that commodity to a normal selling basis.
is very apt TO relieve the situation by in
ducing purchases of COTTON for export.
providing a supply of bills that will take
the place. in part at least, of gold now being
sent. To-day's trading in the stock market
for foreign account was without signif-
canoe, the total Of the London orders being
very small. Some attention was attracted
by the weakness in the bond department of
the first mortgage 6s Of the Standard Rope
and Irvine Company. the interest on which
is due Aug. /.