The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-06-05
FINANCIAL AND COMMERCIAL.
THURSDAY, June 4

Z
daring speculation for the fall. The cours'
of values was probably influenced more
throughout the day by the action Of two
stocks, Pennsylvania and Amalgarnateo
Copper, than by any other cause. The
Pennsylvania shares fell TO 1871, the loves
point touched by them since the announce
ment of the companys new SoWO,w
stool; issue The bear operators have fol
some days circulated the malicious report
that the recent selling OF Pennsylvania has
proceeded from the syndicate underwriting
the new stock issue and has represented
the desire of the syndicate to secure the
new stock for itself. This rumor should
not, perhaps. be dignifed with mention
but 1t is worth WHILE under the circuni-
! stances. to state authontatively that the
+ Pennsylvania syndicate has not up to the
! present time either bought or sold share
| of Pennsylvania stock and has simply
| left the stock to take care Of itself in the
| market The individuals responsible for
! the rrinor probably did not reflect, more
| over that their story suggested. II 1t sug-
F., eested anything. that the largest financial
| interests in the country considered Penneyl.
vania stock at la0, that 10, upon s per cent
| basis. a bargain purchase
f, But it ~ doubtful that even il Pennsylvania
stock had not shown weakness to-day, and
general speculative sentiment. instead OF
being depressed, had been CHEEKY, the mar
ket could have withstood any such selling
| outbreak az that which centred in Amalga-
mated Copper. The stock sold al one time
points below its close last night and rallied
but little. making it's record low price
! Taken in connection with the furry in the
Boston money market Yesterday and the
commotion on the Boston Exchange caused
by the collapse of the speculation in the
Canadian securities which are dealt in
outside of Montreal and Toronto only in
Boston, the impression was, naturally
that various speculative interests in
Boston had found it necessary TO tighten
their burdens. The story soon spread
throughout Wall Street that one or two
large operators in the Boston market,
as we'll as others in this city. whose
speciality il supposed to be speculation
in the shares OF coppsr-producing com.
panies. were embarrassed Diligent in
vestigation by the best houses here
having responsible Boston connect Ions
failed to establish the truth Of any Of these
rumors, and good expert opinion was at
the close of the day that the selling Of Anal
gamated Copper had been chiefly repet-
ton Of the attempt to break certain
spectators that was unsuccessfully made
last December. SO far as the copper trade
itself is concerned, all the copper companies
are making a great deal OF money at the
present prices for copper meta. and though
conservative interests in the trade expect
some reduction in these prices in future,
the event will hardly be sufficient to justify
any such smashing" OF Amalgamated Cop
per stock as occurred to-day.
Another unfavorable factor affecting tho
trading to-day was the publication o.!
the Government report OF the condition
Of the cotton crop and OF the State Of Mis-
souris general crop report for May. Very
little was heard about these matters, how
ever. on the floor Of the Stock Exchange
during the day. nor was there any extreme
pressure made on their account against
the railroad shares. The Governments
cotton estimate puts the condition Of the
growing crop on May 20 at TAI, the. lowest
in the records Of the department of
corresponding date and comparing with
much higher averages in preceding years
and for ten years past. But the belief
seems to be general in the cotton trade
that the uprush in cotton prices in the last
two months has pretty nearly discounted
these conditions and that, as indica-
tions still ara for a full average yield
of the staple. the increase in acreage
amounting to nearly ! per cent. it ia
not probable tina, any great further
advance in prices can he maintained The
Missouri crop report made the statistical
= ..
May 60. "a against 80 in the preceding
month. Missouri is not the most important
win,er-wheat State, and the damage done
there by the floods and weather has, it is
well understood. been greater than in other
places. The advance in the price OF tho
corn and wheat options to-day was, in fact.
caused to fully as great an extent by CON-
sicleration of the effects Of the drought
in the Eastern States as by reports OF crop
damage in the West. 1t ia held, and very
correctly, that the impending ruin Of the
fodder crops in the middle Atlantic States
will necesaitat" q larger demand for the
hay and oats Of the West. From this
point of view. the recent rise in the
price of contracts for the future delivery
of corn and wheat Ia not hear argument
on Western railroad securities.
The event Of the day OF the most encour-
aging nature was the rise in call money
rates at one time TO ~ per cent. and the
further s,ifrening. due to enlarged dema nd.
of rates for time money. The cause most
commonly pointed out as the reason why
bank loans at this centre have not decreased
despite the liquidation in the stock market
is that loans made in Europe have been
transferred to home institutions on az
count of the lower rates Of interest pre-
valing here. The explanation is quite
correct. but there il another cause Of allied
nature which has had equal force in pre-
venting a curtalment of bank loans, and
that is tho unwilingness OF private money
lenders to put out their money at the low
rates that have recently ruled the deposit
lv them of their funds in bank, and the
loanng of tho money by the banks instead
of by individuals. In other words. lonns
have been transferred to tho banks from
private lenders the same as In the case OF
loans on sterling. 1t will be reasonab BILE
to expect, therefore. that when money
rates rise the transfer of sterling loans to
Europe from this side will cease, gold ex-
ports will stop, private lenders viii again
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