The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-03-12
FINANCIAL AND COMMERCIAL.
"WEDNESDAY, March II

|
ment, was not hard to understand. II
was simply a furious onslaught made FOL
| the purpose Of facilitating the retirement
OF the short interest, that retirement begin
ming in earnest to-day. Whether or no'
the Western Spectators will. after having
covered what they conceive TO be rea
sonable amount OF their contracts for the
fall, again renew them Is. OF course, mere
guesswork. There are several Influences
however, which initiate against further
attempts to 'swash' values or at least
make such attempts decidedly unsafe
First among them Is the fact that, In addi-
ton to the known ability OF bankers here to
make sterling loans in great quantity IN
foreign markets. the movement OF money
from this centre to the West has halted,
and that signs are not wanting that money
is actually returning to this city. Such'
at least, Is the testimony OF bank Officers.
while corroborative evidence Is afforded
by the fall in the rates Of discount on New
York exchange in the interior cities.
Another force equally important is the
belief now openly expressed by some OF
those whose operations have been most ef-
fectual in depressing prices that the general
short interest In the market has become OF
unwieldy volume and reckless character.
Il Is said that one house which cut a large
figure in the semi-insane effort TO advance
prices last summer is borrowing 10000
shares of St. Paul common stock alone.
Other commitments OF an equally rash
nature by the Western contin gent are re-
ported from many quarters One OF the
chief arguments Of the bear campaign has
been the very great disturbance Of the
money market that would surely be caused
by the payment by the Government OF
the $4,000 900 to the stockholders OF the
Panama Canal Company and to the Gov
eminent OF Colombia. There is good
reason to hope that. as recently suggested
In this column, the Secretary Of the Treas
ury has decided TO purchase the amount
Of exchange bills necessary TO cover the
transaction by money taken from the
Treasury vaults proper. The matter. there
fore, so far as our money market 10
concerned, would practically amount TO .
release Of Government funds, Beyond all
these considerations Is the understand
ing Of all intelligent persons that the present
tension OF the money market-if It de-
serves the name OF TENSIONS Of purely
fugitive nature. and that In q few weeks.
owing TO the operation Of causes OF known
deflniteness. money will be comparatively
abundant In Wall Street.
There are, Of course, many unfavorable
factors In the general situation The bond
market Is undoubtedly congested. and suoh
unpleasant disclosures As those which have
been recently made in the affairs Of the
Consolidated Lake Superior Company and
Of the American Ice Company are not
reassuring to holders Of securities. It II
conservatively estimated that . loss Of
over so ,OOo, 900. measured by market quota
tons. has already been sustained by the
stockholders Of the former company, and
the prospects OF repairing this loss are
obviously slender. There are various pool
holdings that are regarded a. . menace to
the market, and the promised litigation
concerning the Southern Pacific Company
is not a good thing. From q Wall Street
point OF view, the labor situation over the
country bears an evil aspect and 1t must
be confessed that from present indications
it's visa9e viii be moro grim In the next
few months. The obvious danger to the
uniformed investor or the imprudent
speculator hes. however. not In . failure
TO realize these matters. but In . willingness
to exaggerate them.
The publication In Q morning newspaper
Of the revelations regarding the Metro
politan Street Railway Company. which
have been whispered about Wall Street
for month past, caused. no doubt much
70 the surprise Of various gentlemen. .
rapid rise in the price Of Metropolitan
Street Railway shares. II IL the almost
l. I'll L.
charges are Of speculative and black
mailing origin and that 1t Ia absolutely
incredible. not simply that capitalists Of
the sagacity and high character Of those
who direct the affairs Of the Metropolitan
Street Railway Company should oonnivs
at any such stupidity criminal acts as are
described. but that these transactions.
being matters Of record entirely. could
have escaped the scrutiny Of the great
banking house which recently undertook
the practical reorganization OF the Affairs
al the company included In the formation
of the lntsrurbsn Street Railway and the
Metropolitan Securities companies.
The visit OF tbs Secretary OF the Treasury
20 tho financial district this morning was
interpreted A. meaning that some extsn-
sive measures Of relief by the Government
Of the mone,sry s,rinsency we're impend.
was advised by competent persons during
the day that the situation vas not such II
pr~.eni a. To render GovernmeA, inter
ventiOn advisable. II may bs stated
however, that tho Secretary h prepared
10 act and viii 40 IN IN eHtrssnsly forcibls
ing - arb---. Ths most important news
dsvelopment NJ the day vas tile publioati on
late IN the afternoon ~ tho Gos~rnnsent
report u expors al doms.tio produc,s.
exclusive ~ m~fchAndlss. for February
fhs-s report. showed sain Of ei7 .ses 10
or-a.s vas IN tho yslus VI the skJoits II
cotton, ti..~s amounting 90 50 ,sis So a.
ooinI.sr-d 90 w, 10 .ik1 IN fcbfusTy las,
ysaT Tic u.Aiisf thfoss soms light u,son
tho ~e.kns.s ~ the foreign sschshss
iasrke'