The sun., 1903-06-24
FINANCIAL AND COMMERCIAL.
TUESDAY, Jun,

| TUESDAY, June ~.
| Apart from the formal necessity OF making
a daily record OF business on the Stock
Exchange. comment on to-day's security
j market might we'll be spared. The dulness
which has hung like pail over the market
for 30 long was greater than at any previous
| time, and the acute cause for 1t to-day
! was very probably the miserable weather.
| Attendance on the floor Of the Stock Ex-
change was very sensibly diminshed, and
the shivering spectators In brokers
offices paid most of their attention to the
diversions with which at such times Wall
Street is familiar. the chief one among these
consisting in playing the part Of Jobs COM
forter to the more wretched OF their num-
Der who confessed to the untimely aban-
donment OF city homes for residence in the
country and at the seashore. 1t was Of small
Importance therefore, that in the West
weather conditions showed signs OF i'm
provement and that the Government .
weekly report concerning the crops was
more favorable than had been expected.
Wall Street. chilled and bedraggled, was
almost prepared to believe that seed time
and harvest had deserted the country. The
popular feeling, however. was one OF apathy
rather than pessimism, and the great mass
of traders expressed themselves as un-
willing to make ventures on either side OF
the market. Transactions approached
the record low point Of the year. In the
last hour some little interest was excited
by rapid upward movement in Colorado
Fuel and Iron, generally interpreted as being
at the expense Of spectators FOR the rail-
Fluctuations in the Colorado Fuel and Iron
shares have for a long time merely
represented the strifes of the different
factions among the company's stockholders,
and it is probable that to-day's advance
was no more significant than the declines
on days preceding. The rumor to-day
was, however, that these difficulties had
been -settled.' The event, at any rate.
was disturbing to the extended short inter-
est in the general market, and 1t stimulated
a covering process which left prices at
the close quite little higher than yes
terday.
The market was not at all helped to-day
by indications of gold exports. Sterling
exchange in London declined. A rather
notable advance in the bid price for gold
was made in Berlin, and money rates gen.
orally in the European capitals hardened.
1t seems reasonably clear. therefore. that
further metal shipments will be made, and.
taken in connection with the locking up OF
money for the disbursements on July 1,
may unfavorahly affect the bank state
ments OF the immediate future. These
gold exports will be Offset in a short time
by receipts of gold from the Klondike:
and what Wall Street would really like to
see more than anything else in the weekly
bank statement at present is not a gain In
cash, but a reduction in the loan account.
Nevertheless. these losses in cash, due
to gold shipments larger than is ordinarily
the case at this season, are discouraging
to speculative sentiment. Another matter
which was, perhaps, somewhat dismaying
during the day was the sensational rise in
cotton prices, despite the fact that the
weekly Government report on cotton told
Of improving conditions all over the cotton
belt. The operators who are now bent on
manipulating the price Of cotton upward
forced an advance in the July and August
options during the afternoon OF over half
cent pound. similar advance in the price
Of spot cotton also occurring. Readers OF
this column were aware that small SYM
pathy was entertained here up to q month
ago with the view then popularly held,
that the advance in cotton was unjustihed
by natural conditions, But it is very clear
at present that the price Of cotton has
risen far beyond the point that these natural
conditions should properly secure for It..
and that the recent movement has been to-
tally and wholly speculative. 1t has now
become, in other words simple squeeze
OF shorts, and those conducting the process
seem to have quite abandoned reason and
moderation in their operations and to be
oblivious as we'll of the perils that they are
inviting.