The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-03-26
FINANCIAL AND COMMERCIAL.
WKpNEspAY. March q

market reflected a well-nigh evenly bal
' anced condition OF speculative sentiment
On the one side was urged the lack OF In
| terest in the market exhibited by the pub
| lie. the comparatively high rates prevail
| ing for the Use OF money and the evidence
| that the demands Of corporations and o.
general business for funds for various
purposes we're still not satiated, the fac
| that monetary conditions abroad are also
disturbed and the hostility to the market
OF many professional spectators. The con
siderations thrown into the other side oI
the scales were the fact that the opinion,
Of all those whose Judgment has been most
accurate in the past were that there would
be no perceptible rise in money rates In
this city in the near future and that in a
little time, at furthest. these rates will
he lowered; that great drop in the price
Of securities has already occurred within
short space OF time. bringing many estab-
lished railroad stocks down to ~ per cent
basis; the lack Of genuine liquidation on
the part of investors and the thoroughly
speculative character Of the attacks upon
the market, and the absolute declaration
on the part Of the highest authorities in
the financial community that there was
nothing of evil nature Hanging over the
market. or that any other development was
apprehended which might cause trouble
Between these contending views the market
slackened its pace to-day and up TO the last
hour in the afternoon had practically halted.
Then operators for the decline again gath
cred their courage and made a grand as
sault upon values. causing a rather sharp
break in prices all along the line. Such
assaults have oftentimes in the past marked
the elimination Of n bear movement
The English consols sold as low as ssT
in London to-day but rallied sharply to
9O15, showing conclusively that part, at
least, of the recent decline in their price
has been caused by speculative operations
and that a point has now been reached
at which investment buying has begun.
Trustworthy reports are that the London
market is now practically bare Of Ameri-
can stocks and such fluctuationsin the price
OF American securities in that market are
wholly the result Of orders from this city.
In view Of the manifestly speculative nature
OF the pressure brought upon our market
at the close to-day the assignment Of 'res-
sons for the declines in various stocks
is hardly worth while. Amalgamated
Copper was the chief point Of attack,
although the price OF copper metal here
has been shaded but little and there Ia
small reason to doubt the enormous de-
mands for home and foreign consumption OF
the metal. As has been frequently stated
in this column. however, the controlling in
terests in the copper trade in this country
have at no time favored the specula-
ton in the copper shares that has re-
Gently been conducted; and what specula-
tors call weak bull account has
been uncovered and Is under
going or has undergone liquidation. An
other point bear operators also pretended
TO be most unfavorably impressed with
was the announcement Of the Pennsylvania
Railroad Company's new stock issue.
About $40 900 900 OF stock are TO be issued
to the Pennsylvania stockholders at
price In our market, OF 100. half OF which
Is ~ be paid in the coming June, rs per
>ent. next October and rs per cent IN June
~ next year. 1t was declared that the
gathering in OF this money would throw
an additional burden upon the money
market during the next few months. al
though il was forgotten that with the money
received from the June payment the Penn
sylvania Railroad Company would I'M
pay on outstanding loans OF the
same amount and that the net result Of the
transaction would he a reduction OF the
oan account Of the local banks: neither
did those who were active in selling
shares that they did not
own proclaim very loudly the fact that as
stock will soon sell ex- divi-
dend. its present price means, with proper
deductions for rights" to stockholders,
a price OF about 1872 for the per cent divi-
dend paving shares Of the greatest railroad
in the country.
There were no other Developments in
the days trading worth mentioning. and
the very large borrowing demand for stocks
a, the close OF the market gave additional
and conclusive proof Of the character ~
the selling that had been INDUCED in Ia
many stocks stop-loss orders were reached
to-day, whose execution, Of course. caused
an abrupt decline In the quotations Of the
securities affected. Certain stocks, on the
other hand. presented strong resistance
10 the attack upon them. these being no
taby American Smelling and Refining.
BROOKLYN Rapid Transit aud Metropolitan
Street Railway The shares ~ the last
named company we're strengthened by the
testimony brought out at Ia" h-sTins nov
before one Of the city tribunals,
hat one ~ the experts Sho sOin" time ago
asserted that n. had found evidences Of
improp@r management 81 the c0mpany's
AFFAIR." had stated ihAi after a complete
examination 81 the cOmpanys l-sOkr b.
had found that hls previous opln "a ~Ar
Liitl" attention Vas a. Ia Ca .
story printed ~ q morning bss spaI,-f
& hat tie control 1T the New lOrk 'sntfal
railroad Company had I.a--.d fran Van
,irfiiili Interests 80 a combination oom-
I,1-s-d 1T "a. P-nn-y wanna Railroad tom
PAM and ~ Narlous capitalists The
heading silans 49," s"il supported And
commission hs,i-.- alitiss-i insanaily at
ins fof ih' laIs'si stei' Froup ~ capitalists
~ ths Duunify isouslh siaadlly dummy to
aftafnos,H tiH sl.af"s - ~ Pad noflnaon
.i,ss thai 49,. naHs 81 ,la-m lsy che Nal.
AIT AID "A taHf rfU rffifaNr