The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-05-03
FINANCIAL AVID COMMERCIAL
SArunDAy, May

g. eg SArrRpAv. May 2.
Buslness on the Stock Exchange wal
again to-day exceedingly inactive. though
the hrin undortone Of the market was main
talned and genuine, q tesitating, upward
tendency In prices was clearly visible.
Warmer weather prevailed over the winter
wheat bolt. and al, trustworthy reports
wore that tho recent damage by frost had
betn chiefly TO fruit and vegetables, and
that the injury to winter wheat had been
fnNs,nside"sble. The grain market was a
little stronger, but the strength was at
trtbuted TO damage 10 the wheat crop In
Argentina by rains and other factors than
results OF the Western cold wave. The
Pennsylvania Railroads. statement OF earn
ines for March was published. showing,
a. was anticipated the effect OF tho great
congestion Of freight trafiic upon the Penn
ayfvania lines that prevailed In the early
spring. The gross earnings OF the Penn
sylvania lines east Of Pittsburg increased
81 49,, 400. but increased operating ex-
pAnses cut. the net gain down to $1,000
This statement IL. In fact, much better
thsn was expected - II shows small
increase In net, whereas for several months
pabt the Pennsylvania statements have
recorded large net decreases. There is
substantial authority, moreover. for the
announcement that this is the last of the
nnfavorable Pennsylvania statements and
that the next monthly return to be issued
will probably show that half OF the roads
increase In gross earnings has been re-
tanned In the form OF net.
The weekly bank statement. when 1t ap-
peared, was for a moment puzzing and
caused some of the traders on the floor
Of, tbs exchange to sell a few hundred
jhares OF stock for the short account. But
these traders found that no one else was
following their example and they speedily
bought back the stock sold. The bank
return showed an increase In cash Of nearly
A,7SS, 0o0 or fully a. much as was pre-
calcuIstors. Loans. however, increased
sis, As 900. although they were set OF by an
increase In deposits Of $s,i66,9OO. This
caused an increase in surplus reserve Of but
sle8, SIS The large increase In loans was
declared BY banking officers to Be caused
BY the payment OF $4,000, 900 during the
week on the Erie Railroads new convertible
bond issue, by the money borrowed here
foR tho purpose of'liquidating foreign loans
and by the disarrangsmont Of banking
0CkOuuU6 CbuoCu ny VIC puyhlciG III w.
tween S8OOO.0O0 and $1,000 900 In excise
taxes due on May !. There was nothing
about the statement Of an unfavorable
character when properly considered. and
the market rallied At the close 90 that the
average price OF stocks showed a net gain
for tho day.
The only two stocks that were at all
prominent In tho days trading were the
Metropolitan Street Railway and Mexican
National sharee. 1t u believed that there
are various syndicate plans forming In
connection with the Mexican railroad prop
critics, which may be announced at an
.arlv date. Metropolitan Street Railway
Stock was bought because Of the well-un-
derstood fact that the accountant en-
pIoyed by the District Attorney to investi-
gate the ohsrges Of criminal wrongdoins
made against the managers Of the Metro
politan company had reported that there
was absolutely no basis for such ACCUSE
tons, and also becauae Of the settled con-
viction In the financial community that the
result Of the proceedings recently insti-
tuted IN police court here for the purpose
Of casting dlscredit upon the Metropolitan
would end In dismal failure
and be In the nature Of vindication Of the
officers of the Metropolitan company
This expectat was confirmed by the
after the close OF business
that the Magistrate had dismissed the
The matter does not. OF
course. necessarily end bore, and may
lake the form later on o. a civil action.
There are many who think. however, that
the stacks upon the Metropolitan man.
agemAnt have como to an end.