The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-04-08
FINANCIAL AND COMMERCIAL.
TUESDAY, April


An improving tendency in the general
security market to-day was checked by
renewed liquidation in the Southern Pacific
shares. The market. which had been
strong and active in the first hour. halted
with the selling Of Southern Pacific. be-
came extremely dull then weakened. and
finally rallied 90 that closing prices were
but slightly below those OF yesterday.
and in some instances above them Opinion
was almost universal in Wall Street that
the sales Of Southern Pacific proceeded
either from the pool which has recently
interest allied to this syndicate; and the
liquidation which appeared in other quar-
tiers Of the market was likewise set down
as OF similar origin. On Friday the con-
tract under which the members OF the
Southern Pacific pool have been acting
expires by limitation. 1t is regarded
as extremely improbable that this contract
will be renewed or at least that any large
number OF the former parties to II will
renew the agreement. The probability,
therefore. that those having the largest
interests at stake In the matter have for
a long time back been steadily disposing
of their holdings Is regarded in Wall Street
as being almost a certainty; corroborating
evidence Of the fact being that during
the last two weeks q very considerable
proportion OF the Southern Pacific certifi-
Gates delivered on sales made In the Stock
Exchang, have borne the name Of prom
inent brokerage house connected with the
syndicate's operations. Judgment ordi-
narily authoritative on these matters Is
that sales of Southern Pacific stock Of this
character as well as sales Of other securities
necessitated by the situation that arose,
are now practically completed. 1t should
be unnecessary to emphasize the fact
that when this liquidation In over the gen.
eral stock market will be in a far more
healthy condition than it has been in for a
year, and that the greatest impediment TO
substantial upward movement In values
will have been removed. So far as Southern
Pacific stock ia itself concerned. h is per-
hape well for spectators and investors as
well to bear In mind that at $50 a share
Southern Pacific stock is selling only 81
a share above the average price which the
Union Pacific Company paid for 200
Southern Pacific shares which they now
own.
The market to-day was almost entirely
devoid Of feature save as above described.
Spectators for the fall, seeing the condi-
ton of affairs, resumed their operations
with some spirit, The money market is
continually easing. the great majority OF the
call loans on the Stock Exchange made during
the day being at 81 per cent, while many
loans In the closing hours of business were
made below that figure. The execution
OF a market order to sell a comparatively
large quantity Of the usually inactive Della
ware and Lackawanna shares caused a
drop of points in the price OF the security
and stimulated some little selling Of the
coal stocks. Sales of the Rock Island and
United States Steel shares were well taken.
The attack on the Steel shares was accom-
panied by a rumor which rapidly circu-
lated on the floor of the Stock Exchange
in the last fifteen minutes of trading that
the statement of the United States Steel
Corporation for the. first quarter Of the
current year, to be made public after the
close Of business. would not make a poor
comparison with that OF the business Of tho
company for the first three months OF last
year. The rumor was utterly dispro we'd.
for the statement, when it appeared, sho wed
that the total net earnings of the corpora
ton for the first three months Of this year
WcI0 S<1,Oou,ioo 40 oBohoe S<v'ss0,rof III tIlc
corresponding period in 1907. The slightly
smaller earnings for the quarter were, of
course, due TO the congestion OF railway
freight trafic. which has prevented the
Steel Corporation from promptly deliver
ing its products TO consumers. and has
affected all the large manufacturing BUSH
nesses OF the country no less than 1t has the
railroads themselves. The untitled orders
on the books Of the United States Steel
Corporation for all manufactured products
and the entire prospects for its business
are now greater than ever before. The
full report Of the business of the Steel Cor.
poration for the year ending Dec. 81, 1902,
was also made public this afternoon and
was In entire accord with the summaries
that have previously been published. IN
divided profits Of the corporation, after the
payment OF all dividends and interest,
and the deduction OF all sums for ordinary
and extraordinary improvements. amount
TO 50. ass. 65876. Encomium upon the bril-
liant showing Is needless, but praise must
again be visited upon the management
OF the Steel Corporation for the detailed
character Of the report, the minute inven-
tories, the clear and unreserved state
ment OF all the business transactions of
the company. % that tho smallest stock
holder in the concern and the one most
unskilled In finance can clearly and fully |
understand Il.
Certain stocks, Brooklyn Rapid Transit, |
for instance. were exceptionally strong !
to-day, and. taking the days market as a |
whole. it must be said that it resisted in |
stout fashion the operation OF the tenn
porarily unfavorable influences that have |
been noted Exports for the week from
this port have fallen OF slightly. their value |
amounting to Ss.2ie,5l4. as against Si2 ,2S3,-
$50 last week and Si0.i77.e4s last year. The |
banks in their transactions with the Sub
80 far this week are more than
holding their own Not little Of the cur
rent unwillingness to make market com.
.itments is. Of course. due to the fact that
the weeks business on the Stock Exchange
will end on Thursday and that those who
buy stocks must not only pay interest over
the three days holiday, but run the risk
Of whatever untoward incidents may befall
In that period. Ante-holiday markets Of