The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-06-23
FINANCIAL AND COMMERCIAL.
MONDAY. june q.

MONDAY. June -.
Transactions on the Stock Exonshs0
to-day footed up a comparatively sn'an
total and the markets dulness was accom-
panied by what should be called heaviness'
perhaps, rather than weakness IN prices
Dealings were almost wholly professional
and commission houses took little part IN
the trading. The days Developments, too
we're inconsequeLtial. Corn and wheat
we're higher upon unfavorable foreign
crop news as much as anything else' al
though advices came from Western specu-
lative centres that rain was interfering
with the winter wheat harvest. that there
was not enough rain in the spring wheat
REGION and that low temperatures con-
tinued to affect the growth OF corn. An
apathetic feeling regarding American Sc
curities was reported from London and the
European financial capitals; but 1t Is doubt
full if the apathy referred to is any greater
concerning corporate shares located IN
this country than II Is regarding specula-
tive and investment stocks in general.
In no quarter of the world just now does
a financial boom seem to be in progress;
on the other hand, the feeling everywhere
is one of conservatism ard caution. A
sharp fall in sterling exchar &c this morn
irg in Paris ard London, due to higher
money rates in those cities, made gold
exports from this side possible. despite
the fact that sterling exchange here
also weakened; and gold in excess OF
S2,5oO, 900 was taken for shipment to-mor-
row The event was unexpected and to
some extent, Of course, discouraging An
other factor which undoubtedly influenced
the market somewhat was the withdrawal
Of the Cunard Steamship Company from
the agreement as to maintenance OF rates
for passenger travel made between the
leading steamship lines crossing the North
Atlantic. The chief reason for the action
of the Cunard people seems to be dissatis-
faction with the classification OF their ships
under the agreement whereby a lower
passenger tariff is allotted to many OF these
ships than is considered justified. The
Cunard management also hold. according
to the statement Of it's local officer issued
to-day, that there are too many ships in
commission at present in the North Atlantic
trade. The whole matter. according to
competent observers, is one to which undue
importance has been attached. in Wall
Streets consideration.
DAVIS liquidation, or bear pressure, as the
case may be, were Brooklyn Rapid Transit,
Metropolitan Securities and United States
Leather preferred. All traction securi-
ties have suffered somewhat in the present
depressed feeling in the financial district
by the details given by officers OF tho
Metropolitan Street Railway Company
In the course OF the recent litigation as
to the enlarged cost Of conducting the
company's business because OF higher
charges for coal, wages OF employees
and similar OUTLAWS. The general opinion
regarding the selling of the Brooklyn
Rapid Transit shares to-day was that it was
a bear raid An attack Of that nature has,
at any rate, long been threatened Re
garding the Metropolitan Securities stock.
it must be said that a great deal OF mis-
apprehension seems to exist in the public
mino concerning 1t. The idea has been
sedulously circulated by the bearish ele-
ment that the money subscribed to the Met
ropoitan Securities Company Is, in sub
stance, merely money paid into the treas
ury of the company for which no equiva-
lent is given. The idea is, OF course, ut
terly erroneous. The Metropolitan Sc
curties Company now has in it's treasury
market able and realizable assets whose cash
proceeds, II sold, would amount to a sum
equal to 90 per cent. OF the company's capt.
tai The dismissal this afternoon Of the
suit brought to annul the lease OF the Met
ropolitan Street Railway Company's prop
erty to the Metropolitan Securities Com
pany was, Of course, foregone conclu-
sion. No explanation was given for the
fall in the Leather shares other than that
the decline was supposed to indicate the
possibility or the fear that the plan Of the
reimbursement OF the company's capitali-
zation, so as to allow the payment of the
back dividends on the preferred shares,
will not become effective.
The statistics Of the condition Of the ma
tional banks in the country upon June O.,
under the call of the Comptroller Of the
F., Currency, indicate, as they are fragment
tarily published, that the cash held by the
banks in proportion to their liabilities, is
greater than 1t was on April Q, when the
last call was issued, and is greater than 1t
was in June last year. The increase Of re-
serve thus held, however, is not large,
News continues to come from Philadelphia
Of the large accumulation of subscriptions
there to the Pennsylvania Railroads new
stock issue Ninety per cent. OF the stock
holders subscribing are taking all the stock
thew are entitled to. 1t is clear that only
a trivial amount of new shares. II any.
will fall into the hands Of the syndicate
| underwriters.
New York Stock Exchange Sales. June IT
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