The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-05-01
FINANCIAL AND COMMERCIAL.
TurnsnAY. April 10.

peared a. buyers Of stocks In the security
market to-day ceased their Operations
temporarily. and the room"tradinR element
following their usual plan OF grasping small
profits whenever these accrue. promptly
sold tho stocks that they had bought al
lower prices In the two preceding days and
also sold moro or less heavily FOR tho shor'
account. Tho market, however. hold very
firm, and only fractional declines In the
active stocks were recorded at tho close
The selling was accompanied, of course,
by the usual variety OF explanations
at tributed as the cause OF the movement
These were successively, the cold and wet
weather In the Southern and Western States
the difficulty between the harbor engineer
and their employers. and story that the
directors of the Pennsylvania Railroad
at their meeting Tomorrow would reduce
the dividend upon the Pennsylvania shares
The tale last referred to was 80 obviously
absurd and malicious that 1t probably only
deceived the most ignorant and gulhbie
Of speoulators and was undoubtedly in
tended for out-oftown consumption. The
recent weakness Of the Pennsylvania shares
has been caused by the selling OF stock
against the purchase of rights giving the
holders thereof subscription privileges to the
Pennsylvania Railroad Company's $40 900 GOO
stock issue There is still small arbitrage
profit in this transaction, and until the
books close for subscription to the now issue
the operation will probably be INDUCED In
to q greater or less extent. II Is believed
to be probable, too. that the statement
OF the Pennsylvania Railroad earnings
for March, soon to be issued. will not make
a favorable showing There is substantial
authority, on the other hand, for the an
nouncement that this will be the last OF
the unfavorable Pennsylvania statements,
as the causes which have operated to re-
duce the net earnings Of the road have
almost, II not entirely, lost the force which
they possessed during the winter. I'm
portance was attached to the threatened
strike of the harbor engineers because Of
the natural influence Of the event upon
the shipping business at this port; but the
sane opinion seems to be about the matter
that while the trouble may b an annoying
one locally, 1t can hardly DO considered
a disturbing factor in the general stock
market. The best comment on the sup
posed damage to the winter wheat crop
by the Western storm was that Afforded
by the very small advance In the price OF
the options for the delivery Of wheat In
May and July in Chicago and this city.
The grain trade does not take seriously
stories OF damage to winter wheat at this
season of the year, and 1t Is moro inclined
to regard the benefit that will be done to
winter wheat by the moisture that has
fallen than any harm to the grain that
may occur through frosts. Whatever DAM
age has been done seems to be greatest In
Texas, which Is not much OF winter wheat
State, and in that territory any OF the
ground devoted to winter wheat can, II
necessary, be ploughed up at this time
and planted with other grain.
Sterling exchange in this market was
higher to-day, and it is entirely possible
that II proper concessions arc made on
the other eide Of the water. small gold ship
ments from this port may take place. Mag
nificent reports OF railway net earnings
for March were received, such a., for in
stance, the Reading railways net increase
Of 1872 1881 and an increase in the surplus
Of all the Reading companies Of ISIS, 49,;
the st. Paul's gross increase OF s2Ss, 400
and net increase OF gill ,026, and the Union
Pacifcs gross increase Of e622 ,17S and net
increase of $2ei ,e7e. The Union Pacific
statement was particularly noticeable,
inasmuch as the statements Of the system
for January and February were Of net de-
creases inst cad Of increases In earnings
Moreover. the word comes from those in
authority that these net increases In Union
Pacific earnings will continue. While the
profit taking in the general list to- day
affected the Erie stocks, these issues offered
determined resistance to the movement.
The buying OF the Erie shares yesterday was
declared by many spectators for the fall
to-day to be in the nature OF manipulation;
manipulation for a market turn. however,
does not usually concern itself with such
inactive stocks a. the Erie first and second
preferred shares and the only just re-
Election upon the advance in the price Of
these issues, made, as it has been. upon
large transactions, is that an increased dis
tribution Of dividends Ia foreshadowed
Similarly, the remark OF President Baer
before the Interstate Commerce Commission
to-day that full dividends on both preferred
stocks Of the Reading road may be ex-
pected within the next two years deserves
and will undoubtedly receive the consid-
Grafton Of investors.
The strongest STOCK OF the O3y ana INC
one in which the aggressive buying by in &.
terests connected with the property suf-
fered no interruption was Missouri Pacific
The majority OF spectators have up to the
present time been quite blind. apparently,
to the advantage which will be derived
by the Missouri Pacific system from the
st. Louis Exposition. The Metropolitan
Street Railway shares were helped senti-
mentally by the issuance Of a call for a rs
per cent. cash assessment upon the stock Of
the Metropolitan Securities Company. the
latter company being the one which guaran-
tees through the 1nterurban company the
per cent annual payment upon the Metro
politan Street Railway shares. Az with the
PAYMENT Of this assessment so per cent. Of
the stock of the Metropolitan Securities
Company will have been paid in cash, the
guarantee upon the Metropolitan Street
Railway stock, which. Of course. has been at
no time unsound is made additionally se-
cure. While superficial professional specu-
lative sentiment was undoubtedly inhu-
enced by the decline In PRICES to-day and
would like 10 see a market which would al
WAYS advance and never reoede, the con-
viction OF the largest market and banking
interests still remains very strong that all
intrinsic underlying conditions favor a rise
in prices In the near future and that more
money will he made within the next two
months by buying stocks when they are
. weak than by selling them when they arc
strong.