The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-06-04
FINANCIAL AND COMMERCIAL.
SATURDAY, June 8.

under the influence OF range OF quota
tions for American securities in the London
market considerably below yesterday's
closing parity. The depression In London
was due, apparently, to the wave OF dis
turbanoe in all European financial circles
caused by the fear Of complications over
the Moroccan situation and by one OF
two minor matters having no reference
to the state Of affairs here Our market
however. soon ralliod from the fall, Union
Pacific stock, for instance. selling at one
time higher than any figure touched oy It
YESTERDAY This was in turn succeeded oy
: savw downward movement, whlcn !eit
the market finally very dull. Closing
prices exhibited little net change TOR the
day. Anal gaInated Copper stock was BY
far the strongest feature OF the list, due
to anticipations, which are believed to
be we'll founded, that at the annual meet
ing OF the stockholders OF the Anal
gamated Copper Company on Monday
detailed report will be made OF the COM
pany's condition that can be considered
as no other than flattering. General in
tinations Of the character OF this report
have from time to time reached Wall Street,
but there are reasons for thinking that
the report itself will be moro pleasing
document to the company's shareholders
than these anticipations have made out.
A break in some Of the securities actively
dealt In in Philadelphia and that have been
prominently connected with the recent
stirring up OF municipal affairs there
perhaps affected our market here to-day
In some small degree. and speculative
sentiment was also chilled at the end OF
the day by an unexpectedly bad bank
al
773 600 and deposits fell of $ls,esl 800, there
was q loss in cash Of S1o,o7e, 800. which
was much greater than yesterdays fore
duoed decrease in the surplus reserve Of
eS,415.s25 and brought the total surplus
down to $e,o5O.275. The surplus as shown
last week was, In fact, cut in two
and now approMmates the small surplus
Of two years ago, which was the lowest
seen at this season for eighteen years. This
loss In bank cash during tho week is quite
une1plainable 80 far as public sources Of
information are available. It is known,
Of course, that a shipment Of 81. 900 900 to
Gan Francisco on account OF payments in
connection with the formation Of the new
American SHELTERS SEQ rites Company
were made during the week, but this ship
Lkl041C Wa6 July l6ChOucSA QpOA1 ia JOStC1ooy
estimates Of the movements OF money. and
like account was taken, moreover, Of the
various transfers Of money from the banks
TO the Sub Treasury. One or two syndi-
cato 'underwritings. principally that Of tho
hst Japanese loan, were wound up last
week, and it 10 known that the redemption
by the Southern Pacific Company Of its
go 10000 " per cent. collateral trust
knnlS hat y,1a~n tha 49, ha
month, was not attended with the exact
results that tho management Of the COM
pany expected. The company offered to pay
of the old bonds at lo21<. this price rep
resenting par and interest, or to give in ex-
chan &c for the old securities a new issue Of
five year ~ per cents upon terms which
would require these new bonds to sell at
about 9s, in order to place the holders Of
the old bonds who made the exchange
IN the same financial position as that which
they would have enjoyed had they accepted
cash payment for the old securities. The
bondholders, it SCENT, did not consider
these terms very inviting. and it is believed
that by far the greater portion Of them
decided to take payment In each. But
even these transactions would be made
quate to cause the decrease in bank cash
'S&oC Woo Ci1ONh' NC1y IudAy OUecINcIS
Of the market throughout the day declared
tax was plainly attested in wider fluctua-
lions Of prices between sales than had
previously been the case. The tax bears
most heavily, Of course, upon the opera
lions Of the room trading element and
necessarily serves to curtail their specu-
lations. This, in turn, causes the general
rho to !
IL less easy for people to buy and sell stocks |
at close quotations.
Tho weather at the end OF the week was
more favorable for the crops than it has
been hitherto, but the crops in general,
owing to the long spell Of unseasonably
cold and rainy weather, are backward,
even II as yet no wide or serious damage
has been done to them and il their average
promise is still good. Prices Of wheat and
cotton were alike feverish throughout the
week, owing to the varying influences Of
the war news, the weather bulletins, the
Government crop estimates and the wind
Ing up OF the various deals in May options.
There has been great speculation for the |
rise in cotton in the last two months, based
upon extravagant reports Of the damage |
done to cotton in the South by rain and
S''e o1AA opoh PiSpoStciOuSly ul6Q oSCl-
mates Of the decrease in cotton acreage
for the season. These have been set at !
rest by the conservative calculations Of
the Financial Chronicle, the Journal of
Commerce and the Government, which. |
although indicating an impairment Of con-
dition and fairly large decrease in acreage,
etill contradict the speculative small crop" |
claims that have been made. Other mat |
ters, such as the great naval victory Of the !
Japanese. the decision Of the United State. |
Supreme Court in the franchise tax case |
and the developments in the Equitable Life !
scandal, have also greatly occupied Wall |
Streets attention during the last Few DAYS.
They have not, however, seemed to stinu |
late public interest in the stock market
and the market has remained trading |
and whipsawing affair.
New York Stock Exchange sales, June 4.
oIosrSo shIoss OF UNITED Stairs BONDS.
ssss e. l$$sss 1875 ;s;;ssfss,v:ISs 1881