The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-01-08
FINANCIAL AND COMMERCIAL.

generally at figures above those made at
the close Of business yesterday. Eut in the
last few minutes Of trading the market
weakened under pressure brought against
the Metropolitan Street Railway and Met
ropolitan Securities shares, and, although
the closing prices Of many stocks showed
net gains for the day losses were recorded
in tho majority Of instances. The Erie
Reading and Mexican National issues were
strongest. and there was evident absorp-
ton of certain stocks usually inactive,
The market has become. however come
what more sensitive TO sharp declines IN
the case of prominent stocks than it was
a few weeks ago. and the fall in the Metro
politan Street Railway shares to-day in
evitably produced sympathetic effect
elsewhere. Ii is. perhaps. fair TO say that
the Judgment of Wall Street regarding the
general traction situation in this city -
somewhat in allegiance. 1t il well known
that the Metropolitan Street Railway Com
pany is not at present itself earning enough
money TO meet the per cent. annual divi-
dend payment upon its stock, and no one
doubts that these earnings have been
additionally decreased by the new sub
way competition. A possible unfavorable
looms up as an adverse factor. On the
other hand the present dividend upon
Metropolitan Street Railway stock is guar
anteed. and even in the improbable event
Of a failure of this guarantee the COM
pany would have no difficulty in dis
tributlng earnings at rate only slightly
lower than that OF the dividend now paid.
Moreover, there ia no question rs to the
81 .1e.
pany's franchises. while the precedents are
that the business of all street railway trans
portation companies in n large and grow
ing city is eventually increased by new
competition, although hurt byit for time.
Furthermore. the experience Of specula-
tors who have endea vored to make money
by speculative operations for the fall in
the price Of Metropolitan Street Railway
stock has in the past been anything but
satisfactory. The result OF these operations
has invariably been that the price Of the
stock, much quicker than the speculative
gentlemen in Wall Street had any idea Of.
reached point where purchases of it for
Investment interests became very large.
Aside from this the bank statement to-day
was the only development that calls for
comment; and all that can be said about
II is that the return was more than ordi-
narily puzzling. Instead oft gain in bank
cash of between seven and eight million
dollars that definite calculations had es-
tablished, loss of nearly a million dollars
was shown, SO that. rs loans increased
moderately, the bank surplus declined
S2.07517j The discrepancies thus ex-
hibited will perhaps be remedied in bank
statement next week that will he as unduly
favorable "a to-day was unduly unfavora-
bile. At least this ia the way these matters
have turned out in recent months. After
the close OF the market to-day loaning
rates for stocks and other trustworthy
indicla showed large increase in the short
Interest
There was also not little curiosity in
Wall Street to-day "a 10 the probable re-
suits of the conference between the Pres-
dent and the administration leaders which
was scheduled to take place during the
afternoon, and which had for its supposed
object the settlement of definite pro-
Rramme of national legislation upon many
subjects now prominently discussed. If
there must be an extra session of Congress
called for the purpose OF revising the tariff.
lost people would like to see it called in
April so that whatever is done shall be done
as speedily as possible. But the confidence
OF those usually best informed in such affairs
and who have the deepest interests at
stake concerning them is that there will
he no legislation in the course Of the pres
ent year that can truly be said to be inmical
TO the security market. The Wall Street
week Just ended was short, and the market
during the week was a typically January
affair Aside from the wretched Atchison
rebate and National City Bank scandals.
there was nothing that happened that could
from any logical point of view dcpress So
ourity prices. Reports from business cen
tres throughout the land are uniformly
encouraging. 1t has been a holiday time
recently and business has slackened little
hit, as it invariably does at this season.
Some fears have been expressed in Wall
Street speculative circles that the iron and
steel business was not up to current ex-
pectations. 1t is little difficult to say lust
what these expectations are or have been,
bu; the fact is that the United States
Steel Corporation had under con
tract At the close of 1904 its maximum
operations for six months ahead with the
known necessities of railroad corporations
for rails, &c. only partially represented in
orders placed There may be something
discouraging in this but it is hard TO dis
cover it. Complaints OF car shortage are
very severe from two great trade centres
Of the country, especially Pittsburg and
along the lines leading out of the corn belt |
70 primary markets and 10 shipping ports.
Tho movement Of corn and the export sales
of it are much larger than any one had
looked for. This hardly testifes to dimin-
ished business nor smacks of "bear7
argument. Reports are unanimous as 10
marked Improvement in the conditions
Of winter wheat and there is now no doubt
that the state Of this great staple is, speak I
ing conservauvely. fully up to the average
The stories o. cotton burning at the South {
turned out. as intelligent people knew
they would, TO be utterly exaggerated, (
simmenng down. indeed to the destruc- /
ton OF one or two bales OF poor cotton at
different places. Railroad earnings CON |
tinue TO make fine showing the Pennsyl- |
vanias for November increasing 81 81. 900 /
gross and $4,000 net on limos directly |
operated, these too being over large gains |
in November last year Regarding mer-
camille trade in general. the authoritative /
Dun's and Bradstre ts weekly reviews .
10th Hgrce that the distinguishing feature
If trade a present is the small quantity Of .
stOckB of merchandise in the hands Of ne