The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-09-02
FINANCIAL AND COMMERCIAL.
TUESDAY. Sept.

Stock Exchange because nj the advantages
which will accrue. or, at least. It 10 hoped
will accrue, 10 the stock market from the
release in case If necessity Of some portion
NJ the Governments surplus now stored
in the Treasury, to-day hegnn 10 lake
protits on their very moderate ventures.
Tho profi, taking was not furious, and II
was 80 conducted as 10 make the remark
a very fair crit cism upon the market that
:Ae DAYS weakness was moi AS pronounced
rs was the nj -rngth Of the day before'
Navert heless. the narrow and llfeless char-
acter Of all operations in wall street ~
the presen, time were well illustrated by
he days trading Public confidence IL
not vet rest ored to the stock market, ana
attempts to stimulate what wall street
knows as outside interest met with small
success. Buying power is limited, and
indeed, may almost he said 70 te non-ex-
istent Its return must he a matter de-
pending on future developments, concern
ing which few people in the financial COM
munitv feel in the mood for prophesyng
little show of interest was made at
the opening of business by the higher range
Of quot at ions from Lonaon and purchases
for London account to the extent of about
10000 shares But the realizing tendencies
noticed at the close of the market yesterday
gathered force and proceeded unchecked.
although at cautious pace. until the alter
noon. Then operations for all accounts
pract ically ceased and the trading was
utterly stagnant until the close OF business,
Most of the active stocks closed at declines
of little less than full point, One reason
generally, although probably incorrectly,
assigned for the failure of the market TO
continue it's advance was what was de-
clared to be lack of sufficient PXpana' ion
for the recent transfer Of a large block
Of the stock Of the Metropolitan Securities
Company from "A prominent banking house
to the capt. alists in control of the company's
affairs. After the announcement of this
sale on Saturday, the over-Sunday judg-
ment of Wall Street regarding it was favor
able. To-day wave of contrary opinion
was in evidence Taking the substantial
happenings of the day as whole and differ
en'iating between gossip and actual news,
developments were, if anything, slightly
against values The splendid report of
the Reading companies for July, showing
net earnings of sl,ss4,ls against $685. 4+
last year, lost its effect by reason Of official
admission of the fact that the coal market
is now overst ocked in many branches and
that curtaiment Of production is neces-
sary. The overproduction is said to be
mostly in sizes OF coal for the Use
OF manufacturers, and this, in turn.
is said to be brought about by
the strike in the textile trades in
Philadelphia But the impression is gain
ing that the Use of bituminous coal as fos-
tered by the shutting down of operations
in the anthracite region last year will in
future be proportionately larger than it
has been in the past and that the consump-
tion of anthracite will in like ratio be di-
minished. The new Rock Island Rail
road Company's report OF net earnings
of 1888, 842.22 for the fiscal year was
vahleless for purposes OF comparison,
by reason of the well-known change in the
character of the Rock Island securities.
II should be stated that this showing of
the Rock Islands net earnings is after de-
duction Of payments Of 81 ,47S.OOO on the
debt incurred in the purchase Of the Choc-
taw, Oklahoma and Gulf Railroad. of $780,
ono in maturing car trust certificates and
$500, 900 in extraordinary expenses incurred
on account of floods in the spring. The in
roads being made upon railroad earnings
by higher wages paid to employees and
generally increased cost of transportation
were emphasized in the Louisville and Nash
vlle's July statement of a net increase Of
but $s4 900 in earnings out of gross in
crease Of Ssl49ls. The banks continue
to lose heavily to the Sub-Treasury, the net
loss 40 far during the week being $500 900.
Sterling exchange was firmer throughout
most of the day, though it eased slightly in
the afternoon. Discounts on New York
exchange in the interior cities still keep
high. and while time money rates have
been shaded recently by reason Of the
unofficial statements as to the proposed
action of the Secretary OF the Treasury
in regard to depositing money in the banks.
call money rose to 21a per cent The ad-
vance in the call money rates. however.
might we'll have been caused by the tenn
porarv necessities for interest and divi-
dend disbursements at the first Of the
month.
As the most hopeful incident Of the day
was the DTedh III very
largely. no doubt by the publication in a
leading commercial and financial journal
of carefully prepared estimate showing
decided Improvement III the condition Of
rhe growing crop-the most Encouraging
factor was the appearance of the Govern
lnent = weekly report on corn and wheat
This repor, declared that i'll the northern
part Of the corn belt the week had been
abnormaly cool, with excessive rainfall
and that while over the southern portion
of the belt climatic conditions were gen
orally favorable for growing grain the
cold and wet weather had been Of great
disadvantage in the northern half. In
he view of the ma ority Of stock marke,
observers the movement Of prices during
the rest of the month will depend very
largely upon the weat her in the corn belt
in the next few weeks. The corn croE
warm and dry weather that it should have
in the summer especially in the month OF
August II ls reasonably clear that il
weather fit for maturing the crop does not
appear in the early part OF the present
month the expectations entertained al
the beginning of the season of a bumper
corn crop must meet with disappoint menl,
New York stock Exchange Sales, sept. 4
aosas pRiCxs o. UNITED pTATEs BONDS