The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-09-15
FINANCIAL AND COMMERCIAL.
ONDAy Sent Il


market prices was due TO profession a
attack or was the result Of genuine liquida
ton There is little doubt that the grea,
majority Of the large habitual operators
in Wall Street at the present time-at least
the room trading element-are p'ssimistic
in their market views and are inclined
| TO assail values whenever they think
they can do 80 safely II is not i'm
probable tina, to-day's fall n quota.
lions the most notable since the summers
downward movement eliminated on Aug
8 was, in its incipiency, the work OF this
party, The borrowing demand for stocks
after the close Of business was increased
indicating an enlargement of the short
interest differences of this sort are, how
ever. not always trust worthy, and it can
not be doubted that actual liquidation
played an important part in the day s
proceedings. The downpour Of the active
stocks. including some Of the high-priced
investment issues. that was witnessed in
! the afternoon could hardly have been part
of purely professional campaign, Many
times during the day there was a distinct
pause IL the downward march of quota
tions, and he marke, became quiet and
almost duh, but nothing like resiliency
was resumed.
The chief cause of the movement was
inquest onably, the unfavorable weather
conditions in the West and Northwest that
came into prominence over Sunday. They
were. no doubt, exaggerated in many
quarters for market effect. Western specu
lators are. az is we'll known, adopts in the
art of manufacturing crop scares. Never
theless, it was clear that there we're cold
weather and snowstorns in Minnesota
and the Dakotas and in the extreme North
ern part of the agricultural section and that
there were rain and low temperatures over
good share Of the corn belt. The tempera-
lures reported from The corn country ranged
from 40 to 50 degrees, and while it was not
stated that frost had occurred. predict ions
were that the thermometer would fall to
the frost line over the northern portion
of the corn belt in the clearing weather
after the rain that was expected tonight
or tomorrow morning. The Weather
Bureau in an afternoon bulletin declared
that frost was indicated in the corn belt
IL ,
extreme northern Missouri, all of Iowa
and northern Illinois This, it must be
confessed, was fairly sufficient TO excite
the fears of spectators for the rise in the
stocks OF the granger railroads, consider
ing the present critical stage in the de-
velopment of the corn crop. 1t remains
to be seen how far these fears will be-
realized Upon the grain markets the
same apprehension was shared that was
felt upon TIE Stock Exchange. and the
price Of corn rose sharply both here and
in Chicago, and held its rise throughout
the day. Wheat also advanced.
Rumors OF the kind that always circulate
in the financial district when fall in
values ia in progress were busily circulat ed
throughout the day, but it is doubtful il
they exerted any appreciable influence
upon the days transactions. One story,
which was put forward rather more prom
inently than others. was that a decision
adverse TO the Union Pacific and Southern
Pacific companies was expected in the
litigation now being conducted having for
its real object the purpose Of compelling
the Southern Pacific directors to begin
paying dividends on the company's stock,
but ostensibly questioning the right Of the
Union Pacific Railroad Company to control
the Southern Pacific management. The
Federal Court at Cincinnati, where this
question was first raised decided that it
had no jurisdiction in the case. An appeal
from this decision was taken to the United
States Circuit Court of Appeals for the
district, and the case has not yet even
been argued there. A disturbing factor
Of more market importance was, perhaps,
a rise in discount rates in very many Of
the leading European cities and intima-
tons from abroad that rise in the Ger
man Reichsbanks rate OF discount was
probable. This, it was felt, might in turn
cause another elevation OF the Bank Of
England's rate and further unsettle inter-
national financial affairs. Consols in the
London market again touched their previ
GUS low record and cable dispatches from
England were Of the general tenor that
tighter money was feared there, at least
temporarily, in the near future. The Bal
kan situation and what seems to be at last
the approach Of a crisis in the English
Cabinet we're also alluded to as influen ces
making for depression All these matters,
however, resulted in few sales of stock
for foreign account in this market to-day
Indeed, trust worthy information ia wholly
to the effect that if anything, foreign
investors have shown Of late disposition
TO buy our stocks and bonds, although
as yet in small quantities, and that ship
ments Of these securities to the other side
are increasing weekly.
The net declines scored to-day were
such as "a points in Union Pacific, ~.
in ST. Paul, > in Brooklyn Rapid Transit,
ga in Reading, ~ in Amalgamated Copper
and "a in New York Central OF all the
Western railroad stocks the Atchison shares
presented the strongest resistance to the
selling pressure, Foreign exchange was
easy. The banks have lost $5l2,OOO to
the Government on transactions with the
Sub Treasury since Friday and report
a larger movement Of funds TO the interior
for crop moving purposes Four hundred
thousand dollars was thus sent to-day to
New Orleans Statements Of railroad earn
ings received were favorable, that of the
Baltimore and Ohio for August Of an in
crease in net of $291 1896, or retention in
net Of much more than half the gross earn
ings. being especially gratifying Since
the beginning of the present fiscal year
there has been not a little change for the
better in the tendency which was 30 notice.
able in the preceding twelve months for