The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-09-22
FINANCIAL AND COMMERCIAL.

VNONDAx, 6oPt' 80
interest in to-days security market was
Comparatively at a low ebb. Prices were
lower in the morning. dull at midday and
strong in the afternoon. In the morning
there was renewed selling Of the iron and
steel issues and general Offering OF stocks
all over the floor Of the Stock Exchange,
but while United States Steel common sold
again at new low record price-this time.
however, only q below the figure pre-
viouslv tonched-the railroad list, for the
most part, was firm. Especial pressure was
brought to bear against the Eastern rail-
road shares. Pennsylvania. Erie and Read
ing were all, in turn, under fire. The rea-
son alleged for this in some quarters was
a story that the Federal Government pur-
posed taking some immediate action against
various railway corporations OF the same
general nature a. that already begun against
the Northern Securities Company OBJ
viously, If this was the real reason for sell
ing he stocks named. it was very silly one.
The resliency of NEWEST ern railroad shares,
on the other hand, attracted general at
tention While they shared to some ex-
tent with the weakness in the fore part OF
the day, they rallied quickly. 1t has not
escaped the notice of even casual observers
of the market that for several days past
the granger stocks have held with great
steadiness. while other quarters of the mar
ket have been disturbed. This may be
due simply to mastery retreat OF the
short interest in these stocks under cover
Of fire directed elsewhere; and 1t ia. OF
course, impossible for any one to say at
this time that the selling movement which
has been in evidence during the summer
has run its course in the granger stocks
or in any other portion of the market What
is clear is that whatever liquidation has
gone on recently has not been of nature
seriously to affect these particular issues.
The news from Pittsburg, place which
has recently been regarded az something
of a storm centre. was to-day that condi
lions there had greatly improved, and the
course Of the Pittsburg stock market dur
ing the hours of business bore out the state
ment Some of the selling of securities
to-day was thought to be in the nature Of
a further reimbursement of the affairs of
certain firms that recently suspended
business. London turned up somewhat
as buyer Of stocks this morn
ing and took about 5000 shares of the
leading railroad issues. Consos were
stronger, and whatever menace there was
in the foreign political situation seems to
have largely disappeared. The banks
so far in the current week in transactions
with the Sub-Treasury have gained $7OO, 900
as against large loss a week ago.
The real news of the day. however, al
though its effect was not noticeable on the
Stock Exchange until the closing hour Of
business, was the decentralization in the
grain market. In Chicago the price of
The various corn options fell ? to ~
cents bushel from Saturdays closing fig
ures Saturdays prices in turn representing
a marked decline from those of the day pre-
ceding. An almost similar break occurred
in the price of wheat The reason OF this
decline was said to be the perfect climatic
conditions that are now overspreading the
Western country, but it was essentially the
long foreseen collapse of the attempt OF
three or four speculative cliques to force the
price Of the principal grain staples to alb
normal figures. There could be no rea-
sonable doubt as to the near approach Of
to-days occurrences on the Chicago Prod
uce Exchange after the very feeble re-
spouse made by grain prices to the alarm
ing weather news of a week ago. For weeks
past the takings of grain for export in this
have dwindled to minimum figures
because Of the prohibitive and speculative
prices at which grain was held. Fifty-one
loads of wheat and forty loads Of corn were
bought to-day for the account of the foreign
trade, the largest export business done on
the Produce Exchange for very long time.
With wheat, cotton and corn on the way
once more to an ordinary price level, a
change for the better is to be hoped for
in our foreign exchange market.