Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-09-02
Public is Not Allured by
Manipulated Advance.
MARROW PRICE RANGE
STOCKS OPEN OFF, MAKE FEEBLE
RALLY AND STAND STILL.
Sharp Declines in the Speculative
Observation-Disclosures Firm and
st. Paul Under Pressure.

NEW YORK, September 2-Opening
prices showed slight declines on a small
volume Of business. st. Paul opened of *
and then rallied ". and Pacific Mail and
Chicago Terminal preferred were down a.
point. rise of Y in United States Steel
was the only important exception to the
downward tendency.
The opening declines measured the extent
of the selling movement. Subsequent deal
ings developed better tone for the active
stocks and the slight losses were recovered.
Weakness prevailed in some of the minor
stocks. Colorado Fuel losing 21a, and Smelt-
ing, Consolidated Gas, Pressed Steel Car
preferred and Grass Irvine point.
The general movement of prices was quite
unfmportant. There was slight rise which
did not hold. Atchison preferred and Pitts
burg c. C. and st. Louis gained 1, General
Electric lost /. Peoples Gas TX and Consol-
idated Gas 3. Bonds were irregular at
noon.
Railway stocks held well despite the neg
lect and additional sharp declines in the
specialties. Anaconda declined points
Metropolitan Street Railway ~. Peoples
Gas 2k General Electric 2 and st. Paul
and Omaha ~. North American advanced
and New York, C-icago and ST. Louis
second preferred 6.
buying OTu0ES dppedTcu III hICHiSOH
and the stock advanced ~ The general
market hardly made any response to the
rise outside Of Rock Island, which gained a
good fraction. Metropolitan Street Railway
recovered IA.
Bulls Control the Cotton Market.
Special Dispatch to The Evening Star.
NEW YORK, September 2.-The cotton
season of 1903 has opened with the bulls"
in full control Of the market and prices at
top notch. Conditions present a marked
contrast to those of a year ago, and the
bulls declare that their success with the
old crop justifes confidence in new crop
prices.
The visible supply at this time year ago
was 100000 bales. Today it is 500 900 bales.
So that besides the last crop, there has
been consumed 300, 900 bales Of the old cot
ton on hand year ago. This, however, is
only the visible supply. Never in the his
tory of the trade has cotton been brought
into sight after 1t had been retired, as it
has been this summer, under the powerful
influence of existing high prices with the
shorts searching the entire world for cotton.
Inc Invisible supply is 225.OOO bales less
than 1t was last year. Then the southern
mills had cotton. while returns from those
mills now show most of them are badly in
need OF the staple. When the crop Of TO-
10000 bales is added, 800 600 bales as the
decrease In visible supply and 225 600 bales
ucCied III Tic Invisible SuppIy, 1t appears
that consumption absorbed II, 275 600 bales
of American cotton during the year Dur
ing the last few months One-f1fth of the
spindles In this country have been idle be-
cause there was no cotton for them while
millions of spindles abroad are idle or only
working part of the time.
Western Railway Traffic.
Traffic on the western railroads is still
reported to be increasing. Enormous gains
In passenger traffic attest to the great pros
perity prevailing. Normal business of some
of the roads Is said to be double that of 4
year ago, and is fully equal on all railroads
to the big volume Of travel experienced
during the worlds fair in 1893 In addition
to this the railroads find more general
freight business coming to them than they
can handle even at this time when the
new crops of small grain are not moving
freely.
Satisfactory conditions prevail on the rail-
roads east bound from Chicago and st.
Louis. with the strongest indication that
the heavy tonnage movement will continue
Indefinitely.
It is not probable that the stock market
will show any very great activity until the
crop reports shall have been issued The
cotton crop report will be out Thursday.
and the grain report will be given out Mon.
day. If these reports should prove favor
able increase in the activity of the stock
market will naturally follow
Cotton Market.
NEW YORK, September 1.-The cotton
market opened steady at an advance of 4
points on October to decline of points
Right after the call the clique were aggres-
sive bidders for the spot month and ran
the price of the option up from 1145. the
opening, to 11.62 then bid II. SO for 10 900
bales without receiving any Offers The
balance Of the list. sympathizing, also
showed f1rmness. reaching a level about 2
to points higher.
Then came a renewal of the selling by To-
cal interests noted yesterday and commits
sion houses also turned heavy sellers driy-
ing prices back. At IL o'clock the market
ruled feverishly active and unsettled
At noon the market was dull and heavy
with prices net points higher on Septem-
Der and to points lower on later months
spot, quiet; middling uplands 1915; mid
ding gulf. 1900.
Estimated receipts at the ports: Today
600 bales, against 1852 last week. and 10 768
last year. For the week 1900 bales, against
1.43S last week and 1OS96O last year. To-
days receipts at New Orleans were thirty
nine bales. against 1927 last year, and at
Houston 357 bales, against 6.97S last year