The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-10-04
FINANCIAL AND COMMERCIAL.
SATURDAY. Dot. 3.

SATURDAY, Oct. 3.
What Wall Street Is accustomed to deeig-
rate &c trading conditions ruled In .o-days
stock market. There was further mar
rowing in the speculat ion, and the price
movements showed good deal Of irregu-
larity. At the same time the undertone OF
the market could be called firm. Such
selling as took place appeared to represent
chiefly room trading operations. with some
profit taking and end of the week evening
up OF accounts There was at TO time any
evidence OF the temperance Of the liqui-
dation which has been such disturbing
element in the market for long time past.
There was a traders selling movement on
the appearance OF the weekly statement Of
averages of the associated banks. but it
fail-d of any material impression uron
prices. In fact, the shrinkage of $4.l44,8O0
shown in the loan account of the banks
was capable of very favorable construction
market wise. It makes total contraction
In tie loans Of sl3, $40. 700 in three weeks.
The, fact that cash holdings decreased
g., oo4 500 in the face Of the gain Of rearly
81 10000. which was indicated by yester-
days figures as to the known movements
Of money. was Disappointing. 1t was
accounted for in Fart by the decrease
Of s2,i240oo in United States deposits
The statement failed to exhibit good
balance In the der osit item, which decreased
A.lSo, 800. or 81 CTS 800 less than the sum Of
the decreases in loans ard cash. The dis
turbing effect ur on the bark ftatement
figures by the bank merger which becomes
effective on MorGay Should. however, be
remembered in this correction. As result
OF the variols changes, the surplus reserves
allowed decrease of S63l 800. which brings
the amount now held by the hanks above
lawful requirements TO Si3,937 $40.
lower range Of quotations for Ameri-
can shares was cabled from the London
market, hut this had only slight influence
locally at the opening of business. There
was an evident disposition to take profits
on recent purchases for foreign account
snd sales were made in the local market
on London orders to an estimated total
Of about 20 900 shares, a rather large for
eign business for Saturday. Stocks whose
frmness was especially noteworthy were
st. Paul. which will sell ex dividend Of ~
per cent. on Monday. and the United States
Steel shares, particularly the preferred
stock. On The other hand. Missouri Pacific,
.Atchison and Union Pacific showed rel
alive heaviness. and there was evidence
OF profit taking in the Erie issues In adj
vance Of the publication Of the annual re-
port OF the company, which will be given
out next week. Among the other promi-
nent railro ad issues New York Central and
Reading held steady. but Pennsylvania
and Rock Island registered fractional
losses A special movement worth noting
was that in the Hooking Valley shares.
which advanced ~ points on a compar-
a&ively small volume OF business. The
floating supply of this stock is now very
small. The ostensible reason for the move
ment was the large Increase in the earnings
ofthe company for the fourth week Of Sep
ten bsr. The publication of the monthly
government cotton crop report. which
sbowed heavy decline in the condition
from month ago. failed of any stock mar
ket effect. The condition on Sept rs was
given as 65.i. drop Of 1871 points since
Aug. Is. On the Cotton Exchange the
trading was very heavy, but, while prices
advanced, they failed to make any SEN
sational gain, Tire advance being contested
by the bear interests In the rarket, who
took the ground that the likelihood Of a
smaller consun p'ive demand should be
looked at rather than the crop condition
The grain markets showed decided weak
ness, with excellent weather reports from
the corn belt and heavy wheat receipts
expected In the Southwest.
The past week has. in fact, practically
put the corn crop out Of frost danger, and
this is one Of the most important II not the
chief recent favorable development An
other matter for encouragement has been
the decided improvement in the foreign
financial situation, best evidenced by the
recovery In the price OF consols. None
of the trouble rumors that have been cir
culated have materialized, if exception
is made OF the embarrassment announced
on Thursday of two Southern banking
houses, whose troubles, however, are really
an old story, dating back to last summer,
and have no bearing upon local financial
con iitions. which the most important
banking interests declare are of the sound
est. Twice in the past week the market
has rallied sharply at what appeared to be
critical periods. 1t has been made evident
that urgent liquidation has ceased and that
the buying Of investors and powerful finan-
cial interests was having an effect It is
the opinion of competent market Judges
that while we may have no bull market
at this time we should have a steadier mar
ket. and that there is no reason for con-
tinuation Of the pessimism that has shrouded
Wall Street.
New York Stock EXchlnxe Sales. Oct. a.