Las Vegas daily optic. [volume] (Las Vegas, N.M.) 1880-1908, 1903-09-19

J. S. BACHE & co.
NEW YORK, Sept. 19.-The bank
statement proved better than expect
ca, showing a good decrease in the
loans, although surplus reserves were
low. After it appeared the market
rallied and closed fairly strong, rail-
road stocks making the best recovery.
The buying, however, was largely
short. Car and Foundry and other
railroad supply stocks broke badly in
the first hour. There was little news.
CHICAGO, Sept. 19.-Wheat-Mar-
ket is heavy and about | cent lower.
After several days of declining prices
it dragged into a sharp liquidation.
There is no change in the general con
dition. Gables are fairly steady. Fine
weather throughout the west is prob
ably the most important influence.
There was a little export business at
the decline. Cash markets are On
the whole, however. rather less snap.
pish than for some time past. The
worlds shipments are expected to be
quite large. The market has had
four days Oh declining prices and
about 4 per ent per bushel break.
Under normal conditions it should
have some reaction. Our views on the
tendency, however, do not change.
With a fair movement from the in
terror and export demand on its pres
ent basis, or even with a small In
crease, we are inclined to think prices
are likely to drag and that wheat
should be sold on the rallies. We are
now at the beginning of a period when
stocks increase and bull markets are
usually hard to maintain. Our Mr..
Bangs says: Bulls are rather demon
allied yet, and some Of the most pro-
~nounced are Out of the market at
present, awaiting the expected move.
ment in the northwest. Today is the
first day foreigners have shown any
interest and have taken any wheat,
Possibly their buying may stop any
further decline, but it is the only thing
which will tighten u market with
the present existing feeling. Corn
was heavy, and this only added e
the weakness in wheat.
Corn-Market heavy, about l IL
cent lower. Damage by recent frosts
is a matter of theory. but the fine
weather throughout the west is a fact
that is apparent. There is nothing
in the cash situation to stimulate
speculative confidence or to material
ly advance prices. Indications are
that with good weather receipts will
increase. Corn is in much the same
position as wheat, inasmuch as IT has
had q sharp break. With good wealth
er, we doubt If any continued ad'
vance can be maintained and think
we should sell corn on hard spots
Winters says it stills looks as though
corn should be sold on the rallies.
NEW YORK, Sept. 1.-THE weeks
cotton market has developed increas
ing strength In the spot situation, al
evidenced by the advance OF the
southern spot markets, which hal
, been sustained, and by continued
~steadiness and a better ton to thu
option list, partly nearby positions
The demand for export and home con
J sumption continues undated, and thu
. supplies at the various distributing
centers is yet merely nominal. TIL,
price Of cotton has been SO long fixet
at about the present level In the spo
markets that the drygoods market !
gradually assuming q proper parity
though buyers and sellers are still
apart rs to future engagements. w
are inclined TO look upon the marke
, as a safe one for purchases II frml,
held.
n. C M.