The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-09-18
FINANCIAL AND COMMERCIAL.
THURSDAY, Sept. I

prevailed over the corn belt ana IN the
West generally severe frost was not in
dictated in any important section, and the
approach Of a moderate warm wave was
reported from the Northwest. All trust
worthy dispatches from the corn States
were to the effect that the injury that had
been done to the corn crop was not OF a
character that could justly be described
as great, though it IL. Of course, admitted
that ths unreasonable temperatures Of the
last few days have further retarded the
growth Of the staple and have perhaps
caused some deterioration In the quality
of the crop. The matter last named may
be of importance to those concerned In the
grading OF corn for specific deliveries In
the grain markets. but it Ia one about
which Wall Street cares comparatively
little. There was, therefore, in the financial
district to-day q rather general agreement
with the estimate OF the Cincinnati Prics
Current, published in the morning, that
reasonable indications were still for two
billion bushel corn crop; and with this
conclusion arrived at, kilograms published
in the news bulletins concerning crop con-
ditions began to lose their interest. On
tho Stock Exchange covering movement,
chiefly proceeding from houses with Western
connections, carried the prices OF the Lead
the stocks in the morning somewhat higher
than last nights close. 1t must be adj
mitted, however, that those making pur-
chases for this purpose seemed to get what
they desired with less difficulty than they
have done on previous occasions and that
the supply Of stocks on the advance was
greater than the demand for them. In
the afternoon the market again sagged.
and finally became weak under renewed
pressure on the stocks OF all the steel com.
panies and heavy selling for.London &C
count. Toward the close Of business in
the London market consols broke to new
low record upon misunderstanding to
reports cabled here-that the Bulgarian sit
uation had become much more threatening.
The resignation Of MIR. Chamberlain from
the English Cabinet, which was unofacially
declared to be impending, and the domestic
political crisis in England that would be
caused thereby may also have had some
thing to do with the matter. The Bank
OF England did not raise it's rate to-day
and made a very strong statement OF It's
condition. Sales of stocks in this market
for London account-most Of them pro-
ceeding from orders sent from London
long after the close OF the Stock Exchange
there-were estimated at 10000 shares.
In the last few minutes Of trading the United
States Steel shares were bid up vigorously.
but the general market closed dull and
heavy. No cause was assigned for the
selling Of the Steel stocks-the United
States Steel common shares selling at
1871, at against 1917, their previous low
recorcl-other than feeling, which seems
to be more acute on the floor Of the Stock
Exchange than anywhere else, that some
reduction in the price Of steel finished
products is possible at no very distant date.
Statements were made with great positive
ness to-day, but, OF course. entirely lacked
official verihcation or authority, that various
steel producing interests outside the United
States Steel Corporation were at present
making contracts for the delivery Of steel
billets at price considerably below the
quoted rate.
The attention Of those directly interested
In the fiuctuation Of stock market prices
was. however, directed more keenly to-day
to the money situation than to the prospects
of the iron and steel business or OF the coun-
trv's harvest. Every sane person knows
that the outlook for the steel business is
excellent. cuts or no cue, in prices, and
that good fair harvest yields Of the leading
staples are already assured. The money
situation is not 30 clear. Despite very
large local disbursements for pensions by
the Government, the banks have lost to the
Sub Treasury thus far In the week 81, 1853 900,
which, taken in conjunction with the loss
which will undoubtedly be sustained by
shipments Of currency to the West and
South, does not point to what Wall Street
will consider good bank statement on
Saturday. Some OF these transfers Of cash
to the interior have, Of course. been made
through the b-Treasury, but the bulk
OF the money absorbed by the Sub-Treasury
has been on account Of customs payments
Indications now are that the largest volume
of imports ever seen during the month OF
September will be attained at the close OF
| the month. All this has been brought about
by the very high level Of commodity prices
which now obtains in our country, the same
cause having also 80 reduced our exports
| that the value Of these shipments, in the
| last two months, makes an unfavorable
comparison with preceding periods. The
high prices, particularly, at which we hole
our wheat and corn and cotton have di
minished foreign purchases Of them to ar
unexpected degree. 1t has been argued
that our export trade in these commodities
must in the nature Of things be great THU
fall. because Of the small supplies Of thu
staples in foreign hands. The lesson o.
current events is, however, that thil
export trade will proceed very grudgingh
and that it will, in it's net result. be greatly
curtailed unless we come nearer the term
Of foreign buyers than We have done re
Gently. The immediate bearing Of 1t al
upon the financial situation is obvious whei
one considers the break in foreign exchang
rates that would occur II commercial bill
were seen in the market in their norma
quantity. Sterling exchange was yer,
strong here to-day, and the course OF tn
foreign exchange market has been, eve
since the first OF the month, steadily ava,
from any relief Of our country's none.
market by means of gold imports.
New York Stock Exchange Sales, Sept. 1 :
uNrrxp STATES AND STATE BONDS CN q. oooO.
| 10 s As 1907 .........................l U
CLOSING PRICES OF UNITED STATES Bonds
BID. Asksd.l Bid Asksc
us2sr us*.
1870 loo 1904 1e2s..,.l35k 1881