The sun., 1903-09-16
FINANCIAL AND COMMERCIAL.
TUESDAY, Sept. rs.

sterday on stories OF crop disaster. In
the fore part of tho day the tone OF tho mar
ket was quite uncertain. The frost expected
in the corn belt over night did not put IN
an appearance, although there were very
! many stories OF damage to the crops from
the unreasonable weather conditions that
had undoubtedly prevailed. The retirement
of contracts for the fall proceeded very
leislrely. however, and was interrupted
frequently by periods of market weakness.
which gave the general trading an aspect OF
feyerishness and uneasiness and seemed at
times TO prelude another break in prices.
On these occasions several OF the more
active at tocks sold at lower prices than 'ney
did Yesterday. The feeling governed many
speculators that while frost had been pre-
vented in the exposed district by means
of the cloudy weather the clearing up OF
this weather might be attended with fall
in temperature to the danger point in many
localities, and the idea was encouraged oy
forecasts of meteorological conditions IN
the Western States for the next thirty six
hours, sent out from Chicago. But in the
afternoon the weekly crop report OF the
Depart ment OF Agriculture at Washington,
stating that the crops had made excellent
progress during the week in the southern
portions of the corn belt, that the recent
cold wave had clearly reached Its height
and that although lower temperatures might
occur in many Western States tonight. frost
was not likely in places where damage
might result from It, served to convince
most OF those having market interests at
stake that the frost scare was about over.
In the closing half hour the market became
very strong and active and good gains in
prices generally were made over@ast nights
closing figures. The days results proved
very conclusively that while it is easy for
spectators to sell stocks at this time. 1t
is hard to get them back.
Very little was heard in Wall Street to-
dny except discussion Of the crop situation.
The sales or purchases for London account
cut almost no figure in the days business,
and if any unpleasant financial results
were expected on the other side Of the
water either from threatened hoetilities
between Turkey and Bulgaria. or possible
break up Of the English Cabinet. or even
from further marked advances In discount
rates, it was without the slightest effect
here. A fall in the price Of the new United
States Steel Sinking Fund per cent. bonds
to the lowest figure Of record might possibly
have attracted more attention than it did
had not the great ma ajority Of spectators
been occupied in cancelling the commit
ments for the fall which they 30 rashly
entered into yesterday. The reason COM
monty assigned for the selling Of these
bonds was that they represented sales
bv members Of the syndicate formed to
underwrite the new issue. who did not
propose to renew their obligations for
another term after Oct. /, the time set for
the dissolution Of the syndicate agreement.
Another bond issue in which rather special
weakness appeared was the Wabash deben-
lures. Announcement was made Of tho
passing Of the dividend on the United States
Realty preferred shares for reasons with
which the public are thoroughly familiar, but
the price OF the stock did not waver. It
has, Of course, already fallen heavily.
There was much favorable comment upon
the statement Of the Erie Railroad Com
pany showing that its surplus after charges
for the quarter ended June 30 was IS 800 0S3
against $3,047 ,7Os for the same period last
year The loss by the banks to the Sub
Treasury thus far this week Is 81 SOC, 900.
some OF this representing shipments Of
funds to tho interior for crop moving pur-
poses. The detailed and comparative
statement Of our country's exports and
! imports for August exhibits surplus ex-
| ports for the last month Of S,549, 100, as
| against $4,000, ,sO7 in 1902. Responsibility
| for a GOOD share of this showing is due to
| smaller shipments OF agricultural prod
ucts and the failure of foreigners to buy
our food stuffs in accord with a demand
which it has been supposed must be very
| great this year on account OF meagre sup
plies Of these staples abroad. II this lack
| Of demand continues it must, naturally,
sooner or later have its effect upon the
price Of American wheat and corn. Europe.
it seems, is buying as much wheat as 1t
does usually at this time OF year, but 1t is
buyinR the commodity In other markets
| than our own. Reports from European
| crops are, 1t should be noted, much more
favorable now than they we're few weeks
AGO. and more abundant harvests in En- ngland
and all parts Of the European Continent
are predicted than was the case during the
| summer In the grain market to-day
the prices OF wheat and corn weakened
upon the more encouraging news as to
the crop outlook. although the lack OF
export demand is beginning to make itself
felt
It seems worth while at this time to direct
the attention OF owners OF securities, at
least those who consider themselves intel
lisent and conservative and who do not be-
lieve in selling their investment holdings
or even in changing the form Of their in
vestments except for good reasons, to the
perfectly obvious and simple fact that even
if damage to the corn crop from frost had
occurred in the last twenty-four hours, as
was 40 loudly heraded in Wall Street, il
would not have been a vital or even vastly
important matter. There was what was
called corn crop failure two or three years
ago, yet the earnings Of all the corn roads
showed great increases in the year follow
ing. Very many times has no small injury
been done to the wheat crop, especially in
the Northwest, by rain and storms, but
somehow the earnings Of the Northwestern
roads have never been prostrated thereby
The railroad tonnage directly proceeding
| from grain in these sections cuts not large
figure in their annual statements. In the
last six or seven years the transportation OF
westbound freight and Of other than agri.
cultural products such as lumber, has come
to occupy place Of far greater Importance
on the tariff lists Of railway managers than
it used to. Until there has been Succession
of bad harvests, spelling hard times for the