The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-09-23
FINANCIAL AND COMMERCIAL.
TUESDAY. Sept. "a.

TUESDAY, Sept. "a.
Up to the last half hour Of business to-day
the record Of events upon the Stock Ex-
change was that OF sluggish advance in
quotations. For some days past the weight
OF speculative sentiment has Favored
r.ai7 in security prices upon the general
idea, az much al anything else. that the
views commonly held as to the condition OF
the market we're becoming too pessimistic
and that the market was, in other words,
oversold These views derived no little
strength from the greatly Improved out
look for the seasons crops as reflected in
the break in the prices for grain and cotton,
and, as noted in this column yesterday,
the granger stocks have recently mani
tested. or seemed to manifest. a tendency
to free themselves from whatever general
market weakness was caused by. the de-
preston in the iron and steel issues A
frmer tone was visible in the market yester-
day, and this continued to-day until shortly
before the close Of business. No outside
interest was attracted, and the buying OF
stocks was wholly professional. Neverthe-
less, advances Of nearly point were scored
by practically all the market leaders. Then
the familiar extreme dulness interviewed,
with transactions few and far between. In
the final half hour rapid selling movement
so depressed prices throughout the general
list that all the previous gains were lost.
and most stocks closed at net declines.
This final selling movement doubtless
represented no more than ordinary profit
taking; yet there was general disposition
to ascribe it to renewed weakness in the
United States Steel stocks. especially IN
the new United States Steel sinking fund
bonds. As is we'll known the life of the
syndicate underwriting this bond issue
expires by limitation Oct. 1. but has been
extended until next June. Those members
Of the syndicate who do not desire to re-
new the agreement have the liberty of
closing their connection with the affair
on Oct. by paying in the full amount
OF money that they have obligated them
selves to pay and taking over their proper
share of the bonds. 1t is the popular,
although it may be by no means the correct,
impression in Wall Street that the recent
heavy fall In the price Of these bonds is
due to sales made by members Of the syn
dictate who desire to wind up their part
in the affair at once The bonds to-day
sold at 70, their lowest price Of record.
A correlative matter which also attracted
attention was reports Of the shutting down
Of several important iron and steel mills in
Pennsylvania and the news Of a conference
In this city Of representatives Of the princi-
pal pig iron interests in the eastern part
Of the country for the purpose Of con-
sidering either a marked curtailment Of
pig iron production or a reduction Of the
wages OF employees. In the final dealings
on the Stock Exchange NE New York Cen
trail shares were noticeably weak declin-
ing ~ points on . moderate number of
sales. It is understood that the directors
OF tho company are considering plans
possibly only Of temporary nature, of
raising money for the preliminary work
upon the improvements on its property
at the Grand Central Station and elsew here
A feature Of the final dealings was the
Offering Of Consolidated Tobacco bonds
In much larger amounts than usual ard
at concessions in price.
The days news was OF mixed character
English consols were down In London
lower during the day, and the event was
said to reflect fear in the London market
that the Bank of England's minimum rate
of discount would again be raised on Thurs
day. Such an occurrence seems improb-
able to most observers on this side, in view
of the exceedingly strong return Of it's con-
dition made by the Bank Of England last
week and by the fact that no such action
has vet been called for by further advance
IN the discount rate of the German Reichs-
bank. On the other hand, the open market
rate in London is now above that of the
bank rate, money rates have advanced
more or less during the week in all the
European financial centres and the German
demand for English gold. said to be in whole
or in part for the account OF Russia, con.
tinues undated. Our local banks had al
the opening OF business this morning 81 ).
17s 900 to their credit in their transactions
| with the Sub-Treasury since Friday. Ship
ments of nearly 81. 900. 900 to New Orlean.
to-day for the purpose Of moving the cottor
crop will, however, probably reduce thil
balance very considerably in tomorrow
footing. The weekly Government -roI
reports to-day were favorable. Re aint
cotton the Agricultural Departments de-. aret
that, while there had been some damag
| from insect pest, weather condition.
had been very fair and that the crop as
whole was making excellent progress
The corn crop was declared to be in larg
measure safe from frost, while the injury
from frost that had occurred was foun,
to be limited to the extreme western an,
northern portions Of the corn belt. In tn
grain markets the price Of corn rose slightly
a very natural occurrence in view Of tn
large fall since the closing days OF las
week. Sterling exchange was again firmel