The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-09-27
FINANCIAL AND COMMERCIAL.
SATURDAY. Sept. 20.

withdrawal on large scale during tne Two
preceding sessions Of the Stock Exchange
of the short interest in the market. The
speculators who thus closed. presumably
with profit, their ventures against values
showed no disposition to indulge in the
reverse operation Of buying for the Ilse.
and as whatever support that was EXTENDED
by banking interests recently-a support
whose volume has been much exaggerated
IN popular statements concerning h-also
ceased. quotations tended naturally to fall
Prices were lower In London before the
opening of our market. indicating that the
covering purchases Of operators here had
not, at any rate, extended overnight TO the
other side OF the water. just at the close
of business foreign cables told OF unpleasant
rumors in London as to the health OF the
King of England. but whether this points
to any reason for the unusually large fall
in the price Of English consols yesterday
and the heavy sales Of securities Tor Lon.
don. account here at the same time remains
to be seen 1t is doubt full IL the two matters
were at all connected. According to the
investment standards prevailing IN this
country, which now, as 1t seems, are
gathering powerful reco gnition in Eng
land, the price Of the English funds has
long been too high when compared with
other high grade English investment Issues
and the expectation Of the most competent
observers is that even lower records for
consols than the present level will be estab-
lished in the near future. Prices here
were dull and sagging in the first hour, but
displayed no surprising feature until heavy
selling OF Brooklyn Rapid Transit began
to weaken the general market. These sales
continued with little cessation throughout
the day, resulting in net loss Tor BOOK
lyn Rapid Transit Of points and causing
sympathetic declines of 2h points in Man
haitian and 81 points in Metropolitan
Street Railway. All the leading shares
in the general list fell of about a point.
The United States Steel Corporations new
bonds sold at 70H, the lowest price yet
seen for them, while the preferred and COM
mon shares also sold down to their previous
low record. At the close of the market
prices of stocks on the average. according
to the methods of computation mostly
used. were slightly lower than they were
on Aug. 8, which has hitherto been the
slow day" Of the present declining move
ment, There was the usual contest OF
opinion az to whether the pressure upon
Brooklyn Rapid Transit was professional
movement or represented actual liquida-
ton. 1t Is certain that the room specu-
lators. seeing the weakness OF the Brook
lyn shares, attacked the other traction
issues, but there Is reason to believe that
the selling Of Brooklyn did represent the
closing out or partial closing out, at least,
of various pool holdings. The course Of
the market was not at all affected by the
weekly bank statement, which was Of
noncommittal order, showing fair de-
crease in loans, and, as usual, loss In
rash Of little more than 1the known move
ments OF money as previously summarized
had disclosed. The Atchison's August
statement showed net increase in earn
ings Of 1881 ,472. and the Central Railroad
Of New Jersey returns for the same month
a net gain, similarly, of SAT- 1886. Louis
Vile and Nashville and Union Pacific each
exhibited favorable reports Of earnings
for the third week in September. All
these, as has long been the case with SINH
lar bulletins. passed quite unnoticed.
The one news event during the week
that did exert a positive influence upon
the stock market was the announcement
of the foreclosure of the lien held by
prominent local banking firm upon the
entire available assets of the Consolidated
Lake Superior Company. The business
difficulties of this company have long been
known in Wall Street. But what came
practically as new revelation was dis
IL hA g., bat he, or 1h0ll
in the company, many Of whom are men
prominent in the financial world, could
not. or at least did not wish to, embark
the comparatively pitiful sum Of IS $50 600
further in the enterprise for the purpose
of saving a property upon which over
32s OOO, 900 had been actually expended.
There could be no NOR powerful illustra-
ton Of the present stra n in the financial
situation, and the occurrence turned out
to be depressing factor Of no small mo-
ment So, too, the announcement Of Sec
rotary Shaw's plan to put nearly $50 900 600
in the money market by anticipating i'm
medately the payment, with interest, OF
$40 600 900 worth of Government bonds
falling due in April if the holders of the
boads SO desired, and his further offer to
HOlO VI oAd
issues so as to increase the basis for bank
note circulation, became actually an I'M
favorable development by reason Of the
emphasis it caused to fall upon the truth
that Wall Streets present difficulties are
those of a credit rather than cur.
rency nature. The Secretary's announce
ment, indeed, fell absolutely fiat. Only
a small number of bonds have 30 fal
been turned in to the Treasury for re
demption. and the belief is generally ex
pressed that the money market will derive
little or no benefit from the operation o
the Secretary's scheme 1t should be saic
at this time that more complete data Al
TO the condition Of national banks. gathered
in response to the Comptroller Of the Cur
renoy's call FOR a report as to their statu
on Sept Q. make better showing than die
the figures available a week ago. Tn
banks seem to be in stronger condition thar
they were in September, 1902 but still no
greatly so. Other indicia as to the presen
state Of the financial and industrial affair
were the smaller bank clearings through
out the country generally. and the in
dorsement given to Parks, the convicte
labor union blackmailer in this city, by hi
fellow unionists at Kansas City. Super
ficially, the last named fact may seem T.
blacken the outlook OF the labor situa
ton locally, to which SO much importanc
attaches from every point Of view, an