The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-09-24
FINANCIAL AND COMMERCIAL.
WEDNEsD Sept. q

than very discouraging to those who have
recently INDUCED in the hope that stock
market liquidation was over or nave az
least been looking for some temporary
upward reaction in prices Greater gen.
eral weakness was displayed in the market
to-day than at any time since the perturbed
first week Of August and the rallying power
of the various securities after each sue
cessve period in the days depression was
feeble. II must be confessed, too. that
the selling of stocks seemed for the most
part to be of forced and urgent nature
rather than IA the result of speculative
ventures for the fall. The activity OF
| professional operators, most OF whom are
pessimistc in their views as TO the future
of the market, was. as usual, pronounced
But whatever support that the market
received during the day came, or seemed
to come. from these operators alone, and at
no time. apparently did they have any
difficulty in obtaining stock with which
TO profitably retire their short contracts
Neither wa, there any especial or singular
piece of news that accounted for to-day's
| price movement. The price Of corn rose
| slightly because of the approach of colder
| weat her in The Northwest. On the Cotton
| Exchange there was heavy fall in the price
| of options for he September delivery
| Of the staple. the month in which a prac-
I, ical corner has recently been operated.
English consos fell again. and more money
! was sent South to pay the Southern planters
for their cotton, These events were barely
ment Toned in Wall st rect; neither was there
the slightest misgiving expressed lest the
Bank of England should raise its discount
rate tomorrow. Opinion varied AS to
whether the rate will or will not be raised,
but unless the resources of the bank have
been diminished in some unobserved way
during the week. il is hard to say why an
advance in the rate should be expected, and
il ia equally difficult to understand how
any marked effect should be felt on this
side from the occurrence. On the other
hand. the days depression was entirely
unaffected by the announcement OF the
Secretary of the Treasury that he would
Immediately redeem the 100000 OF
per cent. Government bonds falling due
on Feb. ! of next year. with interest to date
of maturity, making total possible dis
blrsement by the Treasury Of nearly $40
600 900 The Secretary also announced
that he would refund 500. 100000 more Of
Government bonds on the terms Of his
previous circulars on the subject which
would cause an additional disbursement
of about 81 900, 900 in premiums on the
old bonds turned in to the Treasury and en-
large the facilities OF the banks for taking
out circulation. If money on call was
now ruling at prohibitive or even at high
rates and the declining movement on
the Stock Exchange was due to the fact.
the news Of such Treasury action az was
taken to-day would have changed the tenor
OF the days market entirely. That no
money stringency is pressing or is even
feared was proved conclusively by the
apathy with which the news of the Secre
tarys offer was received; although, Of
course, analysis shows that in all prob
ability the supply Of actual cash in the
financial community will not be greatly
increased because of the development
There is good reason to believe that
large share Of to-day's sales of securities
came from individuals who have recently
been engaged in speculative enterprises
in Pittsburg, Philadelphia and other
cities, who now find these enterprises
and themselves involved in financial
difficulties by reason of causes that
are plain to all The trouble with
these people is not that money is scarce
in the localities where they reside or
throughout the country, but that their
credit has become impaired. Confronted
with the necessity Of raising funds they
! must do so by making sacrifices. 1t is
| now evident, too, that a contest is under
| way in The ndust rial world between CON
| ~ in, hue
In the iron and steel trade consumers are,
beyond any question, endeavoring TO OBJ
tain iron and steel finished products at
figures much lower than the list prices.
upon the ground that the large fall in the
price OF pig iron makes this reduct ion
rea sonable, While prices in the trade
are no doubt being secretly cut in various
ways, no formal reductions have been
made, and deadlock threat ems between
producers and consumers in regard 10
steel, of a nature similar 10 that which
prevailed all summer in the case Of pig
iron. There can be no doubt, 100, that
cancellation Of orders already given for
the delivery Of various materials in many
indust rial lines 10 going on to considerable
extent.
The granger railroad stocks, which have
recently displayed greater resistance than
any other quarters of the market. we're
to-day stronger than any other portions
Of the list, but they shared, ncverthe-
less, in the effects Of the prevailing
tendency Such declines elsewhere, how
ever, we're recorded as 81 points in South
ern Railway preferred, ~ in Southern
Railway common, ~ in Pennsylvania, ~
in Baltimore and Ohio, IN in New York
Central 2T in General Electric and ~,
in Amalgamated Copper, The weakness
OF the Pennsylvania, Southern Railway and
Baltimore and Ohio issues was thought to
represent chiefly the liquidation for Pitts
| burg and Philadelphia account, as stated
| General Electric was supposed to be pressed
for sale for trade reasons, and New York
Central because Of the money raising plans
| of the railroad corporation, which al
though they may be postponed, must in
| the nature Of things be proposed at no very
distant date. The selling of Copper was
probably due to the heavy fall in the Rio
Tinto shares in London, to the weakness
of the market for copper metal and to
the fact that the copper manufacturing
business is sharing in the unsettlement OF
the iron and steel trade.
New York Stock Exchange Sales, Sept. III.