New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-09-27
Financial.
The Financial World.


market IL suffices to say that the conrinuoy.
decline In the Steels had its usual demorallzfnv
eAect' and the decline in prices for the U..I<
ranges from about three 20 seven points tn.
latter may De set TO the credit OF Steel preferred
ana metropolitan Most OF the standard rail-
road stocks fell between three and four no,,,.
A good deal OF the loss was made vesfersav
| There was bad time THURSDAY the ,,s-ka.
closing that day with very ugly look. nm, -.
day 1t rallied to some extent. apparently maanl,
on ths covering OF shorts; only to break away
again yesterday
Except the notices Of the closing down OF ssv-
eral steel mills. the news Of the week was OF a
favorable character; in respect to the crop.
railroad earnings. the action of The Trsa.n-,.
Department. the London Bank rate. ana o,-
own bank statement yesterday. which for -.
ume OF year. bankers say must be consia.S.s
very sOOd- Nevertheless. despite all this tha
S.o0A HidrHet tell as before stated: and what IN
Niso Ho1lceanie' the London market was heavv
although the Bank cid not as had has, -
peeted raise its discount rate and ronsols go
themselves to the list Of new low racords c.,
sols are not sold from this market ara ,h.,-
CONTINUOUS recent decline must be set down >,
'ne same sort OF forced liquidation over then.
winch is depressing things here
In last weeks article il was sat4 .s. -,
haH-
poured out, forced the Inference thu, a.. -
| eral liquidation was not as near ended =. -.
been hoped and believed Events s,nc. So.
Shown the inference to be correct. A tarz.
| capitalist has, say. seven enterprises on hand.
the pressure OF money forces him 10 sell N.
securities OF four, which are marketable n
take care Of the three which are not As an sx-
ample, il may be noted that not a solitary Ma
was to be had the other day for Flint and Pterr,
Marquette stock. which road is now IN process
of quite ambitious expansion. with well known
capitalists carrying its securities.
One Of the rumors afioat yesterday was that
the forthcoming decision on the Northern secu-
rifles case would be adverse to the company
this, however. has always been expected: and
that-here is the point-it would apply 70 the
U. S. Steel Corporation. against which the Gov
eminent would move next It viii easily be seen
that this a very disturbing rumor. taken IN
connection with the great fall in the price OF the
securities. The Steel Corporation has an i'm
mense stockholding constituency. the largest OF
any corporation in the world: and IL comprises
as the books show. thousands Of small investors
who have bought and paid for their little lots
Of stock and put them away for the income on
them. This Is said to be specially the case IN
New England where school teachers profess
sionaI people in moderate circumstances and
u.
to their modest means. In fact. all classes. high
and low. seem TO have the steeIs II. therefors.
the Government. after it gets its expected d.
cision. next brings action 10 compel the dissolu-
ton OF the Steel Corporation. theirs viii DO a
sensation to which the Northern Securities az
fair was nothing All one can hope Is that tbs
runor is not true.
Mr. Keene we'll expressed the situation whsn
he said. somewhat despairtngly. that all indices
Of value were swept away in the forced selling.
The most striking instance Of this was the abso-
lutte indifference with which the market received
the offer Of Secretary Shaw to redeem 20 mill
ions Of bonds with interest TO maturity. Indeed
there was more criticism than thanks. It being
contended that the Secretary had Invested him
self Of the power to help the money market
/ when there might be need OF Il later. But most
probably II he had waited till later the critics
| would have said he had waited till the horse
/ was gone before locking the stable door. The
/ pressure for crop moving money IL not yet
/ felt. because the moving is quite late this sea-
/ son. The banks, however. know that II must
/ come some time. and they are keeping them
| selves in as strong a condition as possible.
| The Lake Superior affair has occupied much
| Of the attention Of the Street; not only because
Of its direct effects but Of it's indirect In severe
! " hampering interests which otherwise might
/ have contributed to support the market The
| losses in this enterprise have severely hurt
/ PHILADELPHIA and the difficulty Of raising money
to continue the enterprise is due to the fact that
/ a community is asked to furnish II which had
/ been already hit hard with losses IN Asphalt
/ and other things. In this instance there Is 10
| Charge Of fraud as there was in the other case.
/ Error Of Judgment. too much enthusiasm ABOUT
/ the future is the worst that can be said; TINS
! does not however. minimize the losses. Aeuu~4
cash put into the property. Is said 70 De % ui4-
| ions II makes no difference how many shares
,rs-a nut out 10 represent this; 30 millions o.
| actual money was spent. At this moment mo
bankers who advanced Ave millions on the prop
/ ertv are in great perplexity about how 'nes
shah get their money back: that is, creditors sE'
1-afpIV irving to get back sixth of the aetua'
money sunk in the property. Certainly II o"s
| we're looking for the causes Of dsHOF@i-4'-
stock market here IS a most suggestive o. e.
/ That 80 millions was surplus. or SAVINGS, %
/ r,frlfons more savings must be accunuIa'SN "
replace il. which takes time.
/ There appears 20 be, as a result Oh Sii~''9
conditions. some trouble among ths sIOuS
capitalists generally referred to as me -
/ Island crowd Mr. YoSum, OF the san 90
cisco and Rock Island. bought the seaOO1IN
Line. When the transaction was made " va
| "a IN, some iusider that Rock Island h-A
/ rol,a5 bar mise into salt water at last. u oeis
Understood that the seabOard being added F"
the san Francisco system. and the latter osiHs
already united 10 the Rock Island tAe 80
Island system had come 10 ude"ater. o''0'
the transaction was made sOmetnins mas -
| peued. To confirm the sale. the ac'o" o -
San Francisco board was necessary @NI -
other day. Mr.. Yokums trienGS on 'n'' -
| were displaced By Judge Moore ana o'--s
| ~, follows the announcement that the sea
board Line will not so to the san Francisco