The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-07-10
FINANCIAL AND COMMERCIAL.
THURSDAY, July 0.

lHURsDAY, July y.
Hardening money conditions at West
| ern centres, under the influence OF early
harvesting demands coming on top OF the
| demands Of general business, it is likely
had some influence in causing the stock
market to develop activity to-day at the
expense Of prices. Additional engage
ments Of gold for export to Europe, amount
ing to s2.O00,0OO, were announced. The
uncertainty regarding what will be the
showing Of to-morrow's monthly Govern
ment crop report was also a cause for
anxiety, and sentiment was not improved
by the fact that the grain markets, despite
the excellent crop weather since the month
began. have held very firmly. Wheat, in
fact, advanced about one cent bushe
to-day and corn advanced about half a
cent. The apparent turn for the season
In the movement of money, which has been
exemplified by a downward tendency in
New York exchange at important interior
cities, would ordinarily point to higher
rates for borrowers developing in the local
money market, though large Government
disbursements and the payment this month
OF the $40, 0OO, 900 loan of the Pennsylvania
Railroad Company, made possible through
the successful subscription to that COM
pany's new stock, may help toward
continuation of easy rates. This, however,
seems certainly dependent upon the nom
development In the stock market OF any
important speculative movement for the
rise. Bankers have been emphatic for
long time past in asserting that there is
no extra money available for Wall Street
speculative purposes, and have welcomed
the recent dull period in speculation and
the cessation in the creation of new security
issues az the most excellent thing that
could occur. When cotton prices broke
heavily this week there was hope that
they would fall to n point where foreign
consumers would enter the market, and
that through purchases OF the commodity
for export there would be supply OF ex-
change created that would. at least In part,
obviats further exports Of gold. This hope.
so far as actual cotton purchases for export
are concerned, has not been borne out,
and, in fact, coincident with revival OF
activity to-day by the New Orleans clique.
the price of spot cotton was marked up
again So bale, or to 1920 cents a pound.
This was another factor disturbing to the
stock market
London's early attitude toward our
market was again encouraging to-day,
the cable quotations showing fractional
advances, under the influence of which
the local opening was firm. The earliest
prices, however, were the best Of the day
and there were indications that the bear
party, which has been dormant in it's ac-
tivities since the last heavy break in prices,
was putting out limited short lines and
endeavoring TO induce fresh liquidation.
In this the bears were successful. New
York Central was one Of the earliest weak
features, some of the selling apparently
being based upon the theory that the stock
ia too high relatively. compared with the
shares of the Pennsylvania Railroad, par
ticularly az the New York Central company
is not, like the Pennsylvania company,
through with financing OF needed improve
ments. Rnmors. which were revived. Of
an early new stock issue met with semi
official denial II was suggested, how
ever, that the plans for the necessary finance
ing of the New York Central's new terminals
may be done by the formation Of terminal
company, guaranteed by itself thus maxi
ing it literally true that there will be no
new issue Of stock or bonds by the railroad
company. and presumably that there will
be no new rights either. The bear opera
tors in the market were also successful
In bringing about some liquidation in the
shares of the United States Steel Corpora
ton. 1t was announced that a further
decline of so cents a ton had taken place
In the local price Of pig iron, and a cut
was also reported to have been made at
Pittsburg in the price Of steel billets. A
lowering Of the prices for raw material
ia. however. favorable TO manufacturers
of finished steel products. The stock
market in general closed active and weak
at about the lowest quotations.