The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-09-30
L0NDON MARKET RALLIES.
American Shares Receive support From
~ New York.
Special Gable Despatch to THE SUN.


LONDON, Sept. 2e~-When the stock
market closed prices were above the worst
Of the day, but had not kept to the level OF
the beet quotations. Corsols closed at SIN
for rnongy and s7ts for the November settle
nent.
American shares were supported from
New York late In tho day. Eries, Atohisons,
New York Cehtrals, and Union Pacihos were
up as compared with yesterdays closing
Southern Iacifits were 4 up and Louisville
and Nashville 2 down Foreign securities
we're dun
In an interview on the financial situation
Lord Rothschild said It resulted from throw
Ing on the market large quantities OF Eng
lish securities and heavy borrowing BY
municipalities
Ccnsols also aI~, less popular than when
they brought 8 per cent. He was cor
WINGED that tho political situation had
nothips: whatever to do with the depression.
lie saw no necessity for alarm or alarmist
statements n the newspapers. When asked
why foreign securities were not sharing in
tho depreciation Lord Isothschild replied
that it was because the holders OF foreign
stock are minority In England compared
with those whoss Investments are purely
British.
He WIS questioned as to whether he
anticipated furt her depreciation, and he
replied that no could not answer, but he
regarded tho present as an opportune time
for buyers.
Other financiers expressed hopeful views.
pointing out that such long period of
depreciation IA has been experienced up
sets mems nerves, making the Stock E1-
change apt TO overemphasize the bad
features of the situation.
LONDON, Sept. Sc The Fp,nncini Ners
says 1t understands that influential repre-
sensations have been made to t1o Govern
ment in reference to the continued fall
In tho price OF conRoEa, accompanied with
n suggestion that the 'ime has come for
the inception Of a conversion scheme hay
Ing for Its object the creation OF a uniform
British por cent. 81 ocle into which all out
standing securities should he merged.
1t is stated that the Governments received
the suggestion in sympathetic spirit
and that several experienced fnanc'ers
have been consulted on the subject No
decision has YET been reached, but It Ia be-
lieved that there are more unlikely events
, than the return OF consols to per cent
basis.
The London stock market was reported
by cable advices as being In semi -demoral-
lied condition before the Now York market
opened. There was forced closing ut
Of some large accounts "A British consols
which resulted Ia their declining 10 s8J,
almost the lowest point reached in the
Ovetend, Quincy \ Co, panic OF 1896. [,
was pointed, out, however, that com.
parison with the low figure for oonsols OF
thirty-seven ysara ago was not proper
one, as account should DO taken of the
difference in the interest rate on these
securities IN the respective periods, consols
now selling on lower basis. In the Ameri
can department of the London market
while United States Steel common was
q'ioted at price equivalent TO 14>,, Penn.
sylvania stock, which was one Of the very
weak features OF the local market or
Monday exhibited d sharp recovery, ad
vancing to price equivalent TO gain OF
~ points above Mondays New Yorl
closing price