The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-07-09
FINANCIAL AND COMMERCIAL.
WEDNESDAY, July 9.

WEDNESDAY, July D.
Throughout the day the stock market
swung idly, the narrow fluctuations in the
absence Of business presenting no signifi-
canoe. The fact that, in spite Of the dulness,
the undertone was firm, however, gave
some encouragement 10 those Who believe
that the next decided movement in the
market will be In the direction Of higher
prices. Weather conditions continued very
favorable for theAgrowing crops, and ad-
vices to local officers of important West
erp railroad systems state that the weather
of the past ten days has greatly helped
both corn and spring wheat in making up
previous backwardness. In to-days grain
market the weather conditions apparently
were beginning to have an effect, for corn
sold on from the start. Wheat held more
firmly, though in the closing dealings IL
reacted, with final prices under Tuesdays
close Grain traders evidently expect
the monthly Government report on Friday,
which will show conditions for July 1. to
make "A poor exhibit compared with June.
Some mfavorable individual State crop
reports, recently made public, are pointed
to in justification of this expectation. The
guesses of the grain trade point to a loss
and Of 5to points in the condition of spring
wheat A great deal of guessing has been
done regarding corn, but the trade appears
to be figuring on a condition Of about rs,
and an area under cultivation of about
1000 900 acres, a decrease Of about 4,0OO,000
acres from last year A condition Of IS
on 80,00O,0O0 acres would indicate crop
of about 2,151 ,OOO, 900 bushels, which would
still be large crop.
The cotton market exhibited more steadi-
ness to-day, and there was rally from the
tremendous break in prices Of the last two
days. Wall Street is certain TO watch mar
rowly the situation in that market, in the
hope that conditions there will soon become
normal, inducing the renewal of purchases
of cotton for export, besides releasing
money that has been tied up in promoting
the manipulation ofthe Corner" London's
attitude regarding our stocks was n trifle
more encouraging to-day, The cabled
quotations for American shares showed
general fractional improvements, and
slightly increased volume of foreign orders
on the buying side was received for exc
cution here. The shares of the United
States Steel Corporation were especially
the alarmist rumors put out when these
shares were raided in yesterdays closing
dealings had been thoroughly disproved
resulted in higher opening for them in the
local market, though some vacllation was
shown by them later. The granger shares
were notably firm. rejecting the excellent
crop weather news from the West. An
nouncemont was made Of the engagement
of an additional amount Of 81 500, 900 in gold
bars for export to Europe by be steamship
sailing tomorrow while dispatches from
the Pacific Coast announced the receipt there
of further consignments of gold from the
klondike. New York exchange at Chicago
fell to 80 cents discount to-day. and indi-
cations now point to a decided tendency
toward cessation in the flow of interior
funds to this city and their retention at their
respective centres. Locally, call money
rates were easy to-day, while the time
money rates were unchanged.