The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-07-11
FINANCIAL AND COMMERCIAL.
FRIDAY. july 10.

FRIDAY. July 10.
Under heavy selling pressure the prices
OF stocks we're carried to-day to figures
close to the low quotations touched in the
last previous important decline. which
eliminated on June 10. In the case of at
least one prominent railroad stocli-New
York Central-a very much lower price
was established. On June 10 New York
Central sold AZ low as 1o4M. To-day it
sold about S points under that price, allow
Ing for the dividend, and the evidence
pointed to the liquidation OF heavy line
of stock which had been taken advantage
of by the bearish speculative element on
the Exchange al basis for a general attack
on prices Ever since the New York Cent raj
decided upon carrying out extensive new
terminal plans it has, of course, been patent
that the company would have to raise a
large amount Of fresh capital. Runners
bearing upon the financing of the terminal
plans were supplemented to-day by asser-
tions that the arrange Inc nts making by
the company will necessitate its paying
for the accommodation il requires com
paratively high rate of interest. Another
prominent stock that touched a new low
price to-day was United States Steel, in
which there was n continuance of he selling
pressure which has been noticeable for
two days pest; but there were more signs
to-day that the market for the Steel Cor
poration's securities is in a position from
which their prices might recover easily.
In the early trading there were no excep-
lions worth speaking of TO the general
downward tendency Of the stock market.
London sent a lower range of quotations,
and the local market opened under the
London prices The early rallies were
very feeble, but a somewhat better rallying
power developed in the late afternoon,
presumably on the creation of short inter-
est in the market. The closing was well
above the lowest of the tlav
General opinion regarding the showing
Of to-morrow's weekly statement of aver
ages Of the associated banks was that the
exhibit would probably be unfavorable.
The preliminary figures as to the known
movements Of money at this centre, which
were made up to-day, however. indicated
a smaller loss Of cash this week by the banks
than hid been looked for. the figures show
ing loss of only about $500, 900, in spite
Of this weeks heavy gold exports to Flu
rope. 1t appears that considerable cur
rency has come here from nearby and
eastern points, including n good deal from
Philadelphia, the latter probably sent in
connection with the early paying OFF OF
the Pennsylvania Railroad Company's s4O,-
100000 loan Additional erg gements Of
gold for export to Europe we're made to-
day, bringing the total to go forward by
tomorrow steamship TO s2S0OOOO. and
the total gold export movement for the
week up to s7,iOOO0O The New Orleans
clique continued in control Of the cotton
market. and spot cotton was marked up
to $50 cents a pound. Much interest,
as well Ms anxiety. existed all day regarding
the showing Of the monthly Government
report as to grain conditions, scheduled
for publication after the close of the stock
market Varying estimates as to the prob
able showing were circulated, The grain
markets, which were naturally looked to
for any cue in advance, if such a cue was
possible, held firmly throughout the trading
hours.
As given out. the Government report
indicates good full size crops Of both
wheat and corn. The showing for corn
is slightly better than was expected by the
grain trade, taking figures as to condition
and acreage together. 1t indicates total
crop OF Pea, 900 900 bushels. az against last
year unusually large harvest Of . ,523 goo ,OO0
bushels and the failure harvest" of ,522,-
900 900 bushels in 1901 The spring wheat
condition of SIS shows falling off of 1874
points compared with June. which is more
than the grain trade looked for. 1t still,
however, indicates a crop Of 257, l29, 900
bushels, compared with harvest total
last year of 25s,2 PA 900 bushels. The winter
wheat condition, reported at 1873, COM
pared with 81 In June, Is about as antici-
pated by the grain trade, and indicates a
Weld of 463, 49S, 900 bushels, compared with
harvest total Of All ,7Ss,0O0 bushels last
wear. 1t should also be remembered that
since July 1, the date for which the con-
ditions are figured, the crop weather has
been of the best growing character. and the
conditions now should be even better.
There would appear to be little in the crop
report so far az it's general showing is con-
cerned, of "a discouragng nature to the |
trader in stocks.