The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1903-09-15
ADVERSE FACTORS
SHAPE THE COURSE
Reports of Storm Damage to
Grain Effects Market
RAILROAD STOCKS WEAK
Steel Common Breaks Below 20, But
Receivers on support-shipments
of Money South and West
Attract Attention.
RAILROAD STOCKS WEAK

New York, Sept 1.-THE course of to-
days stock market was shaped by a
number of adverse factors chief among
them being the reported damage by
storms in the spring wheat regions ana
frost in the corn belt. Lower prices IN
London for international securities
where consols were again depressed be-
cause of the political situation In east
ern Europe, also gave setback to the
list. which opened generally lower, the
few initial advances having no apparent
significance.
Missouri Pacific displayed the greatest
weakness of any stock at the outset
though only a trifle heavier than Atchl-
son. Reading, st. Paul, Union Pacific and
Amalgamated Copper. Steel common
again broke below 20, but came in for
fairly good support and recovered. There
was a stormy current during the day
that the second steel syndicate which
some time ago converted $2OO,OOo,V0 Oh
preferred stock into $25O,OOOOOO of five per
cent bonds would make another demand
for a subscription, but this could not De
confirmed The heaviness of st. faui
was attributed to reports of northwest
ern crop damages. Much OF THIS news
came from Chicago and was accepted
with reservation. The afternoon session
of the market was noteworthy only tor
the increased weakness in the last hour
of such stocks as Atchlson, Reading.
Amalgamated Copper, st. Paul, missouri
Pacific, New York Central, Rock island
Southern Pacific and Union Pacihc. Inc
selling of Reading and Union Pacific was
said to come from practically the one
source, but was unexplained LONDON
bought from 5000 to 5000 shares on ball
ance. Among the stocks sold for account
of that center was Mexican Central Inc
sixth installment of the $22, 600 Trans
vaal loan Is payable in London tomor-
row. In the final trading, the local mar
ket displayed further weakness Union
Pacific being especially heavy, inc
break in Southern Pacific was partly eX-
planned by the company's July report,
which showed deficit after charges Oh
1857 900. The market closed active and
weak.
An interesting development of the imam
cal situation was the renewal of heavy
shipments of currency to New Orleans,
which took from the banks 100000 through
the sub-treasury, besides additional sums
on direct shipment. The movement, now
well under way always takes heavy sums
from this center, and because OF the e&-
cessive speculation in cotton is likely to
assume unusually large proportions TINS
year. The fact that the southern demand
will be coincident with that from the
west may prove embarrassing for the New
York banks although it will be several
weeks yet before the total Withdrawals
can be accurately estimated. Foreign ex-
change was slightly weaker, ruling a few
points below Saturdays level of 4S6 Tor
demand. Railroad earnings, out today,
included Baltimore and Ohio, with a net
increase of 1921, 600 for August and the
annual report of the Missouri, Kansas and
Texas road for the fiscal year, showing
a surplus increase of $751; 900.
The bond market showed some irregu-
larty, but the speculative issues declined
in sympathy with the weakness of Stocks
Total sales, par value, $1255,00O.
United States Is declined " per cent on
the last call.