The sun., 1903-10-01
FINANCIAL AND COMMERCIAL.
WEDNESDAY,, Sept. %.


The distinguishing feature Of ,trsnsao-
tions ON tho Stock Exchange to-day was
that the weakness in prices was not &C.
companied by the circulation Of any Of
the mysterious trouble storiesa which
have 90 characterized the market in the
last thirty days. The speculative con-
tingent at work for fall in values aban-
doned all pretensions that they had some
thing definite on which to base their action
and frankly admitted that they were selling
stocks on purely general principles. These
principles were, 80 far as the days market
was concerned. that the short interest in
tho market had been considerably reduced
the day before and that, with the natural
desire on the part Of the trading element
to secure the profits that had 40 quickly
accrued to them on Mondays purchases
and the abstention of investment buyers
who found their bargains made less invit-
ing by the advanced quotations, the market
was loft comparatively unprotected. That
these arguments had some force from q
speculative point Of view ia undeniable,
and, at any rate, there is no doubt they
were an effective influence in the minds
of professional market operators to-day.
That the days decline was due to these
professional operations rather than to the
recurrence Of genuine liquidation seemed
plain to most Observers. The stock Sc
lected with which to break the market
was Pennsylvania-a security whose in
vestment and representative character
is such that movements in it's price invari-
ably exercise q sympathetic influence Of
more or lees extent, according to the condi-
ton of the market, upon the general list
of securities. The Pennsylvania shares
were strong-as was the general market
in the first hour Of business; then they
were violently and continuously depressed
by sales Of the character described. A
broad selling movement followed which
brought about net fall Of between and
. points in the price of the moro prominent
issues before the close of business.
The result Of the market to-day does not
change one whit the views Of those who
for two years back have been able to re-
gard financial conditions with minds un-
moved by the whirl and tumult of the specu-
lative mania that then ragged, that the prices
now ruling for what are we'll known in
Wall Street as the good stocks" are too
low; that these prices discount all the re-
action from recent financial excesses
that can reasonably expected; that the
credit situation in Wall Street is sound
and strong; that general mercantile and
commercial business is in an extremely
healthy state; that the selling Of stocks due
to the necessities Of those who have been
involved in syndicate operations of raising
money has ceased, and that the forced
liquidation Is, therefore, over.
All the news to-day was very favorable
The price Of the English consos, whose
constant sagging has caused much the
same financial depression in London as
has proceeded here from other causes.
experienced the greatest rally that they
have had for long period. Our local
banks have gained over million dollars
from the Sub Treasury during the week. and
as II is known that Government expen-
ditres will be heavy during the first half
of the coming month, II seenis probable
that for some time TO come the Treasury
will be a debtor In its accounts with
institutions here. Further marked weak
ness was shown in the grain markets be-
cause of the assured safety of the crops,
the very heavy receipts Of the grain at in
.erior shipping points and the realization
that prices of food stuffs in this country
must fall heavily in order to meet the
export demand. Foreign exchange was
much easier. After the close Of business
publication was made Of the circular ad-
dressed TO the officers and employees
OF the United States Steel Corporation
by the finance committee of the corpor-
alton, expressing anew the confidence
of the committee In the value of the Sc
curities Of the organization, and announ-
cling that such officers and employees who
recently purchased The preferred stock
in compliance with The terms Of the offer
made to them last year and have retained
their stock for the full period Of five years
will receive back the subscription price
of the stock at the end Of that period if
they 50 desire. indications now are that
the necessity Of foreclosure upon the
assets Of the Consolidated Lake Superior
Company will be avoided Not tho least
important matter that occurred during
the day was the election Of Mr.. E. II. Har-
riman a director Of the Erie Railroad
Company
New York a. ock EXCHANGE Gales Sent M