The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-10-13
FINANCIAL AND COMMERCIAL.
MONDAY, Oct. II.

DESPITE enormous pressure brought to
bear upon the entire security list by pro-
fessional spectators and sales OF STOCK
for London account far heavier than mas
recently been the case. most OF the standard
railway shares dealt In on the Stock Ex-
change to- day closed at prices either actually
above or but little below the final quotations
of Saturday. Operators for the fall con-
centrated their efforts. it is true, on the
industrial shares; but dealings in the rail-
way stocks were still large, and that these
stocks held so well under the depressing
influences of the day proves that they
occupy a position of intrinsic strength.
The railroad stocks may or may not be
sold out" as many good Judges OF the
market affirm; but they have, at least
reached point of quoted value where
something other than weakness in distant
quarters Of the market is required to anect
them. A very considerable decline was
forced In the price Of the United States
Steel common, the stock selling down to
1917, a new low record. Generally speak
ing, all of the shares of the companies en-
gagged in turning over steel for railroad
uses were weak There has never been any
more than limited market for these Sc
curities, and efforts to sell any considerable
quantity Of their shares produce, under
any circumstances. violent decline IN
their price quotations But current dis
cussion as to the business prospects OF
these companies should include consldera-
ton OF facts like to-days record OF the
weekly movement Of merchandise over
the Western railway lines, with its COM
plant of car shortage and certain indication
Of an amount of railway tonnage that Will
offer for an indefinite time to come in volume
as large as these railways have known at
any time within the last five years. A
market feature Of the day was the very
large purchases of United States Steel
preferred-the dealings in this stock being
on a much larger scale than in the common
shares--by firm of brokers who are very
often entrusted with the execution OF the
market orders Of the most powerful financial
interests known to Wall Street The same
GLASS Of buying was visible in Amalgamated
Copper. The only railway stock on the
list that was weak In the trading was South
ern Railway preferred The fall in price
here might have been due to genuine sales
for European owners. But the explanation
commonly accepted on the floor of the
Stock Exchange was, however. that the
selling was part of the systematic plan
now adopted by the bearish element OF
giving the appearance of weakness when
ever possible to the stocks of a certain
class.
Londons sales Of securities here to-day
amounted to nearly 5000 shares and were
doubtless brought about by the fortnightly
settlement OF Stock Exchange transactions
now in progress in the London market
1t is difficult to say to what extent these
sales may have been caused by the real
uneasiness which now evidently prevails
in European financial circles over the
strained relations between Russia and
Japan. There was no little talk here to
the effect that difficulties Of this description
might become an added factor of embar-
rassment in our own financial situation.
Experienced spectators were, of course,
under no such delusion. Whatever the
chances may be OF hostilities between the
two countries named, nothing IL more GER
tain than that a war Of that character would
be one Of the strongest arguments for high
prices for American securities that could
possibly be framed. The exports of our
foodstuffs would under such circumstances,
Immediately and enormously increase, at
no doubt higher range of prices, and the
business Of our railway lines terminating
on the Pacific Coast would likewise be
greatly augmented. The disturbing r,imors
which were set ahoat on Saturday regard
ing trouble In Pittsburg and Montreal
were unheard to-day, and were very
clearly room trading fictions. That there
has been good deal of forced liquidation
recently for Pittsburg account Is, of course.
unquestioned Such developments as the
amazingly favorable Government report
as to the corn and wheat crops, the fall in
sterling exchange due to larger offerings
Of cotton and commercial bills, the very
great gain shown by the September figures
of South African gold production for Sep
TENDER over those Of the month before
and Of September last year, renewed evil
dence as to the ease in the money situation
afforded by another break in time money
rates and by larger purchases Of commercial
paper, passed UNDECIDED by the rank and
file of spectators to-day. They were none
the less important for all that and their
power will in due time be exerted. On
the produce exchanges the price of corn
and wheat fell in response to the publi-
cation Of the October estimates. There
has been some disposition to criticse
these estimates on the ground that they
do not fully represent the supposed damage
to the corn crop by frost. 1t is interesting
to note, therefore, that the figures are
concurred in by all the leading private crop
statsticians,