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

Undoubtedly the most encouraging in
cident to-day was evident signs Of rclaxa-
ton in the tension that has existed in the
cotton market This tension. the develop
ment of a great bull speculation which
started undoubtedly on the perfectly ra-
tional basis OF a large demand for COM
modify of which there was q reduced supply,
but which, as usual with such speculations,
went beyond reasonable bounds, has been
threatening serious trouble commercially
through tho stoppage of purchases by mill
owners and the shutdown Of their plants.
To-day, amid great excitement on the
Cotton Exchange, when an attempt was
made to liquidate some Of the accumulated
cotton the bottom of the market fell out.
The probability that the much discussed
corner" in cotton will shortly suffer the
fate of similar previous speculative VEN
lures naturally had favorable influence
on the market for securities, but it con-
tinued evident that outside interest remains
absent. The undcrtone was firm, but the
business was Of the narrowest and wholly
professional At the start there was a
slightly lower range of prices compared
with last Friday, the traders taking their
cue from the attitude of the London market,
the cable quotations from there exhibiting
fractional declines for American shares.
London also sent a few selling orders to be
executed here. Amalgamated Copper and
American Smelters were early weak fea-
tures, talk about labor troubles at the
Western smelling plants accompanying
the declines in these stocks. 1t is also now
olp nI tharp w tn
increase of the dividend rate upon Amalga-
mated Copper stock when the directors OF
that company meet for the next dividend
declaration. There was an absence, how
ever, of any pressure to sell stocks in the
general list, and, with the news of the break
in cotton prices, the tone changed and on a
limited volume of business, prices made
small advances.
The prospect that the costly building
strike that has centred in this city will end
with this week was also responsible for some
improvement in sentiment. Foreign ex-
change rates continued firm, and announce
ment was made of ~. a.rgagement Of 81
$50 900 gold for export to Europe. A par
tial offset to this announcement was the
payment by the United States Sub Treasury
to local banks of $4,000 on account of
gold deposited at the San Francisco Mint
representing the beginning of this seasons
movement from the Klondike, and advices
telling of the shipment Of 81, 10000 gold to
San Francisco from Australia, which con-
signment will also no doubt, ultimately
reach this city. News from the West bear
ing upon the growing crop situation was Of
an excellent character, and over the holiday
cumulative evidence came in dispatches
from the West that a great crop of winter
wheat Is in course Of harvesting. The
monthly Government report as to grain
conditions is due on Friday next, and much
interest is being taken in its probable
showing particularly as to corn. AT the
same time the report is made up on the
basis Of returns to July /. The fact that
since then weather conditions have been
excellent should mean even better actual
conditions than those that the report will
show,