The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-09-17
FINANCIAL AND COMMERCIAL.
WEDNESDAY, Sept. 1

beat much lese rapidly that II did yester-
day and the dav before Before the open
ing of business Wall Street was filed with
food Of stories, emanating mostly from
Chicago sources, telling OF extraordinary
damage to the growing corn from frost
during the night Estimates OF this and
that crop bureau or expert were put OUT
declaring that the crop had suffered all the
way from 20 per cent to 20 per cent. dam
age and that even greater havoc was ex-
pected from frost during the day and 10.
night. Many spectators were Inclined
to give partial credence to these reports
after an inspection OF the weather map,
which showed lower temperatures through
out the corn belt than had been expected
after the somewhat optimistio statement
az to the outlook put out by tho Weather
Bureau at Washington yesterday afternoon
Other reports from more conservative and
trustworthy observers received later in the
day were to the effect that while there had
been heavy frost in the Northwest and in
some places in the extreme western portion
of the corn belt. the northern portion OF the
corn belt had been touched only by white
frost. an occurrence which, under present
ment The stock market. after displaying
weakness throughout the first hour Of
business, decided. apparently, to place
reliance upon these last named statements
rather than upon the gloomy tales pro-
ceeding from the Chicago Produce Ex-
change. Official weather predictions be-
fore tho close Of the Stock Exchange ses-
sion were that danger from frost in Iowa
and in that portion Of the corn belt lying
in an adjacent latitude was largely obviated
by increasing cloudiness. But it deserves
to be said at this time that people in the
financial district feel that they have legiti-
mate cause for complaint concerning the
vacillating and inconsistent promulga-
tons OF the Weather Bureau regarding the
weather in the West in the last few days.
Yesterday morning the local forecast at
Chicago, telegraphed here, was that frosts
were indicated in the agricultural section
for last night. but yesterday afternoon
tho Washington bureau declared that
frosts in the corn States overnight were
extremely unlikely. Later in the day the
Government Bureau reversed It's position
and sent out frost warnings for the Vest
ern States. The feeling in Wall Street
was one OF wonder during the afternoon
would before evening again reverse its
position.
Several days, at least, must elapse before
really Trustworthy information as to the
extent Of damage from frost during the
recent cold spell can be obtained. In the
meantime, a few general facts should be
borne in mind. One OF these is that dam
age to the corn crop from frost. though
additionally very great bugbear, has
not in reality proved serious for very many
years. Few spectators in Wall Street
crop killed by frost; and the net results
of such damage as has occurred from this
reason have, almost invariably, proved
to be slight. Again, it should be remem-
bered that there is now proceeding, chiefly
in the Chicago market and at the hands
OF Western manipulators, very great
speculation for the rise in corn prices. Per-
haps better way to describe 1t would be
that several distinct parties Of these Western
spectators have forced the price Of corn
to very high level and are now endeavor-
ing to unload" at the present price, or
at figures approximating thereto. the
stores of the staple that they have &C.
cumulated. The result Of this operation 80
far ha., been that the export trade in corn
has almost stopped and that ruling figures
for the staple are practically prohibitive
Of its use for very many customary pur-
poses in this country. The situation, in
other words, is not greatly dssimilar to
that which prevailed for a considerable
time In the cotton market, although funda-
mental conditions justifying a rise in the
price of cotton were much more potent
than in the case Of corn. In the one case,
situation now presents itself which is clearly
,intenable and which must, sooner or later.
be vacated by those who have assumed
it. The prospects Of fair corn crop fills
these spectators for the rise with dismay.
Just as the realization that heavy yield
OF cotton was inevitable In the coming
season brought CONSERVATION into the
hearts of the clique who had endeavored
to corner that product. That the effect
Of the unfavorable weather conditions
that have recent. driven down into the
northern portion Of the corn producing
section should be exaggerated in every
possible way by the corn spectators is,
therefore, wholly to be expected But it
will be a very surprising fact IT, from all
insight into the damage that has been
caused that can now be reasonably gained
the price of corn can be held permanently
at any such figures as now obtain for it.
The morning weakness in the market
was assisted by further depression of the
price Of United States Steel stocks and OF
the new United States Steel sinking funG
bonds and also by a specific attack, which
seemed clearly in the nature Of specula-
| tive drive, against Brooklyn Rapid Transit
| In the afternoon the Steel bonds rallied
sharply, and prices in the general list &c
recovered that net declines for the day
we're only fractional The enormous buy.
! ing of Western railroad stocks during tn.
day by the representatives of large bank
| ing house attracted no little attention
1t is estimated that the house in quest ion
has, in the last two days, bought over
40 900 shares of Union Pacific, Atchison
Southern Pacific and Missouri Pacific
A story printed in morning newspape
that a reduction in the price Of steel billet
by the leading producers was contemplated
was officially denied Miscellaneous new
to-day bearing upon values was incon
sequental. The midday storm, which
well nigh destroyed the working of tn,
| ,alauyanb uiraa RI philo5alphio no,to,