The sun. [volume] (New York [N.Y.]) 1833-1916, 1904-09-13
FINANCIAL AND COMMERCIAL.
MONDAY, Sept. II

/
On volume of business much the larges,
OF any day since the upward march in
stocks started three months ago, prices OF
securities also fell to-day much more heavily
than they have during any Stock Exchange
session in the period. The confidence and
enthusiasm which apparently animated
| the stock market 30 vigorously on Sat,ir-
day, and which were popularity expected to
continue in another great wave of active
buying and higher prices to-day, were
changed from the opening of to-days
market into general liquidaung move
ment, plausible difference from the fact
being. perhaps, that despite the breadth
which the market has recently assumed
1t is still Of highly professional character
and that the violent upbidding Of stocks on
Saturday was a demonstration designed for
purpose. At any rate It does not seem
reasonable that market which had at
tracted the wide support Of the outside
public would have made such an utter
turn about al 1t did to-day in the absence
of any decidedly unfavorable news. The
Governments crop report for September,
Issued long after the close Of the stock
market on Saturday afternoon, was not.
OF course, a cheering document, but it
was hardly disclosure Of any previously
unrevealed facts. Everybody has known
that the weather for spring wheat dur
ing the month Of August was I'M
favorable, while the estimates of many
private crop experts have recently been
published maintaining that the condi-
ton OF all our leading agricultural crops
at present Is not as good even as the Gov
eminent statisticians allow. The prices OF
both wheat and corn in the commodity
markets were strong to-day, and low tenn
peratures reaching to the frost line in some
instances spread throughout the northern
part OF the Western farming section. 1t Is
possible that Wall Street did, indeed. wake
up to-day to an understanding Of the fact
that while our staple harvests this year will
not be what can be styled bad In any degree,
they are still by no means brilliant and
are distinct disappointment as compared
with their early promise A few months
ago the hope was held out of a IL, 5oO, 200 !
corn crop and OF a CTS, oO0. 900 bushel wheat !
crop. OF these the only one which in the |
Indications Of yield officially stated are
approximately as high as formerly is the
,orn crop, and few competent observers
'eally believe that a corn crop as great az
!, 500, 900 900 bushels will finally be harvested.
{ may be also that there was to-day some
general realization among spectators OF
he difficulties which at no very distant
ime must arise from expanding bank loa ns.
vhen these already stand at their high
ecord figure while what will probably
rove to be the largest money drain in our
ountry's history for the purpose Of NOV
ng the crops is affecting the financial
ertres.
The price OF Southern Railway common
Tas notable exception to-day to the de-
lining tendency Of the market, the quota
on therefor showing at the close net
ain OF ~ points, while transactions in
,e stock amounted to nearly 250, 900 shares
exas Pacific and the Atlantic Coast Line
locks were also inclined to strength the
lir argument regarding these securities
eng, no doubt, that the Southern part of
llr country must profit exceptionally in |
le coming year by the high prices that
lanters there will receive for their cotton. |
here seemed to be also q considerable
uying movement at one time In United
cates Steel preferred stock, but the con-
,nsus was that this represented the cover
g purchases Of a large and obstinate
tort account rather than any desire to
lvance the prioe Of the issue. The Metro
olitan Securities shares sustained the
rgest decline Of any OF the active stocks,
ling 4 points. Metropolitan Street Rail-
ay stock. however, held firmly. Wall
rect Is entirely mystifed by the develop
ents and rumors Of developments re-
ntfy relating to these two securities.
feature Of the market was unusually
'avy dealings In the ordinarily inactive
,icago and Northwestern common shares,
hich left observers uncertain whether
or liquidation therein was in
ogress. A liquidating market such as
days. II 1t continues. will naturally
use reduction in bank loans and thus
suit in a better bank statement at the
d Of the week than has been shown in
ch Of the two weeks just ended. It Is
be noted, however, that the banks In
cir transactions with the Sub-Treasury
date In the current week have lost nearly
nr times as much money as they did in
> two before, and that 1t Is probable that
will be some weeks before shipments
money from this city to the interior of
, country touch their ma ximum