The sun. [volume] (New York [N.Y.]) 1833-1916, 1904-09-20
FINANCIAL AND COMMERCIAL.
MONDAY, Sept. 10.

were OF as strictly professional character
as they have been at any time recently
but were characterized by considerably
greater quietness. A factor OF influence
in the market Ia London as we'll as in this
city, was the absence OF many large oper-
ators on account Of the Jewish religious
holiday. The fair inference is, however,
that conservative opinion as to the reck-
lessness OF speoulators for the rise In bid
ding UP prices, with the local bank position
as IL ls and with the outflow OF funds to
the interior for crop moving purposes as
Stunning such proportions, has begun to
exercise it's due force. Advices to-day
from western cities we're almost unanl-
mously to the effect that more money was
being sent from there to the farms than
was the case last year, or was ever the
case before. The high prices Of all agri-
cultural commodities was assigned as
the reason for this. but another cause
for the development Ia undoubtedly
the fact that whatever depression or re-
action In business has been experienced
In the country this year has been CON-
fined very largely to the Eastern and
Northern sections. Business has gone on
in the South and West with but little diminu-
ton comparatively. and use for money
there has been nearly on the ordinary
scale It Is reasonable to believe, there
fore. that no great surplus store, at least
Of idle funds is now piled up In the agri-
cultural communities which will be avail
able for the needs OF the harvests
and obviate this year the usual money
drain upon the East. Taking the market
az a whole to-day, it's tone was heavy
and liquidating tendency prevailed.
Before the opening of business here quo
tations for our securities In London were
irregularly and slightly up and down as
compared with Saturdays final figures,
and London gave little support to the mar
ket throughout the day. In the first hours
OF the Stock Exchange session prices seemed
to about hold their own but in the after
noon they fell sharply, the ostensible cause
therefor being the news that a private
crop expert whose views have always
been highly estimated in the grain trade,
and whose reputation has been enhanced
Of late by the accuracy Of his predictions
concerning the seasons wheat crop, had
estimated this years corn crop a. but
1 900 900 900 bushels, or 600 900 900 bushels
less than the Governments September
figures 1t Ia understood that the expert
in question maintains that while the corn
crop in many sections presents fair
appearance specifically, which accounts
for the large estimates OF yield formed
by many observers, 1t does not bear close
examination and Is suffering from wide
spread damage due to lack Of proper fer
tilization, to imperfect filling and to the
81 80 tha Inv hi har
for corn growth throughout the season.
The produce exchanges to-day, while duly
impressed with this statement, were not
Inclined to act hastily upon 1t, and the
prices OF corn and wheat, after a brief
uprush, fell below their Saturdays close.
The statement, indeed. only interrupted
q profit taking movement in the prices OF
these staples which has for some time been
In progress, and is wholly natural in view
OF the high range at which these prices
now stand.
The only leading stock upon the security
list to-day which was strong was Amalga-
mated Copper. and the cause for this was
said to be the strength Of the market for
raw copper metal. Prices for the metal,
while they have held steadily for long
time have not. however, recently adj
vanced. A feature Of the market to-day
was the renewal OF the manipulation noticed
in the latter part Of last week in various
fourth and fifth rate stocks and bonds,
to which the application Of the term "se-
curities" would be a misnomer Rail-
road earnings for the second week Of Sep
tember as they were reported to-day.
generally showed increases. The banks
have lost to the Sub-Treasury thus far
during the week sl.c57 900. the loss, OF
course, being due to transfers OF money
westward. Nearly all the call money
loaned to-day was at the rate Of per cent.
and time money rates again hardened.
To many watchers OF financial affairs
the most important item in the days news
was the announcement that a railway
capitalist. long formerly connected with
the Hartman lines, and who. as is well
known, is no longer on friendly terms
with his former associates, had been made
a director OF the new Western Pacific Rail
road, which is being built from Salt Lake
City to San Francisco. Taken in con-
necton with the fact that the president
a so-called Gould road. las also just been
elected to the Western Pacific directorate,
the selection as a director OF the second
capitalist referred to has strengthened
very much the belief, long quietly held in
Wall Street, that the Gould and Southern
Pacific Union Pacific railway interests were
nearing the point Of something other than
81. A..