The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-09-05
FINANCIAL AND COMMERCIAL.


FRIDAY. Sept. 4.
More general response than at any time
in the present week was made to-day to the
gradually improving condition OF Affairs
in the financial world. The acute cause
thereof might have been the belated recog-
milton OF the advantages indicated Tor the
whole country by the Government report
Yesterday on the condition OF cotton II
might have been due to the continual soften
ing Of the ra es for time money. II might
have been movement in sympathy with
the sharp rise in one active security, Atch-
son common. "A stock about which every
falsehood possible to be told has been told
in the last four months, and which Is now
attssting the presence of n huge and wholly
unwarrantcd short interest. Whatever lne
preteXt may be, the broad iustifcation ior
to-day's strength in prices was the gen
orally sold-out state Of the market Inc
reason for pressure upon the marker OF
anything partaking of substantial nature
has passed away, and natural reslhency-
in the beginning, of course. extremely
gradual in its manifestations-s exhibited.
To-days higher quotations were again
noteworthy because foreign cables told OF
renewed disturbances in the Turkish En-
pire, frost touched the extreme northern
portion of the West. and three days STOCK
Exchange holiday begins tomorrow, pre-
ceding which, according to traditional e1-
perience, there should have been witnessed
a general closing out OF contracts Tor the
rise for fear of unfavorable developments
in the interim. But after period OF heel-
fancy in the morning hours buying
movement, led by Atchison. spread to the
general list and in the afternoon the whole
market became strong and fairly active.
A slight recession occurred at the close.
but the final prices of many stocks were
the highest of The day. The gossip OF
the exchange declared that the buying
of A,chison was for the account of the
Rock Island company, theory which. II
is needless to say. was quite unVerlned
There is good reason 10 believe that on the
recent decline in the market good-sized
block of Atchison common stock passed
into the treasury of anot her railroad com
pany, but the control of the Atchson
property is still. in all probability, prac-
tically as scatt cred as 1t has been AZ any
previous time. Sufficient reason for
reasonable advance in the Atchison shares
lies in the facts concerning the earnings and
condition of the property. "a recently un-
officially but authorit atively disclosed. and
in the prospects for the crops in he terri
tory covered by the system, The wheat
crop in this region ia assured and while the
growing corn in the northern part of the
West is still in danger from frost, that in
the South and southwestern portion ia
nearly matured and is now getting the
tbor hat II paefiS This fact
of course. as important to other railroads.
notably the Southern Pacific, as it is to the
Atchson; and, moreover. all the railways
in the sect ion named will naturally profit
largely from the big cotton crop. The
factor Of the cotton crop was peculiarly
inf'uenti al to-day on the price OF the shares
of the Southern Railway.
The only weak stock in the market to-day
was Colorado Fuel and Iron, for reasons
which are familiar and which exercised no
untoward effect elsewhere. Railroad earn
ings statements received were favorable.
The Wabash and Norfolk and Western sur
plrses for July increased 3ll5,25O and $780,
7s7, respectively, while Missouri Pacific's
gross for the fourth week of August in
creased 1852 900 and for the whole month.
S8O3 900 Union Pacific. out OF gross in
crease Of SAT- 300 for July retained $33,sl3
in net The consensus OF computations
regarding to-morrow's bank stateme mt
ia that cash loss Of about $500 900
will be shown or this sum over 81 900 900
is said to represent shipments Of funds to
Boston on account of the merger OF some
Of the Lake Superior copper companies
now being arranged there. The movement
of funds to the interior strictly is, as yet.
small The cotton market again reflected
to-day the extremely favorable character
OF the estimate as to the size of the current
crop made by the Bureau Of Statistics
yesterday and that fact probably had not
little to do with the encouragement in
Wall Street over the general situation.
| New York stock Exchange Sales. Sept. (.