The sun. [volume] (New York [N.Y.]) 1833-1916, 1904-09-03
FINANCIAL AND COMMERCIAL.
FRIDAY Sent.

FRIDAY, oept. =.
Contrary to the opinion held in many
quarters that evening up OF sales IN an
ticipation OF the triple holiday would in
duce reaction and contraction In activity,
to-day's stock market was strong and
advancing, with volume OF business
equalling the average for the week. Sub
stantial purchases Of securities heretofore
affected by similar buying, and rather notice
able covering OF sales previously made
on the odd chance that something urfavor-
able marketwise might develop in the three
days recess, contributed to the advance
in prices, which were firm throughout the
day, closing at or near the best. The in
fluences on sentiment to-day arose from
decidedly weaker grain markets and the
monthly cotton report, which put that
staple in better condition than 1t has been
on this date In ten years. international
banking houses found no cause for dis
satisfaction in the apparent reverse to the
Russian arms in Manchuria, in view OF the
not unreasonable belief that 1t, II further
pressed. may go far to bring about speedy
termination of hostilities. The Steel issues
and Reading were again conspicuous feat
ures OF the trading. United States Steel
common advanced sharply, but the pre-
ferred stock closed unchanged. Read
ing gained ~ points as a result OF
transactions totalling over 10000 shares.
The strength OF the Metropolitan issues
was not without influence on the general
list. In spite Of the decreased earnings
set forth in the annual report published
this morning, Metropolitan Street Rail
way advanced ~ points and Metropolitan
Securities followed with gain OF " points.
The July report of the Pennsylvania Rail-
road showed a falling off of $4ss 900 In net
earnings, but Pennsylvania was, never
theless, one OF the strongest features OF
the trading and closed at its high price,
a substantial advance. Other strong feat
ures Of the railway list we're st. Paul,
which rose over point, Missouri Pacific,
Union Pacific. Baltimore and Ohio, Louis
vile and Nashville, and Southern Pacific.
which was helped by the official announce
ment that the issue Of preferred stock
had been satisfactorily concluded. The
strength OF the granger roads was COM
mented on favorably as denoting conf
dence In the crop situation and the main
tenance OF the present status Of corn through
the holiday. Buying OF both the pre-
ferred and common stock Of the Chicago
and Northwestern attracted much atten-
ton, in view OF the investment character
OF these securities. The advances In both
issues we're marked. In the industrial
list Amalgamated Copper advanced practi-
cally a point on the increased exports OF
the metal and its expected consumption
by the many railroads planning changes to
electricity on their suburban traffic lines
The appearance OF the Government re-
port on cotton was followed on the Cotton
Exchange by a drop Of Il cent in prices.
This was to be expected in view OF the ex-
ceptional condition of the staple a. set forth
in the report. The condition Of s4.i. while
~ points under the August showing, is II
points above the ten year average Of cond-
ton at this time. Taking into account
the S, 900 900 acre increase in acreage planted
this year, there is every reason to believe
that unless hereafter severely damaged
the crop will be well over the record crop
of II ,25e, 900 bales Of 1898, when the acreage
was only 24,5O0 900 acres and the deteriora-
ton in August over II points. Forecasts
of the showing to be made by the banks In
their statement tomorrow varied widely,
the loss in cash being estimated at from
81 ,OO0, 900 to over 1900 900. The proba-
biity is that under the system Of averages
certain shipments at the end Of last week
failed to figure sufficiently then and will
tomorrow. The Western demand has been
light through the present week, but to-day
it increased perceptibly, with shipm onts to
Cincinnati constituting a new factor in the
situation.