The sun. [volume] (New York [N.Y.]) 1833-1916, 1904-09-27
FINANCIAL AND COMMERCIAL.


The Improvement In financial sentiment
which was noted at the end OF last week
continued to-day in Wall Street and gath
cred no little further force 1t was clearly
an Improvement In sentiment alone and
affected almost solely those who daily buy
and sell stocks as professional occupation;
but 1t resulted, at any rate, in general
buying movement In the security market,
which at one time in the day had advanced
the price Of about all the stocks usually
most actively dealt in nearly a full point.
In the last half hour the market reacted
under profit taking. But there seemed to
be no stocks pressing for sale. and at the
closing quotations the average OF prices
was not far from the highest touched
a little more than fortnight ago, when tho
summers rise, temporarily at least seemed
to eliminate. The Union Pacific common
shares, which many critics consider the
market leaders. did not score any con-
siderable advance to-day, though extern
sively dealt in. Operators for the short
account. however deferred by past eSpe-
rienoes In this security and by the strength
Of the general market, did not venture to
attack the stock with speculative sales
Full conviction possesses Wall Street that
a large quantity of Atchison common
stock has passed into the hands OF the
Union Pacific interest, and this. per-
haps, led to some further buying Of
the shares to-day. But the real reason
for the strength Of the Atchison stocks
was, dou btless, an anticipation OF the
company's report Of the last fiscal year
which will, it Is said, appear tomorrow
and show net earnings for the year Of about
Oh per cent on the common stock before
dedr ction is made Of the necessary years
payment OF s2.SOO00o on account OF the
company 8 matu ring serial debenture bonds.
The greatest interest Of the day centred,
apparently, in the United States Steel
stocks and concerned itself with the evil
dences, near and remote, that the iron
and steel business had turned the corner.
The price Of Steel preferred to-day rose to
the highest qu citation recorded for 1t since
the sharp decline in its price began in the
summer of 1908, and the stocks OF all the
leading iron and steel producing and manu-
factl ring companies to-day were strong.
While tho days market was broad and
well rounded, there was, nevertheless, a
plain desire on the part OF specr lators to
take up many specialties that have not
hitherto moved" and make them features
of the advance, O. such cha racter was the
buying OF gar stock and OF the Wiscon-
sin Central and Iowa Central railway issues.
The days news was, as a rule, Of en-
oouraging tenor. Announcement was made
of resumption OF work in the great manu-
featuring plants OF the Pullman COM
pany and the International Harvesting
Company under circumstances which mean
A. .,~ta b ,,nt
their business In the future free from the
extortions OF labor unions, under which
they have long suffered. Very favorable
weather for the maturing corn crop pre-
vailed over the entire West, and receipts Of
new wheat began to pour in at the primary
markets. Whether from these causes or
from a mere rush of speculative liquida-
tion q sensational break OF from 3 to SIC.
occurred In the leading wheat options.
while the price Of corn also weakened.
Although the price Of bar gold was re-
duced in London, sterling exchange here
was, II anything, slightly frmer, but the
main tendency Of the foreign exchange
market Is clearly downward and inquiries
for gold In London from this side are now
making In London. The hrmness Of eI-
change to-day was attributed to purchases
to cover remittances on account Of matur-
Ing long bills Of exchange. A large number
of railroad companies made reports to-day
of earnings for the third week Of September,
and these reports were in almost all in
stances gratifying Only few OF the
statements showed decreased earnings.
while such increases were shown as those
Of 500 900 for the Missouri Pacific, S75,e28
for Missouri, Kansas and Texas. $lOO,e72
for Wabash and $2s,Oos for st. Louis and
Southwestern.