The sun. [volume] (New York [N.Y.]) 1833-1916, 1904-09-17
FINANCIAL AND COMMERCIAL.
FRIDAY, Sept.

Ospt' ~
The stock market to-day again reversed
it's course, being almost as strong as it
was weak the day before. The volume OF
business was not as large as yesterday ana
the gains in prices made were not as great,
taking the market through and through,
as were yesterdays losses, but 1t was suf-
flcient for optimists that the buying power
that has exerted itself in the market so
long gave evidence that 1t has not yet de-
serted the field. In the fore part OF the day
the market Enthusiastically hesitated, London
selling stocks in considerable quantity
for the first time In several days, wnlle
the ma jority of day to day spectators
expressed themselves as confused in judg-
ment as to whether the immediate tendency
of prices was upward or downward. QUO
tations of many stocks In the first hours OF
business fell lower than at yesterdays clos
ing. But at this low level resistance to further
selling seemed to be encountered, and under
a general covering movement the market
strengthened. Professional operations for
the advance were renewed. Pennsylvania
stock, which has been the leader steadily
for week past, was left to drift, and the
buying converged upon the United States
pending trouble that might arise between
both the Pennsylvania Railroad Company
and the United States Steel Corporation
with their employees, but to these Wall
Street paid, and no doubt justly, very little
attention. Curiosity as to the precise
character OF the buying Of the Steel shares
was as rife as ever, and was as little gratified
The advance would logically seem to i'll
dictate that confidence is fully restored in
high quarters that the steel trade would
soon undergo a substantial change for the
better; yet. so far as can be learned, no
such confidence is manifested in well in
formed trade circles.
Apart from clearing and warmer weather
in the wheat and corn belts, which caused
declines in the leading grain markets, and
continued unfavorable comment upon the
st. Pauls yearly report published yester-
day, there was to-day nothing In the way
of tangible news development, or even gos-
sip that seemingly affected prices In the
stock market one way or the other. Call
money again rose to 2 per cent and did not
fall below ~ per cent. Time money rates
we're again firmer, and estimates were that
to-morrow's bank statement would show
n lOSS In CaSn Dy inc pdlhb Vi heti ~ ei'ooV'-
900. Experience has shown that prelim-
mary estimates OF the bank loan account
are little more than guesses, but the belief
Is reasonable that these loans this week
have expanded owing to the character Of
the stock market and that the bank return
tomorrow, therefore, will be what is usually
called unfavorable Colorado Fuel and
Iron stock to-day regained some Of its
loss of yesterday. and the recent pres
sure upon the stock is now said to have
been caused by the dismayed con-
alteration OF many stockholders over the
pan of recognizing the company finances,
which includes not only new stock issue,
but the issue of bonds as well. The Toledo,
st. Louis and Western, or, as they are bet
ter known, the Glover Leaf shares, ad-
vanced to-day by reason OF rumors that
the supposed alliance Of the Erie Railroad
Company with the Pere Marquette road
includes Glover Leaf" as well. Denver
and Rio Grande preferred stock rose be-
cause It was said, of short interest In the
London market which had found 1t very
difficult to retire it's contracts there owing
to technical reasons. The most noteworthy
incidents OF the day in the foreign markets
were a recovery in the price OF Japanese
4 per cent bonds in London and fall In
Russian bonds in Paris, owing to the or
culation OF story for the fifteenth or twen-
tieth time that Port Arthur had fallen !"