The sun. [volume] (New York [N.Y.]) 1833-1916, 1904-10-11
FINANCIAL AND COMMERCIAL.
MONDAY, Oct. &c

the rise showed that they were still posi-
lively In control OF the market At times,
however. the market was very dull, and
In certain quarters quantity OF stock
seemed for sale at current prices, which
made advances there difficult This was
very noticeable In the early trading. and
indeed. the high prices Of the day were.
in most instances, made at very near the
opening OF business. After that time, In
the majority Of instances, liquidation
seemed to balance the new buying. There
was an effort, apparently, to make the
Amalgamated Copper and Missouri Pacific
stocks the leaders Of the day. but this
was only successful In the case OF the first
named issue. The movement In Missouri
Pacific was really begun at the close OF
last week. and 1t started of again this morn
ing very promisingly, only to be checked
by the news OF an accident on the Missouri
Pacific road, which was one OF the most
serious as regards loss OF life and destruc-
ton Of property In the history OF the sys-
tenn. Critical observers OF the Missouri
Pacific's business in the last year are just
a little puzzled to know why there
should be any enthusiasm at present
as regards higher prices for the COM
pany's stock. It's net earnings for its fiscal
year to date are slightly less than 81 800 ,oOO
below those OF last year. and the margin
Of present earnings over and above dividend
requirements is not large. The stock
has long been backward in generally
advancing market, and the current ex-
PLANTATION OF this has been that very large
and long standing pool in the stock has,
during the summer, been engaged in dis
posing of the shares held by it. This ex-
PLANTATION is, no doubt, in part at least
correct, but it may be that the future will
disclose that other causes also have been
effective. The rise in Amalgamated Copper
had this substantial basis. at least, that
the copper trade Is now known to be in an
exceedingly strong position and that pros
poets for it's future are bright Exports
Of copper this year have outrun all estimates
OF the movement made earlier in the season.
1t is said that these shipments have been
caused by manufacturing necessities in
England and the Continent OF Europe,
having their origin in the production Of
war materials for the Use Of Russia and
Japan. Even so, the exports have been
enormous, and with the cessation OF all arti-
fetal attempts to bolster up the price OF the
commodity by trade agreements, DC,
have produced more hopeful feeling in
the copper trade than has been known
for years. There is no doubt that in many
industrial lines in our country the quarterly
and annual statements Of various manu-
featuring companies as these have ap-
peared have been in the nature OF pleasant
surprises. Thus the strength OF the stocks
of the Distiling and United States Rubber
companies to-day was doubtless distinctly
referable to the favorable character Of
the reports Of these companies that have
recently been submitted. The Distilling
company exhibits an increase in surplus
for two years Of 81 ,07s ,o9i, and the earnings
OF the Rubber company, while enlarged by
the peculiar conditions that prevailed last
winter. must clearly be very gratifying
to the company's stockholders. In the
afternoon United States Steel stocks be-
came once more the feature Of the market.
United States Steel preferred advanced
at one time nearly two points and the com
mon stock and sinking fund bonds Of the
corporation were also strong. While the
recent slight rise in the price Of pig iron.
the basic commodity Of the iron and steel
trade, has not been attended with any rise
steel trade has undoubtedly experienced
in the last few days an increased demand
for these finished materials. Statements
were made to-day on trustworthy authority
that railroad orders for various steel prod
uots were coming in much more freely,
and while orders for steel rails, which are,
as is we'll known, the largest single item
OF steel production in the country, are not
as yet numerous, the hope and belief is
that the normal quantity Of these orders
will be placed for next years delivery.
The stocks Of all the iron and St eel produce
ing companies not alone those Of the United
States Steel Corporation, to-day were no.
ticeably strong.
Whether or not in consequence OF the
unfavorable bank return last week, time
money to-day was considerably harder, very
little money being obtainable for period
carrying over the end OF the year at rate
less than 4 per cent. Our local banks have
thus far in the present week gained in their
transactions with the Sub-Treasury, owing
TO large Treasury disbursements for pen
sions and similar expenditures. These
disbursements must be, 1t seems, while
a source OF gain to the banks at present,
a cause OF some annoyance later on. There
il now in the Treasury proper a cash balance
of but $32 02s 554, and Of this over Sl4 600 900
is in silver bullion. subsidiary silver and
minor coin, and an unstated quantity in
gold bullion. Unless, therefore, Treasury
receipts from customs and internal revenues
increase any serious drain upon the Treas
ury must necessarily result in call upon
the depository banks for some portion Of
the Government money deposited with
them; that is to say, il the expedient is not
contemplated OF the Treasury officials
passing out bags OF quarter and half dollars
in payment Of the Governments obliga-
tons. Speaking generally, the course Of
security prices in the afternoon betrayed
some modification OF the feeling recently
30 prevalent that money rates would re-
main extremely easy In Wall Street through
out the year. 1t is worthy OF more than
passing note, perhaps, that In London to-
day the discount rate in the open market
hardened and the price Of Tar gold and AM
erican ca giles rose under a heavy demand
for gold from Continental markets One
factor in the MARKET during the day was
of course the favorable tenor. as expected,
OF the Governments rop report for October,
which was to be made known an hour after