The sun. [volume] (New York [N.Y.]) 1833-1916, 1904-10-08
FINANCIAL AND COMMERCIAL.
FRIDAY, Oct.

FRIDAY, Oct. 7.
There was a very perceptible lessening in
the activity OF business on the STOCK Elk
change to-day, but the tendency OF prices,
save In the last hour Of the exchange ses-
sion, was toward recovery Of the losses
sustained yesterday. Quotations in London
for our leading stocks before the opening Of
our market were somewhat irregular and
showed declines in a greater number of in
stances than they have recently The
purchases of London houses here, however,
during the day were about as numerous as
the sales. Speaking generally, the strength
Of the market during the greater part OF
the day is to be attributed to the fact that
spectators were very quick to seize the
profits that awaited them this morning
from their operations yesterday for the
fall and also that yesterday decline brought
into effect only a small quantity OF stop
loss orders. On the other hand, when the
rebound in prices caused by these forces
was to-day accomplished there was very
little desire. apparently. on the part OF
spectators for the rise TO push the advance
further. The market though it continued
strong, became dull, and finally prices
again receded so that at the close full
half of the days gain had been lost and the
tone Of the market was changed from
firmness to one OF more uncertain char
acter.
As usual, advances in two or three STOCKS
to-day we're much greater than in others.
Out of the slightly over 100000 shares OF
stock bought and sold more than one-quar-
ter were of Reading common, and the price
Of this stock which at one time yesterday
oas< To- ay =
the control of the Reading property Ia
now absolutely lodged in strong hands,
there is no idea that contest Tor TINS
control is going on. and the only reasonable
explanation for the recent large rise In the
price of the stock is that it has been antici-
pative of a dividend distribution. 1t Is
a matter of record that the Readings net
earnings last year showed surplus avail
able for dividend distribution on the COM
mon stock of about 81 per cent; but II Is
also well known Of course, that the coal
business last year was exceptionally pront-
able owing to the severity OF the winter
and the depletion Of coal stocks caused
by the incidents OF the year before and that
the Reading earnings statements oil the
two months of the present fiscal year have
shown decrease in net Of over $7OOooO.
Moreover, to-days report of the production
Of anthracite in September showed de-
crease of nearly 100000 tons as compared
with September year ago. Whether
therefore. the Reading directors will. next
spring, feel like placing the Reading COM
mon stock upon as high basis as that OF
a per cent. dividend payer seems prob
lematical, at least, and even If this dividend
basis is to be esta blished it must be con-
sidered by every conservative critic that
there il a certain price at which It can be SAID
that the stock has quite discounted the event.
1t can, of course, be substantially urged
on the other side that the supply Of an
thracite coal in our country is limited. that
of this the largest share is in the hands OF
the Reading company and that, in gem
eral, the coal business is one whose profits
may be expected toincrease rather than to
diminish in the future. All the coal road
stocks to-day were strong. in sympathy
with the Reading shares, while Erie, Penn
sylvania, New York Central, st. Paul. Mis-
souri, Pacific and other prominent stocks
rose point or more apiece; all these shares,
however, lost a good part Of their gain as
described. American Sugar Refining was
strong in the latter part OF the day upon
largertransactions than have recently been
noted in this issue, while Amalgamated
Copper scored an extreme advance of IA
points because, no doubt, of the increasing
strength of the copper trade position. List
prices for raw copper have been advanced
by degrees, 4 OF a cent in less than week.
The infll ence Of this fact was naturally,
most noticeable to-day in the Boston stock
market, where the securities Of the chief
copper producing companies are dealt in.
Call money to-day was somewhat harder,
rising in the afternoon to "a per cent,
and the weakness Of the market in the
final dealings was, it may be, due to this
development Forecasts Of the bank state
ment tomorrow were that the banks have
lost in cash during the week over 81 900 OO0
and the returns upon which these estimates
we're based showed that the shipment Of
funds to the interior had been larger than
on any week thus far Of the outward move
ment OF money.
Nev York stock Exchange Sales, Oct, Z.