The sun. [volume] (New York [N.Y.]) 1833-1916, 1904-09-15
FINANCIAL AND COMMERCIAL.
WEDNESDAY, Sept. Il.

There we're frosts last night, as expected.
in parts OF the Northwestern agricultural
section, but they did not extend far south
or east, and according to all that could be
learned they did not do a great deal OF
damage The cold weather seemed TO he
moving eastward, and official anticipations
we're that it might result in frost in certain
J.laccs in the Lake regions tonight. But
oil this was not as bad as the stock market
yesterday feared, and there was, hence,
Naturally, to-day a buying back of stot
that had been sold either speculatively
or "a a prudent profit taking because of the
frost scare. The development was Of a
nature to encourage the pools and other
professional spectators who have been
recently so active in advancing prices to
resume their operations with greater bold
ness than ever, so that the combined re-
suit was another day in which the volume
of Stock Exchange transactions again
aggregated considerably over 1000, 900
shares. Gains in the price Of the leading
stocks approximating two full points in
many instances were made. The rise in the
stock market was considerably out of pro-
portion to the corresponding declines on
the produce exchanges. The prices Of
both wheat and corn were not greatly
lower In the first hour Of business than
they were at the close yesterday after
noon. rallied at one time to even higher
figures than yesterdays final and closed
with only small net losses considering
the volume Of the trading and the high
figures at which they now stand. There
can be little doubt that much moro
conservative opinion of the magnitude
Of our grain crops this year ia entertained
in the Western part Of the country, and
particularly by certain large Western
railroad interests than is held In the East
generally. This view hns served to
moderate distinctly the enthusiasm over the
stock market, at least so far as the Vest
ern railroads are concerned that was felt
in the early part Of the season by various
very active and powerful Western specu-
lators. To most observers in the East
the present prices OF both wheat and corn
seem to discount a decided @shortness"
this year In our harvests Of these staples,
1t il recalled, how ever, that with a corn
crop last year OF nearly 1880 900 bushels
the consumption Of the commodity was
such that its price did not fall below Al
cents bushel; and 1t Is argued from this
that a crop of the same size this year, In
view OF the deficiency in wheat, would
only be enough for normal uses and would
hold exports Of corn down to a minimum.
As regards wheat, it seems to be prac-
tically admitted that our exports Of the
article this year will be very small. The
contention OF our Western friends Is, in
other words, that the country has passed
into period of its growth where the price
r. - .t,,Ta ,x-s1I
manently high level, and the effect OF this
fact, whether for good or evil. must soon
be visible.
The greatest activity to-day in the stock
market was, however, in other quarters
than the Western railroad list. The largest
dealings were in the Pennsylvania shares,
nearly every Spectator for the rise, large
and small, confessing to an interest in the
stock. a fact which may or may not be
considered as a cautionary signal to other
intending purchasers. A ridiculous story
circulated, which, nevertheless, in the
present prevailing temper found not a
few believers. that the Pennsylvania was
endea voring to secure control Of the South
ern Railway Company. Another similar
tale, to which wide publicity has recently
been given, that deal" had been arranged
by means Of which the control Of the Metro
politan Securities Company was to pass
from the hands in VI hich 1t now rests in such
a way as to prejudice the interests of minor
ity stockholders, was Indignantly and Of
fcially denied to-day, and this had the
effect Of quieting speculation In the shares
of the Metropolitan Securities and Metro
politan Street Railway companies. The
stock in whose price there was the greatest
advance to-day was Erie. and for this no
other reason can be adduced than the belief
of those likely to be we'll informed that the
Erie company has concluded traffic agree
ment with the Pere Marquette company,
with whose tracks it communicates at
Buffalo. Certain spectators also made
much OF the fact that from now on reports
Of Erie's monthly earnings will compare
with the unfavorabie statements OF tic
kind made last year. News matters Of
genuine importance affecting the stock
market to-day, apart from weather con-
ditions in the West, were, as they have
been for long time back, lacking. The
annual report Of the American Smelling
and Refining Company, as published in
the afternoon, showed a net surplus of
81, PIC, 1877 equivalent to nearly 81 per cent.
on the companys common stock Pre-
iminary data as to the business of the
Western Union Telegraph Company for
the last fiscal year indicated decrease in
surplus Of s4O7.0l7.