The sun. [volume] (New York [N.Y.]) 1833-1916, 1904-09-14
FINANCIAL AND COMMERCIAL.
TUESDAY, Sept.

| TUESDAY, Sept. 10.
The general impression In Wall Street
at the close OF the stock market yesterday
afternoon was that after the sharp anc
sudden decline in prices that had been ex.
| perienced, a rally in the market rather
than a further fall would be more likely
to follow Immediately. The reasonable
grounds for this opinion we're that popular
sentiment was still optimistic regarding
the markets future and that the ma ority
of operators would probably be buyers
rather than sellers at decline in values
The experience of to-day, however, demon
strated that the force Of the liquidating ten
/ dency noted yesterday had not yet been dis.
sipated. Pressure to sell nearly all the lead
| ing stocks was in evidence, and continued
| although irregularly, throughout the SEES
sion Of the Stock Exchange. II was more
| or less counterbalanced, first, by large
covering purchases for the short account,
| and, second, by vigorous upward move
ments in one or two stocks, particularly
the Pennsylvania shares, 30 that at the
close, while net declines In prices were the
rule, they were. in all save few instances,
small, Many critics maintained that the
looked for rally would have indeed oc-
CURED had it not been for the incident
OF a frost scare in the corn and wheat belts
much more serious than any that had yet
appeared A cold rain had spread over the
agricultural section in the extreme North
west, and behind IL was an area OF clearing
and much colder weather which menaced
with frosts the crops as far south as Kansas,
although in the territory last named the
frosts, it was said would be light. To
all this the Government Weather Bureau
lent its authority, and, coming as 1t did
upon the unfavorable news concerning
the harvests Of the last few days, it caused
sensational advances in the price Of wheat
and corn, and also, doubtless, no little selling
OF the granger railroad shares by Western
spectators. The Governments weekly
crop report, which appeared in the after
noon was not as corroborative as it was ex-
pected to be Of the recent reported dana &c
to the crops, especially cotton; but the
chief effect of this publication seemed to
be exercised on the Cotton Exchange.
where it brought about fall in the price
of the staple there dealt in. Discussion
would be profitless as to what the probable
course of the market would have been if the
concentrated buying Of Pennsylvania stock
which made itself felt in the last half hour
of business had not been factor. The
market seems in many ways to be one
which. while still governed by impulses
making for rise in prices, has reached the
stage where a good deal of discrimination is
being exercised as to the stocks that are
bought and good deal Of profit taking in
dulged in among stocks that, have been
purchased previously. There is not the
slightest reason for believing that the
Pennsylvania and Southern Railway shares,
upon which the upward force Of the
market has in this week converged, are
in any way the subject Of deals The
argument is being urged in the case OF
the one stock that with money as cheap as
1t now is the shares Of railroad company
whose ability to distribute dividends of
per cent per annum upon its stock is no
longer In question are cheap at 129; and In
the case Of Southern Railway the benefits
that must accrue To the company from the
large and high priced cotton crop are
brought forward, while it is recalled that
the common shares Of the company are now
selling below the parity with the preferred
shares which was set up some years ago.
There was no further light thrown upon
the curious and diverse movements in the
Metropolitan Securities and Metropolitan
Street Railway shares and movements Of
these two stocks seem no longer to exert
any pronounced influence upon the general
market. For the first time In many months
the time money market perceptibly strength
ened. Due account was taken Of the fact
that the banks have lost thus far during the
week to the b-Treasury nearly 1900 900
thot 10 tro ~