The sun. [volume] (New York [N.Y.]) 1833-1916, 1904-10-04
FINANCIAL AND COMMERCIAL.
MONDAY, Oct. Z

Inc Iact was again demonbtrhVoo to-ohy
In very convincing fashion that the core
OF the strength OF the present stock market
lay in the persistent buying OF the United
States Steel stocks The tendency OF the
market In the first hours OF business was
plainly In the direction Of realizahons.
London was fairly heavy soller and the
trading element among speculators was
inclined TO make ventures on the idea
that n reaction In prices, even II only mod
crate, was more than due. There were
many features OF the general business
situation, as developed at the close Of the
week, that were somewhat less pleasing
than has hitherto been the case. Rail-
road earnings as reported were rather
less satisfactory; bank clearings. outside
Of this city, where an excited speculation
in securities liz, OF course, swelling the
figures, do not make overfavorable COM
parisohs with those Of last year while the
volume Of current fnaRcial criticism which
is directed against the manipulation to
which the stock market has been sub
jected has had, undoubtedly, wide in
huenoe. The report circulated to-day, on
seemingly trustworthy authority, that on
account Of the overproduction Of pig iron
IL
sylvailia and eastern Ohio were about to be
shut down. Although the prices OF most
stocks to-day gagged or remained stationary
and the entire market in the forenoonseemed
to be in the condition known in Wall Street
as full Of stocks" the upward move in
theSteel shares and principally in the Unit ed
States Steel preferred shares, was renewed
shortly after midday with undated vigor.
No more was there known than has been at
any recent time any peculiar reasons for
such large purchases Of these stocks. Indeed
the days news was, as stated, such as to
suggest caution rather than enthusiasm
in such buying. But the buying continue ed
nevertheless so that at the close OF the
market United States Steel preferred had
risen two full points, thus making rise
of nearly ten points in as many business
DAYS. Under the stimulus Of this upward
bound in such prominent issue the gen.
eral list lost it's apathy and became strong.
Missouri Pacific stock. which has been
backward for months In the markets adj
vance, was taken in hand and its price
pushed up sharply. Erie common, on trans
actions Of over 100 600 shares, rose more
than point, the shopworn story circulat-
ing that james J. Hill was buying into the
property" Another very strong stock
was st. Paul, from whose market price
to-day was deducted the semi-annual
dividend Of 81 per cent yet which regained
the greater share Of the loss. All the issu es
of the Missouri, Kansas and Texas Railway
Company. especially the preferred stock,
advanced, In preparation, 1t Is believed, for
some financing, of which due publicity
will be given, while the National Lead
stocks were higher in view Of the rumors
that a merger of the chief lead producing
companies is approaching. Total transac-
tions to-day amounted to more than 1 900 900
shares.
While the market remains as firmly in the
control Of those who are interested In bring
ing about higher prices for securities as it
has remained for months past, and hdi-
cations of the moment are, perhaps, that
higher rather than lower prices await Sc
curities in the immediate future, the con-
illusions OF conservative people are not
changed, but are rather fortified by current
daily developments that the market has
been brought into a dangerous and I'm
healthy state which must eventually, and
probably in the usual way, suffer alteration.
While much Of the buying OF the last six
months has undoubtedly represented the
replacing by large capitalists Of the in
vestments thrown over by them last year
or the year before, great deal OF 1t, es-
pccially in the latter part Of tho movement,
has certainly been mono other than the
pl,n ging Of certain rich and daring specu
lators, who have up to the present time
at least been unable to create a market
for the shares which they have acquired.
In the commodity markets to-day the mat
ter Of chief interest was naturally the
publication of the Govenments report OF
the condition of cotton on Sept. rs, the
estimate being for condition OF 1873 against
"A in August and 85.l on Sept. 20 last year.
This indicates crop larger than the
bulk OF private estimates have recently
made ont, and for that reason was
viewed somewhat askance upon the Cotton
Exchange. Few people In the cotton trade
really believe at the present that the cotton
crop this year will he more than II 800 oOo
bales. The most important factor at
present in determining the size Of the CROP
il the length OF time which the crop will be
spared from frost. There was available
TODAY for the first time the detailed figures
O, the reports Of the national banks Of the
country showing their condition at the
close OF business on Sept. 0, compared
with that on June OF this year and Sept
o. 1909. The reports bear out fully the
indications afforded by the publication OF
various portions Of 1t as these were from
time to time collated, namely, there has
| been a great accumulation Of cash from
all the banks in the country In our OWE
city and that bank loans here have increased
bv raoaop NJ the recent stock market spec1I.
lation eight or nine times moro than they
have in any other quarter Of the country
so that the interior banks are by no means
as we'll prepared for the crop moving
necessities as they were last year and muet
/ It seems, draw to a heavier extent thar
they did last year UPON our local institu'
tons for money to meet these demands.