The sun. [volume] (New York [N.Y.]) 1833-1916, 1904-09-16
FINANCIAL AND COMMERCIAL.
THURSDAY. Sept. is.

Despite large buying Of certain seouritie
OF the same character as that with whic
the stock market has recently been familiar
quotations In the general list OF stocks to-da
declined under what seemed to be pressur
OF carefully conducted, but still insisten
liquidation. This gave the market as
whole a weaker appearance even thar
was the case last Monday when decline
were sharper than they were to-day. o.
the former occasion the fall In prices wa
generally and perhaps accurately credite,
to a special incident, a crop scare" Their
| were, II Is true, dispatches again this after
noon from the Northwest telling Of fear,
| OF renewed damage to the crops from
another cold wave, but these came at
time when the declining tendency OF tn,
market was already manifest and probably
did little more than hasten somewhat tn,
selling Of stocks that had already started
The snap and residence that yesterday
characterized the rebound OF prices was
to-day lacking, and the market did
not respond at all to stimulating influ-
encee which have in the past been efYec-
tive. To some extent, no doubt, business
was interfered with by the damage to the
telegraph wires d0ne by last nights storm
did not indicate that this interference
was material. The stocks on which the
buying principally concentrated we're Penn
sylvania, New York Central, United States
Steel and Louisville and Nashville. No
new arguments were brought forward TO
support the rise in the shares Of the frat
named company; but it was urged that as
New York Central stock had declined origi-
nally for much the same reason as that
which produced the fall in Pennsylvania,
the price OF New York Central should now
sympathise with Pennsylvania advance
The rise in Louisville and Nashville fol-
lowed one Of 4 points in the price OF At
lantio Coast Line stock-the latter stock
being, as is well known, very closely held
and was predicated upon the grounds re-
Gently advocated for strength in all the
securities Of the leading companies OF the
South, namely, the continued prosperity Of
the section promised by the present cotton
crop. Such was the temper of Wall Street
to-day, however. that more attention was
paid to the heavy drop in the price of that
speculative football, Colorado Fuel and
Iron stock. than to any Of the upward move
ments that have been mentioned. There
was no explanation Of this break, and the
incident was one that at ordinary times
would have attracted little notice. To-
day however, it was much talked Of.
There were other developments to-day
which also did not mitigate the somewhat
feeling that prevailed. Disap-
pointment was expressed over the small
Increase in gross earnings reported for the
year by the American Smelling and Ref1n-
ing Company. The annual report Of the
Chicago. Milwaukee and st. Paul Railroad,
published in the morning newspapers, at
tested that the increased cost Of conducting
the roads transportation In the last two
years was greater by a million dollars than
The increase in the gross earnings of tho
property in the same period. These in
creased expenses, Of course, as duly ex-
planned by President Earring, were due to
he higher cost OF fuel and Of all materials
and supplies and to higher pay granted
70 all employees; the fact stands out, how
sver. that these increased expenses were
not compensated for by an enlarge ment
Of business, even though freight rates were
well maintained. Call money to-day rose
70 per cent, or higher than it has been
or many months, an occurrence which was
n iteelf Insignificant, but which taken in
connection with the report OF the condition
II the banks Of Boston on Sept. 8, as made
% the Comptroller Of the Currency, show
ng reserve Of but 2315, as against 3ess
IN June O. was at least suggestive. The
ull statement Of the country's foreign
rade last month showed that our excess
II exports for the month was but IS, lie, 900,
he smallest in many years. Announce
nent came Of the complete shutdown OF
he great works Of the Pullman car COM
oany because, it was said, Of the high wage
'caes at present there in force. The
Bank of England's weekly return to-day
vas very strong, showing the highest re-
erve in seven years. Money is, for the |
at least, apparently in as great |
abundance in the English market as it is |
lere. A less pleasant development in in |
irrational financial circles to-day, how
'ver, was further pronounced fall in the !
rice of Japanese bonds, indicating unauts-
ionably the growth of sentiment that the |
struggle may be prolonged
or a time greater than was generally
hought possible few months ago.
Jew York Stock Exchange Sales Sent, IL,