The sun. [volume] (New York [N.Y.]) 1833-1916, 1904-09-07
FINANCIAL AND COMMERCIAL.

TUESDAY, Sept. Q.
With the resumption of business to-day
the stock market was called upon to absorb
decided volume Of sales by London,
estimated at 10000 or more shares, and this
1t did with comparative case. The recess
sions under this selling and profit taking
on stocks carried over the holiday led to
nothing more than temporary irregularity
in prices, which soon became firm and adj
vanced steadily to the close, which in the
active features Of the trading was at prac-
ticalIy the best prices Of the day. The
trading was noteworthy in volume, exceed
ing by several hundred thousand shares
the best Of recent days, and its distribution
was equally noticeable. The three day
recess failed to develop anything unfavor-
aUle so far as the crops were concerned,
and the only occurrence OF any Importance
was the publication Of the bank statement.
which, with its unexpectedly large increase
in loans and decrease in cash, was without
apparent effect on the course Of prices. It
was equally without effect on money rates,
as consequence, undoubtedly, OF the
amount of reserve still held by the banks
in excess Of legal requirements. Reading
was again feature Of the trading, trans
oSeiohs III IiIAo DUNN ouo-
sixth OF the days exceptionally heavy
business. 1ts net advance was 2T points
although at the high point 1t was we'll over
three points above Fridays closing price,
which was itself an advance of az points.
The Reading voting trust will terminate
on Friday with dividend payment on the
first preferred stock, and with this event
is expected at least in speculative quarters.
% Al 4.
retirement of the second preferred issues
and the beginning of dividends on the
common stock. Whether or not any such
programme is planned or is even in con-
temptation, the advance in the stock has
borne more substantial appearance than
ordinarily invests purely speculative
movement. Union Pacific followed Read
ing's rise closely to-day with an advance
of over points, which, with the dividend
just declared, makes a new high record
for the stock. Southern Pacific also rose
easily to new high point for the move
ment, and other railroad shares, including
Erie, Wabash. Louisville and Nashville,
Canadian Pacific, Atchison. st. Paul and
Baltimore and Ohio, were active with sharp
advances In fact, the railroad list sup
piled the greater part of the days activity
and gains. In the industrial quarter, how
ever, substantial gains were recorded BY
Consolidated Gas, Peoples Gas, Virginia
Carolina Chemical, General Electric and
the Westinghouse issues. The Traction
stocks, after exhibiting strength in the
early trading, declined rather sharply, with
the exception of Brooklyn Rapid Transit,
which rose fractionally. On the curb Inter-
borough Rapid Transit lost points as a
result Of the labor troubles, but in the later
trading this loss was regained and a SUBJ
stantial advance scored.
The news developments of the day in
GUIDED the publication OF the weekly crop
bulletin, which, however, could not be
as unfavorable, and, in fact,
was not 30 construed by the grain markets,
which closed with losses in both wheat |
md corn prices. satisfactory advance |
n the corn crop generally is noted by the |
bulletin, although in the north central |
portion Of the corn belt the crop is late
md needs month of favorable weather
or its maturity. There Is no new word on
he yield Of spring wheat, which Is still |
suffering from rust in North Dakota, where
half the crop is yet to be harvested. Drought
md heat have injured cotton in Tennessee
Oklahoma and Texas, but elsewhere the
development may be presumed to have
been satisfactory for the season The weekly
eports Of traffic officers begin to tell Of
tonnage. not only from wheat,
'ut also from general merchandise. Among
he August traffic returns submitted to-day
we're those Of the Missouri Pacific, which
hows decrease Of sl54, 900 in net and Of
he Missouri, Kansas and Texas and the
'ere Marquette, exhibiting increases Of
$4,000 and $4,000 respectively. Tho
and plate steel associations
eem at last in practical agreement on the
ldvisability of reducing prices from "a
o So ton in these products. Although this
anne after the close of business to-day,
10 little attention will be paid to the con-
ervatively optimistic view OF the general
ituation displayed in the interview with
he managing head Of two Of the great
railroads.