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


THURSDAY, Sept. 8.
The course of prices on the Stock Ex-
change to-day gave evidence Of the further
distribution of stock, but there was nc
renewal Of the very real pressure on issues
subject to such action on Wednesday
and this relief, along with the substantial
buying apparent In other quarters OF the
list, served to give a tone OF strength to
stocks generally, which, Yith few excep-
| tons, closed with fractional gains. al
though well under the high prices Of the
day. The bulk of the selling represented,
! undoubtedly, profit taking. but there were
| indications Of fairly heavy short selling
Of the stocks OF the corn carrying roads
| on pessimistic reports on the C, ndit on
of the crop and misgivings over tn ell
tirely possible early appearance of frost,
which, as a rule. comes to sections of the
corn belt in the middle of the present
month. The selling seemed to originate
largely with houses having Western con-
nections, and it was in sufficient volume
perceptibly to check advances, although
the recessions were not marked even in
the stocks directly under fire. The trading
for foreign account was heavy to-day, with
total transactions well above so 900 shares.
and on balance stocks we're sold for this
account. The foreign purchases Of the
United States Steel issues were continued.
however. and these stocks, although ir-
regular at times. were among the strong
features OF the list, the preferred gaining
substantially. AS on Wednesday, Colorado
Fuel and Iron and Tennessee Coal and Iron
moved sympathetically. while the shares
Of the Republic Steel and Iron Company.
which, 1t will be remembered, was credited
with initiating the price cutting in steel
products, were heavy. Other industrials
showing activity and advances were Con-
solidated Gas, General Electric, Anal
gamated Copper. American Smelling and
Peoples Gas. The effective buying, which
went far to counteract the effects OF wide
profit taking was converged on Reading
Rock Island. Pennsylvania. Erie and South
ern Railway common, which was the leader
of the market in activity. The gains in
these issues ran from slightly under a
point to well over 2 points. There were
no developments to account for the
further rise in Reading although there
was a repetition OF previous reports of i
the events to follow the dissolution OF
the voting trust. nor was there anything |
to explain the sharp rise in the shares Of
for by the excellent situation IN
the South. Influential in degree on senti-
ment were the marked advances scored to-
day by a number OF securities usually
classed as investment issues. These in
Guided Delaware, Iackawanna and Vest
srn, which advanced 81 points, and Della
ware and Hudson, which rose ~ points,
The transaction in each instance being
rather heavy. The traction issues we're
inactive to-day. The Met
'opoltan stocks closed unchanged, appar-
entity unaffected by the plans. as yet undis-
,losed, but nevertheless making. in Metro
,oltan Securities. Equally without effect
narketwise was the report that the present
control OF Chicago and Alton might be
Questioned at the coming annual meeting
II the company's stockholders.
The grain markets to-day were firmer,
wheat prices advancing over one cent
10th here and in Chicago. with corn follow
ng less abruptly but clearly under the
influence OF crop misgivings, which seemed
ather widespread. Attention was attracted
o the strong return Of the Bank OF Eng
and to-day, its proportion OF reserves to
liabilities touching the highest point for
his season In some years. The rate of
discount was not changed. Here the furry
4 Wednesday in call money rates was not
epeated, and loans were readily made at
per cent. and under