The sun., 1904-08-28
FINANCIAL AND COMMERCIAL.
SATURDAY, Au9, AZ,

,OAIUhDAIs aug f'
After opening at rather decided Losses.
insympathy with the depression OF A merican
stocks In London, which induced some short
selling on the theory that professional
Initiative had contrived It's utmost, prices
recovered ground to-day, influenced doubt
less by the strength and persistent advance
of st. Paul, which was the active feature OF
the trading. The subsequent trading OF
tho short session was irregular, but fairly
sustained, and near the close a sharp ad-
vance In Reading In connection with the
continued rise OF st. Paul and rather better
bank statement than had been looked for.
served to harden the list, which closed firm
With somewhat irregular advances. There
was nothing In a news way to explain the
advance in st. Paul, which rose nearly 2
points, but 1t was quite generally ascribed
to an opportune move against long stand
ing short interest in the stock. The quieter
grain markets failed to exert proportionate
influence on other grangers, II their influence
was present In St. Paul, for prices here
closed unchanged or with small gains.
Union Pacific and Southern Pacific re-
covered exactly their losses at the close on
Friday The Western rate situation, which
now seems clearer, was without effect on
Canadian Pacific, after an early loss, closed
unchanged and apparently unaffected by
the impending issue Of additional stock.
In the industrial quarter Amalgamated
Copper was the active feature and scored
4 substantial advance. The Steel issues
moved irregularly, but were generally
firm, and closed with slight gains. The
advance Of Reading was in the face Of the
- for Tel, MI; ;oh sh
loss Of $515 900 in net earnings. The low
priced issues we're again rather heavily dealt
In, generally at advancing prices. Another
traffic report published was that Of the
Atlantic Coast Line. covering the fiscal
year. This statement showed the SUBJ
substantial increase Of s862 ,3e2 in net earn
ings and OF 81 ,2s6 AL in surplus for the year.
There were further recessions in the
grain markets to-day. induced by profit
taking and continued favorable crop
weather, although prices at the close showed
small changes The cotton market was
largely without feature. The bank state
ment apparently failed to fully reflect the
shipments OF money to various quarters,
for in place of the expected loss of some
5000 900 In cash there was revealed an
actual decrease Of only s1,soO,OOo. The
system OF averages readily accounts for the
differences here. The loan account showed
a merely nominal change, decreasing
3117,OO0, and the two items of cash and
loans were not adequately reflected in the
decrease of g, ,267 900 in the deposit account.
As a result of the changes in other item
surplus reserves decreased by Sl,237 900.
The holdings Of the banks are now $57, ,3O7,-
900 ir >Ic' ss OF lawful requirements, and
this ,..al compares with $20.677 600 last
year, Ss,742 900 in 1902 and $11 ,9l9 900 in
1901. There is interest this week in tn
statement OF the general bank clearings
which reveal gain of 1875 per cent. over
those of the corresponding week year
ago. although they are 1415 per cent less
than the figures of 1902. The bulk OF the
increase this week was contributed by this
city and Chicago, where the extensive specu-
lation in the grain markets played part.