The sun. [volume] (New York [N.Y.]) 1833-1916, 1904-09-10
FINANCIAL AVID COMMERCIAL.

To-day's stock market was practically
repetition OF that OF yesterday, At times
during the day business seemed TO slaoken
q little, but these pausas were brief. After
such temporary resting spells the activity
OF the buying and selling was resumed
with undiminished vigor, and the peculiar
characteristics that have for over three
months past marked the movement in prices
we're again presented. As has been the
case In general throughout the week the
stocks of the leading transcontinental rail-
way lines to-day were more hesitant In the
advance than others, ana the buying OF
railway shares was most effective In the
Reading, Erie, Southern Railway, Pennsyl-
vania, Rock Island and similar issues.
Among the industrials Consolidated Gas
rose nearly points The Metropolitan
Street Railway shares were very strong.
while Metropolitan Securities stock was
weak on a volume Of trading nearly as large
as that In the stock Of the subordinate
company The United States Steel stocks
were active and higher. In the afternoon
New York Central stock, which has been
inactive for long time. advanced
sharply, while a noticeable feature OF
the DAYS business was the strength OF
Delaware and Hudson. As usual the
market paid no attention whatever to the
news OF the day, good, bad or indifferent,
and this news was, in fact, variable IN
official estimates Of to-morrow's bank
statement we're that it would testify to
cash loss by the banks Of about $s,Oo0,0O0
and as the rise in the market during the
week has doubtless been accompanied by
an expansion Of loans the presumption Is
fair that the bank return will present, al
though not such an unfavorable showing
as that of last week, an exhibit, neverthe-
less, of diminished resources and enlarged
liabilities The grain markets were weak
most of the day in anticipation OF monthly
Government crop report tomorrow which
it was thought might be somewhat more
gratifying than the estimates Of crop con-
ditions made by private observers. Wheat
prices at the close, however. were I'M
changed, while the leading corn options
showed only small net loss Rumors
circulated, which it was believed had
more or less substantial basis. that the net
earnings of the United States Steel Corpora
ton in the current quarter will be about
SIS, 0OO, OOO or somewhat larger than has
been popularity estimated. Trustworthy
reports continue to be, however that while
there has been some improvement in the
iron trade in the last few weeks, it has not
been large Announcement was made OF
decrease In the Rock Island Company's
net earnings for July Of S4474l2, London
was ostensibly a fairly large buyer OF
securities in the market.
One thing that the news developments
Of the day did do, at any rate, was to dis
close with somewhat more openness than
has recently been the case one reason for
the advance in prices, at least in certain
sections OF the security list, in the past
weeks. The rise in these securities has been
due not to miscellaneous buying for gen.
eral speculative reasons, but to preparation
for the execution OF the specific plans OF
powerful financial interests affecting this
or that railroad or industrial property.
The impelling banking reason for the up
ward movement in Southern Pacific stock
has long been clearly apparent. 1t was
made known to-day that an official an
nouncement might soon be expected. per-
haps before another business day had
elapsed, concerning such proposed changes
In the capitalization Of the great tobacco
companies as would provide, principally.
dated Tobacco per cent bonds The
calling in Of those holdings OF Metropoi-
tan Securities stock which. to the amount
of a considerable proportion Of the origi-
nal holdings OF the syndicate formed to
underwrite the Metropolitan Securities
stock issue. have been, it Is understood.
existent in the shape OF a semi-pool formed
after the dissolution Of the syndicate, in
dictates that various financial purposes
regarding the local traction companies are
under way. 1t is altogether probable that
the much talked OF plan OF refunding the
Rock Island bonds is also approaching COM
pletion and that news concerning 1t may
be expected at any time. One thing about
all these matters is, of course, very obvi-
Gus. All the plans referred to, and others,
doubtless, of which no public mention has
vet been made. involve the issue Of new
securities, and the way has been paved
for the fulflment OF these purposes by an
advance in security quotations based
essentially upon a per cent money market.
As soon as the plans in question are fully
made known criticism will take the place
Of mystery as factor in the stock market.
and should the present abundance Of money
for speculation be in any serious degree
curtaied further rise in prices might be
made more difficult than now seems.
New York Stock Exchange Sales. Sc pt. O..