The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-09-02
FINANCIAL AND COMMERCIAL.
SATURDAY, Sept.

SATURDAY, Sept. I.
To-day's market was dull and irregular
At the opening, but gained strength Oon-
sistently from the end Of the first half hour
until the Close Of the session. Union Pacific
was the leader both in strength and ac-
dvity, on a revival Of the stories regarding
control OF st. Paul. about which II was
said an announcement would be forthcom-
ting within the next two weeks. New York
Central was also n very strong feature,
ana on the publication Of the bank state
ment the rest Of the market fell into line,
% that at the close substantial advances
were recorded all through the active list.
There was a revival of activity in Atchison,
the buying attracting a good deal of at
Z tention on account Of its similarity to that
Aeen in the stock at the beginning OF the
Iasr upward movement. The Hill group
and United States Steel took on strength
toward the close on the publication OF
pretty definite statements to the effect
that the ore deal had been closed and that
an announcement Of terms showing that
the matter had been equitably arranged
would be made within the next few days.
Relatively greater strength was shown
In Steel common than in the preferred,
due in a measure to reports that the divt-
dend rate on the former would be increased
10 4 per cent. in October. the further as
sertion being made some in quarters that
an extra l per cent. would also be declared,
making the higher rate retroactive 50 a.
TO cover the period to which the present
PIPER cent. rate has already been applied.
An advance of one-quarter of a cent a pound
In the price of electrolytic copper was an
nounced by the United Metals Selling Com
pany. and this impaired strength and ac-
tivity to Amalgamated and Anaconda stock.
The bank statement was by no means
Rs bad a. had been anticipated, the only
change in the surplus reserve being the
comparatively small reduction OF 81 ,420,675
whereas It was expected that the item
would he entirely wiped out and a deficit
created. The loss of cash amounted TO only
s4,9oO, 600. against a preliminary estimate OF
nearly $4,000. 600. and there was q reduction
Of s.. 1893, 200 in loans due To- the lending OF
money here by foreign bankers. Announce
ment was made of the engagement Of SOO,O0O
gold in Paris for import, but while it is
understood that negotiations are under way
for the purchase of a considerable mount
Of the metal from the Bank of England no
announcement OF an actual engagement at
that centre was made. The probability is
that within the next few days All impo rGant
engagement of gold bars will be completed,
but il is thought unlikely that Paris will
furnish any considerable supply in the near
future. The prospective gold movement ia
not in settlement of a European debt to the
United States as much as in anticipation
Of our exports Of farm products in the COM
ing fall and winter, and al a comparatively
small portion of these will go to France the
latter country is not the natural source
from which New York should draw
gold, although it may furnish a
considerable amount should London
temporarily find itself unprepared
to meet the drain. Discussion of the
possibility Of relief from the Treasury
was stimulated by the monthly circular OF
the National City Bank, which suggested
that the Government could spare $50 900 900
to $50, 900, 600 for return to circulation by
further deposits with the national banks,
and the intimatiOn that If this were done
Government bonds would not BE- required
as security. Some excellent at tements
Of railroad earnings for the month Of July
were published, including that Of the
Rock Island-St. Louis and San Francisco
system, which showed an Increase oil t854,-
ESQ in gross and $3.50 ,lO7 in net. and hat
of Louisville and Nashville. which showed
increases of S4O3 77s and S1O2 ,237 Tespec-
lively in the same items. The semi-annual
statement of the Associated Merchants
Company for the six months ended August
81 showed net earnings of $685. ,S34, an in
crease of s92 ,277 a. compared with the cor
responding period a year ago. testifying
strongly to the prosperity Of the dry goods
trade. A large part of the trading element
was absent on account Of the approaching
holiday, and transactions fell within the
half million share mark. but in many stock
advances OF = to , points were made, n
conda showing a gain Of 3 l-3 points and
Union Pacific 2js points, this stock Using
to new high record figures; Chicago and
Northwestern and Great Northern pre-
fesred 90 points and New York Central
~ points. The close was at almost the
highest figures of the day. Notwithstanding
the usual profit taking incident to an occa-
sion where the weeks end is followed by
an additional holiday.
c.