The sun. [volume] (New York [N.Y.]) 1833-1916, 1908-08-09
FINANCIAL 4vD COW MERCIiL.
S~AruRpAY. Aug. 8

SATURDAY. Aug. B..
While there were no such wild movements
In the market to-day al occurred In Amer
icap Smelling and Refining. and National
Lead Yesterday II was still evident that
manipulation Of the kind seen In these
issues was g,ing on at other points with
a view possibly to moving prices up more
ar less violently at the expense Of the short
interest. Reading was during the creator
part Of the session the main subject Of
operations for the advance and was bid mp
sharply TO 1881. a new high record for tho
present movement. At the top OF lie adj
vance the stock was more than 4 points
abc.s last nights closing. and 70 agrees
sively WAS this issue sustained that at the
end 1t retained more THAI 9 points Of its
advance Notwithstanding the easier time OF
the general list and the fact that In Read
ing itself there was a fair amount of profit
taking by traders who had bought on the
advance and did not feel inclined to take
the risk of remaining long over Sunday.
The market was active and IN the whole
strong at the opening, advances of a point
or over being showni in the first Transact ons
in Lead. Rock Island preferred and Louis
vile and Nashville, while 10 Residing there
VAS a rise OF only a little less extent. Cana
dian Pacific opened at an advance, not
withstanding that 1t was quoted at Q decline
Of q point in London. and taken altogether
the number of stocks that showed gains
was much larger than that In which there
were losses. American Smelling and Re-
fning was among the latter number. but It
soon advanced above last nights closing
figures, t, which. however. IL afterward
reacted and hung around that level for the
remainder Of the two hour session. Ex-
cept that National Lead opened at an adj
vance instead Of a decline its action was
similar to that Of American Smelling and
Refining, the former retaining to The end
the advance 1t made at the etart. while
SHELTERS. which opened of. closed at q small
net decline. Union Pacific failed to return
TO its high record for the year md lost In
the last half hour all tho gain made earlier.
With the exception Of Reading and Della
ware and Hudson advances in the active
stocks were small, while in q number OF
inactive specialties like Virginia Iron, Coal
and Coke, Virginia. Carolina Chemical pro-
ferred, United States Cast Iron Pipe pre-
ferred and Third Avenue there were gains
Of from 3 to ~ points. The tone Of the
general list was heavy at the end of the
session, with here and there a good deal
Of pressure to sell stocks. increased pos-
aibly by The announcement Of the appoint
ment OF a receiver Cor the Pnlsbury- WASH
burn Milling Company, ltd. an English
corporation owning large mills In Minne-
apolis and a line Of elevators in he North
west.
The reports OF the commercial agencies
;nd;ootoI thox I,,;on.. z1-Isx;1-. I,,..~.
the week were generally favorable. and
though orders for the fall trade continued
slow there was some improvement In that
direction. Collections are irregular. al
though money is abundant and cheap.
The bank clearings Of all the cities Of the
United States were 2.s per cent. larger than
for the corresponding week last year. New
York, Boston and st. Louis showing in
creases. the first two largely on account OF
the activity in the security markets. There
was q sharp advance in the grain markets
in the early part Of the week on rumors Of
serious crop damage. but a re 'ction later
on the occurrence OF rains In the leading
corn States, cotton also being favored with
good weather. The Government crop re-
port showed rather more deterioration In
spring wheat than had generally been
looked FOR, but the indicated loss in this
respect was counterbalanced by q larger
yield of winter wheat than had been in
dioated in the July return. No rain OF
consequence has fallen in the Dakotas for
many days. but as the weather has not been
very hot 1t is doubtful il the crops there
have suffered much. Further small ship
ments OF gold were made to Canada in prep
aration for the crop movement, bringing
the amoun 80 far shipped up to $4,000. 900,
and while the West has not yet begun to
draw money from this centre. the fact that
the receipts Of currency from the interior
in the past week were smaller than those
Of any other week this year indicates that
the tide has nearly reached the turning
point. So far as an indication Of the ten |
dency Of railroad earnings can be obtained
from the reports Of roads which mako
statements monthly improvement was not
maintained in July. the average decrease
in gross for the roads reporting for the
last week in that month being larger than |
in any other week since the middle OF June /
and larger than for any week prior to the |
second week OF April. The roads which |
made weekly reports are hardly represent
alive, but from what they show 1t 10 prob |
Wy ooA' w oiitiuuC tidt " - /
not maintained at the rate at which it pro- |
ceeded in June. Possibly this had some
thing to do with the fact that the railroad
stocks advanced far less in the market last |
week than the industrials. the rise in the |
latter group being three or -four times as
great as in the other. Ordinarily when
business begins to revive the industrials
feel the improvement before 1t reaches the
railroads. The former get the orders and
later the latter get the freight. Money
rates on call we're lower during the week
than az any other time in four years. and
the bank statement gave no indication Of
an Immediate change in this respect. A
small increase in the surplus reserve wa
shown by the average oonditio on OF the
banks which are members Of the Clearing
House, and the other changes in the con-
dltions OF these institutions were small.
New York Stock Exchange Sales. Aug. o.