Show I FINANCIAL andI and I COMMERCIAL BY Dr THOMAS C. C SHOTWELL SHOTWELL Now New ew York Sept J 2 Notwithstanding a sharp reaction Just JUHl before the lie clou lie tho stock market showed n net t gains an for fi trio leaders toda today Tho Time Vermont cle Ion lon returns received with wih pleasure pleas pleas- ure uro b by the operators and many selling orders that had nad been bel sent to l London ondon for or execution In tho thu event of or the majority ma mu- Jorl ty being less limn toan 2 were wenc charged b buying o orders s being substituted substituted st for thorn them h The r result was a a. strong market abroad for Amerl Americans and when New ew York opened the lIar Har- lar- lar assumed leadership and lra dragged ed eda a few tew ow moro more shares up tip to tho the new hl high h records They themselves 11 sold at tho the hl highest hest prices of or tho tIme year Tho reaction reaction ree tion ton was started by thu the selling of smelters short shortly after ater publication of or the UIO annual report of or that company showing a decrease In earnings for or tim tho th year Col of ot On the tine reaction th tl market became dun dull and tho tine close clone WI- WI wui wm Iteal steady an average oC or about about a a point from the top tOl tOI No o H attempt was moOn mal to explain the time continued advance anc of or harriman Hariman shares Some light on activity was thrown by a remarkable story tory told tole In connection with time the advance of or American Amen Ameri can Telephone and Telegraph at anco stock J It ItIs l lIs Is said sull that U. U I II I. I has delhi definitely holy Iely decided to substitute tho timo telephone tele tele- phone for the time telegraph on all al his hits railroads railroads rail rail- roads as rapidly as aH t the tho ho pr present t contracts contracts con con- tracts with wih telegraph companies expire Ho lie 10 Is 18 said to have put large i s sor of or th the lie new telephone trust bonds bond In Inthe time the tle Union Pacific treasury an and to II have given tho tim contract contract to equip his hll lines to 10 that company This Timis will wi put pul Goulds Gould's Western esteri Union still sun further inthe In tho the background round and simplify 1111 mans man's scheme for fOI obtaining absolute mastery master over oer tho the Gould system May He nc n a Yarn Whether this report Is true c cannot be he said just jUt now but It is haying having all al the stock market effort effect of a true re report report re- re port fort and It Is IR so logical that the time street In general is believing It I. I It I must be bo be however that the time bond hond Issue put out a year ago ao h by the time telephone telephone tele tele- phone trust was a complete failure and had to he be taken up by tho underwriting underwriting under under- writing syndicate The Tho telephone company com corn pan pany got ot Its Is mone money and the time underwriters ers aro are still struggling ln under the time bonds Londs which h aro are convertible at 10 It I may be he that the they 1 have havo I 0 Invented this Hariman Hari Hari- man yarn The 81 suggestion eston contained In tho lie story however seems scorns to be that HarrIman Is liable to seize selzo It I and make It a reality even thou though h started as a pure puro piece of oC manipulation This scheme would woul also provide llo for fOT the tho consumption consumption con con- of many ninny thousand pounds of or copper for telephone wires and all there thero may be some same rea reason on in time the apparent madness malness ss of or tho Limo copper cooper trust In advancing advancing ing the tine of of tho the metal Tho rho frac fractional rae rae- tonal recession of or the time today was only a natural reaction Gittes In lii Market gain p tn Activity of oC Reading today ollay was said sid to bo ho o duo due dlo to buying b by tho limo Gates Gate part party John W. W Gates I Is In Europe but his son Is In New NeW York and anil IB is taking a R decidedly cheerful view of or the tho stock market There Is also alco tal talk of punishing the time shorts In New York Cen Cen- Insiders Imagine there Is a very largo hargo short interest amounting perhaps per haps to shares that has haa been outstanding since the time panic panic It I is in m strong hands and amI would hu have huto to be Ic punished severely se before It i would cover because tho time people who have sold goM tho time stock know the tIme financial condition of tho tim company compan an and believe e beHe It Is 15 only a a question queston of walin waiting In order to mak vcr very handsome profits on tine the short side I c. c New cw York Central Is not even earn earning In Its Is fixed char charges es at present although it Is paying dividends In ad nil londs 11 dlton The Time fact that Baltimore and and Ohio paid Its Is last dividend out of surplus sur sui- plus has caused the growth of a short Interest in that stock also and threats arc are made to advance line stock sharp ly h As s a matter mater of fact aside from Crom what ml might ht bo ho bl called catell an Investment of short Inti there thero j is none of Importance tance Lance in iii Wall Wail Vat street Th Time Tho security of stocks is if du dUA to tho time fact that In view of or tho Limo Brown Mcintyre and Caster Coster er failures brokers aro arc afraid to trust ono moo another and have havo borrowed money direct from irom the time hanks banks depositing their stocks there thero for tor or safo keeping In Ta line lic e Street The number of shares share of or stock sold today was corresponding day a year ear ngo ago 75 1 Thu Tho par value of ot bon bonds s sold today was ar 81 corresponding day a n year ear ago As tho the unto date for tor discussion ls of or tho quarterly dividend ond meeting of or the di directors directors directors di- di rectors of or the time Republic Iron and Steel company compan Is near at hand han Wall Wail Val street Is I of time the opinion that the tIme dividends will wil bo he omitted making making tho the arrears 31 per cent upon the tho cumulative stock A decrease of or I Is reported today by bY the Limo Pennsylvania In tho time number orl of or l idle lo cars tho limo past week A special meeting of tho the governing o committee of or the tIne Now York Stock ex- ex lX- lX chango o was held shortly after tho limo market closed closel toda today The Time committee voted to 0 close tho timo exchange on Friday Friday Fri Fri- day next Inn flange f of tf Prices Pollock Special Wire I 1 H. H I L. L L r alca Am C. C C Fry ir c c. c O 41 2000 11 Am Smelt c. c 95 I G Am Loco c. c H 56 56 1 1900 OO Am Sugar corn 1351 1329 1321 Am Suar corn com 3 23 Coi Cog S1 81 7 1 Anaconda Lop cop 18 15 I 48 S 2500 Atchison t U Bait 0 c. c 9 GI Brook Hap T. T T. T U 53 lac Pac 1711 1721 1731 1600 Chos Ches Ohio US 41 31 1000 C. C lL L St. St Paul 16 ll Cob Colo Iel I. I 36 6 Erie Irle coia 5 2 25 25 a Great Nor S 1372 Illinois Cont 1411 I- I Missouri Pac U 57 itlo K T. T C. C 1 I 31 1700 Mo K 1 T. T p. p 65 Now ow Cent lOG 10 1051 2700 New Y V Ont W. W 1 1500 Nor Wester 7 75 OO Nat Lead Lud C. C c. c SG Slit SH S Sil I 2600 OO Northern lt C lac 1 UH 1432 OUo 1 1246 1241 12 1251 i Peoples Gus GaH G corn com 12 12 Hock Is i. COl 17 17 lOO 17 lid L S. S c. c c. c 24 21 21 Sourn fly ny c. c O 01 I ISOO 1800 10 South lac c. c 1091 Union Pac corn com 1651 1632 U. U S. S S. S com j IG U. U S. S S S. S S. S 11 10 10 Utah Copper 61 G 3 3 OO Tennessee Cop 38 S i 37 e G I 61 00 |