The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-10-16
FINANCIAL AND COMMERCIAL.
THURSDAY. Oct


laring stories on the Stock Exchange that
a panic was in progress in Pitt sburg and
NJ lnlreal. tales of similar character as to
conditions here being likewise promulgated
IN Montreal and Pit, sburg But there was
throughout the day the same Ceaseless
pressure upon the indust rial shares that has
been the feature OF the market for 40 long,
accompanied also by the same relative
hardness Of the railroad list All the news
from out Of town cit les to day was favorable
The executiv officers OF the Crucible Stee
Company announced in Pttsburg that 10y
reason of the failure of arrangements to
sell the Charlton Steel Company to the
United States Steel Corporation the Crucible
Steel Company had Diet ermined to complete
the Charlton steel plant az fully equipped
steel manufacturing concern, and for this
reason might find il necessary o discontinue
for ime the dividends on the Crucible
Steel Company's preferred stock. This.
needless to say, fully explains the recent
commotion in the Crucible 81 eel Comrany's
shares in Pittsburg and disposes of the
absurd tale, industriously spread during
the week, tina, a receiN ership for the com
pany was likely. Houses with Montreal
and Toronto connections were steady
BUYERS here to-day Of Canadian Pacific,
Twin City Rapid Transit and the other
stocks which we're raided yesterday by
operat ors for the fall There is not the
slightest doubt that the stories of acute
financial trouble in the Canadian cities
which obtained such currency yesterday
and rhe day before were malicious in
>ent6ns London bought about 25,0OO
shares of stock here on balance. and, mas
much as the weekly return of the Bank of
England was 5, rong and money rat es abroad
continued TO grow easy, hopefulness char.
acterized the foreign markets generally
and was reflected in bett err feeling toward
our own securities.
The event of the day in speculative circles
was, of course the meeting Of the directors
of the Amalgamated Copper Company for
the purpose of taking action in the matter
of the company's forthcoming quarterly
dividend. AS was fully stated In this col
umn yesterday, the financial condition Of
the Anal gamated Copper Company album
dainty warrants the payment of the divi-
dend, and the current price Of IS cents a
pound for raw copper means that practi-
cally all copper mining operations at pres
ent are attended with much pecuniary
profit. The only doubt as to the continu-
ance of Amalgamated Copper's dividend
has been whether the Montana lawsuits
of the company might have so tied up its
affairs as to render the postponement or
temporary passing of the dividend advisa
BILE. Until the announcement, shortly after
2 o'clock, of the action OF the directors,
the market in general was dull. Upon
the news that the directors had authorized
the payment OF the usual dividend Of one
half of per cent the dulness continued for
a time, but in the last quarter Of an hour
OF trading all stocks advanced sharply
and the market closed strong and active.
1t must be said regarding Amalgamated
Copper that number Of professional specu-
lators take the ground that even upon the
assumption that the continuance Of divi-
dends upon the company 5 stock is not at all
in danger, the price Of the shares is not low
compared with that Of other industrials,
and that such traders are therefore in
clined to attack the stock upon every rally.
Operate rs of this kind are inclined TO make
ventures at present upon the idea that the
common stocks of all except The old and
well tried industrial concerns are only
worth $40 OF $l2 share, the price of the
preferred stocks being adjusted likewise
Future developments may prove that this
assumption is unwise. The final advance
in the market was no doubt assisted by
the declaration. made only few minutes
before the close OF business that the drec-
tors OF the Reading Railroad Company
had declared an initial dividend Of IA per
cent, on the conpany's second preferred
stock Action Of this sort has been ex-
pected for some time by all those familiar
with the exceedingly prosperous financial
condition Of the Reading company and the
brilliant prospects Of the companys future
business II was, nevertheless. good
deal OF q surprise to the bearish traders
The event attracts attention to the fact,
which seems to have been we'll nigh for
gotten recently, that there are corporations
in the country which can increase divi-
dends as well as those which find II advisable
to reduce them
The United States Steel stocks to-day
were not dealt in to any great extent, and
their price held firm. The points Of specu-
lative attack were Brooklyn Rapid Transit,
the National Biscuit stocks and the Ameri-
can Locomotive, American Smelling, Re
public Steel and United States Leather com
mon and preferred shares II Is unde-
niabe that the recent pressure upon the
indust rial stocks has resulted in produc-
ing some genuine liquidation of speclla-
tive and, indeed. investment holdings.
Naturally, under prevailing circumstances
the banks always loath to lend money upon
industrial shares, are now more unwilling
than ever to do SO, and instances are not
infreQuent OF the forced sale OF stocks Of
this character which money lenders have
refused TO accept longer as security for
loans Every one understands that this
does not mean that the securities thus far
sold are without value What is meant
ia simply that the securities have at pres
ent poorer market than usual. There
will, of course. come a time eventually
when the prices of the industrial stocks
will be reduced so low that even the most
reckless Spectator will hesitate to sell
them short and that the people in whose
hands they rest will prefer to run the chance
OF sacrificing the whole of the investment
rather than part with their property at rul-
there are good Judges in the market who
think it is not far of, it, indeed, it has not
already been reached. it will be safe to
conclude that the industrial housecleaning
has been pretty well completed Mean