The sun. [volume] (New York [N.Y.]) 1833-1916, 1904-09-25
rINANcrAL AND COMMERCIAL.
sArunpAr, Sept. "a,

~ N'sa SATURDAY, Sept. "a
While there was no official admission
to-day Of tho truth OF the story current
In wei informed quarters In wall S'ree'
after the close OF the stock market yester-
day afternoon, that a very large block OF
Tho common stock OF the Atchison, Topeka
and, Sante Fe Railroad Company had been
acquired by a prominent banking house III
the interest Of the Union Pacific Railroad
Company, little doubt was generally enter
tanned that the story was correct. Tne
purchase was In no way for the purpose OF
obtaining for the Union Pacific interest
definite control OF the Atchison manage
ment, nor did 1t contemplate an actual
major ownership OF Atchison shares by the
Union Pacific people at some future time.
twas, however, in pursuance OF aplan WHOM
"a now plainly enough working out regard
ing the Western railway situation. namely,
Of establishing such species Of joint owner
ship on the part of the great existing lines
that permanent harmonious relations IN
the Western railroad world will be estao-
lished- Naturally, the chief effect OF to-
days development was to advance the
price Of Atohison preferred stock. which
was singulariy and exceptionally strong
Yesterday This stock as an investment
seo,,rity stands, obviously, under the new
relation assumed by the Union Pacific
company to the Atchison. in much
stronger position than it did before. The
Atoh;son common shares also rose to-day
beyond their yesterdays advance. Union
Pacific common declined slightly on profit
taking. The real feature Of the market
va. the strength OF the United States Steel
shsree, caused doubtless by the reports
that are now coming In from all sides as to
the revival OF interest in the market for pig
iron, the basic product Of the steel and iron
trade. Prices for this material have already
been advanced In many primary markets,
and at many producing centres It Is I'M
possible to secure iron for next years de-
livery except at considerably higher costs
than those now quoted. Indeed, there is
no doubt that inquiries on prices for pig iron
are larger and more diversified than has
been the case for several months, and this
Ia a condition that has only de veloped
In the past week. II news were to come
of some large order, say for 10000 tons,
placed for pig iron at a slightly higher
price than that which now rules it is prob
able that the incident would be taken as
definitely indicating the beginning OF
new period OF activity in the steel and iron
business. The first railroad property in
the country to profit by such a gratifying
state Of affairs would he, of course, the
Pennsylvania, and perhaps the buying
of Pennsylvania stock in the market to-day
looked forward to this fact The rise
in the price Of this stock was, however,
originally stimulated by consideration OF
:, "a = hot h1
capital issues Of the company have been
absorbed by investors-the number OF the
Conpany's stockholders having doubled
In the past year-and, also, that II the
company is to continue TO pay dividends
at the rate OF 6 per cent. the present price
of it's shares is too low. Moreover, the
Pennsylvania earnings have in the last
sixty days decidedly increased.
The stock market to-day was broad and
strong, pressure of any moment to sell
stocks being only noticed in the Metropolitan
Securities and Metropolitan Street Railway
shares; but Wall Street has been 30 long
mystifed by the fluctuations in the price OF
these issues and by the multitude Of rumors
as to what was going on concerning them
that movements In their quotations no
longer seem to affect the general market.
Consolidated Gas exhibited the residence
that has characterized 1t for 30 long
period, and both the Atlantic Coast Line
and Louisville and Nashville stocks were
strong. It Is very well understood that
both Of the two railroad companies named,
particularly, OF course, the former, are In q
position to enlarge their dividend rate
whenever they gee fit, and with prospects
for business in the South as bright as they
are it il not among the impossibilities that
such action may be. taken at the proper
time. The Illinois Central's annual report
for the year ended June 80, published this
morning, testified, as have 80 many similar
doc uments OF the same nature recently,
to the inroads of increased operating ex-
penses upon gross earnings. In the case
of the Illinois Central the higher wages
,,a,d ernployees seem to have affected the
eonnanys net return for the year more
than has been the case on the majority OF
railroad lines. The cash loss by the banks
was about as predicted, but the most well
come feature Of the exhibit was decrease
Of nearly 81, 500 600 in loans. This is the
frat week for nearly two months In which
hank loans have been eurtaled. The
mice of corn and wheat declined to-day
upon denial Oh ei'e funio'e o.h 'eo-
,enlay that the French import duty on
wheat was to be reduced OF lowered. but
later on the price Of wheat strengthened
under the renewed development Of the
strength of the cash" situation in the grain
trade, which makes upward manipulation
Of the commodity options comparatively
easv matter. The most important news Of
the day was that Of a further sharp fall II
sterling exchange, although Saturday is &
day on which business. in the foreign ex'
change market is usually nominal. Rumors
indeed, were current to-day that next weel
sbipments Of gold to this country nigh
he made on Triangular operation from
Argentina or Australia.
New York stock Exchange Sales Sept. IA
r,~rxo ppIoy,a OF UNITED STATES BONDS,