The sun. [volume] (New York [N.Y.]) 1833-1916, 1904-09-30
FINANCIAL AND COMMERCIAL.
THURSDAY, Sept, 20

lhUhbDAI, Dept' sb'
To-days stock market was only differ
entiated from its immediate predecessors
by the fact that it was anthracite coal rail-
road stocks, as distinguished from the Steel
stocks or some other one security or group
Of securities, that were picked out to be
made strong, while the selling Of the general
list disoreetly proceeded. London prices
were higher before the opening of business
here, an extreme advance of n points in
the price OF Ontario and Western stock
over our parity being due to an impression
that apparently prevailed abroad that the
proposition to declare 3 per cent dividend
on the company's stock meant that the
shares were to be placed on an annual
per cent. dividend basis, This view was,
of course, totally erroneous. No such
advance in the stock as that made in Lon
don was continued here, and the price of
the issue fell we'll below its yesterdays
close. Views as to the reprehensble char
acter OF the dividend declaration itself
were no less severe in the financial
community to-day than they were yes
terday. In the early trading the United
States Steel issues were strong, and
a rumor circulated, for which there
seemed to be some basis, that gentle
man. who at one time occupied high place
in the Steel Corporations management,
had been a large buyer OF United States
Steel common and preferred shares in the
recent past; but the quantity OF these pur-
chases have been, no doubt, absurdly e1-
aggerated The story was accompanied by
another one, which, however, lacked all
elements OF novelty, that the management
of the Steel Corporation had been exercising
the right that 1t possessed to convert $50 ,O0o,-
200 of preferred stock into per cent. sink
ing fund bonds. Although no officer Of
the corporation has seen fit to deny this
story in his personal capacity, what has
purported to be an authoritative. though
general. denial OF the rumor has been fire.
auently published in Wall Street. In the
afternoon the Steel shares declined sharply
forming, indeed, one of the weak features
of the market. The upward movement
in the coal stocks, which in one or two
instances at one time assumed notable
proportions, was certainly not based on
i'm owing prospects for the coal trade
The Readings August earnings statement.
published to-day, showing decline in
surplus for the month Of .S244,sls and for
the first two months OF the fiscal year Of
s744, 1858. indicates that the business Of
roads depending largely upon the coal
traffic as a means OF revenue Ia not booming.
at least at the present time Examination
Of the Readings report, indeed. discloses
that the gross earnings OF the Reading
Coal and Iron Company proper decreased
in the month 1858, 1873. the net decrease
ing S2s3, 1892: for July and August COM
bined the Coal and Iron Company's gross
decreased 81 257 ,39s, and it's net S52s,O14
Delaware Lackawanna and Western stock
to-day, on transactions OF less than 5000
shares. rose is points in a few minutes.
afterward losing two-thirds Of the ad-
vance Delaware and Hudson on larger
buying advanced 3 points and retained
half OF the rise. Regarding both of these
stocks there are, OF course, considerations
affecting their value that do not obtain
in the case Of other properties Of the class:
but sceptical critics Of the market were
quick to recall to-day that a similar great
burst Of activity in the coal stocks marked
the end Of the rise In January Of this year.
Fluctuations in commodity prices to- day
were without inhu ence 90 far as the stock
market was concerned. Foreign exchange
was weak. The large loss by the banks
Of s., 500 900 to the Sub Treasury in the
week thus far, which will undoubtedly
be increased by to-day's transactio ms, and
which clearly prophecies a poor bank
statement on Saturday, served to increase
the caution which attends the steps Of
conservative traders in the present market
At the close the price Of nearly all the
active stocks showed the effect of liquida-
ton.