The sun. [volume] (New York [N.Y.]) 1833-1916, 1904-09-23
FINANCIAL AND COMMERCIAL
THURSDAY, Sept. %.

THURSDAY, Sept ~
The course of the stock market cast
cold water upon the theory that possessed
a good portion of Wall Street yesterday,
that because of a supposed contest for
control" OF the Union Pacific Railroad
Company there would be chance in
short time for the fortunate possessors OF
the shares Of any OF the leading railroad
companies In the country to dispose OF these
at large advance over their present price.
Indeed, the sentiment OF Wall Street veered
to the opinion that the large buying of ore
or two stocks In the make: In tho last two
days was nothing other than repetition in
a different form Of the manipulative tactics
adopted last week by certain large speoula-
tors for tho rise in order to cover their
retreat, Support was undoubtedly lent to
this Judgment by the peculiar action OF
Southern Pacific stock. This stock was
bought heavily from the opening Of business.
and its price was advanced more than
point; but 1t was speedily noticed that
while the buying was going on liquidation
equally heavy, though conducted with
more caution, was taking place In Union
Pacific stock. in which the buying yesterday
centred, and that. indeed. all the active
stocks except Southern Pacific, were pressed
for sale. This was rather curious develop
ment for a market in which a variety of
"corners' were about to be sprung Suspicion
over the character Of Yesterdays rise in
stocks become general and resulted in a
liouidating movement that at one time
carried the price Of some Of the more promi-
nent issues as low or even lower than the
lowest figures touched by them in the re-
81 Tn he of
noon business on the Stock Exchange be-
came very dull, prices rallying slightly at
times, but again falling back. At the
close nearly all the active stocks, Southern
Pacific Included showed round net losses.
As weak stock as any, and one that seemed
to display as little rallying power, was st.
Paul. The Missouri Pacific shares were
also sold freely, criticism concerning the
increase in the Missouri Paciflc's expenses
in the calendar year thus far and in the
small margin Of earnings now shown by the
company over dividends distributed being
naturally OF adverse nature The United
States Steel stocks, however. seemed to
present somewhat greater degree OF re-
sistance to the declining tendency than did
many other shares, while shortly before
the close Of business Ontario and Western
stock rose suddenly because OF the re-
currence Of an old story. that il the Ontario
and Western company's managers salts
factorily arrange the sale OF new bond
issue a dividend upon the stock, thus dis
solving the present voting trust. may be-
come among the possibilities. The Ameri-
can and Consolidated Tobacco stocks and
the Consolidated Tobacco per cent. bonds
were strong throughout the day, circum-
stance which was, perhaps, related to the
fact that in short. time the books of the
various tobacco companies will close for
the stockholders meetings. at which the
proposition regarding the readjustment
of the Capitalization OF all these companies
will be voted upon.
The total number Of transactions in the
stock market was less to-day than yes
terday and below the average daily volume
maintained in recent weeks. Perhaps the
most distinctive feature Of the market was
its absence of commission house business
after the reaction and subsequent sharp rally
in prices that has Just occurred. Sterling
exchange broke sharply to-day. bringing
talk Of gold imports. Good judges, how
ever, do not look for gold imports while
money remains as cheap here as it is now
The extreme cold weather felt In this section
of the country last night and to-day did
not prevail, apparently, over the West
and in the grain markets the price OF wheat
and corn weakened. Later on, however,
wheat rose and closed at a net gain because
Of r,lmors OF cold rains in the Northwest
and Of damage 70 crops in foreign countries