The sun. [volume] (New York [N.Y.]) 1833-1916, 1904-09-29
FINANCIAL AND COMMERCIAL.
WEpNKspAY. Sent. 2s

/ 4 ~
"WEDNESDAY, Sept. %.
While the stock market was again stroni
to-day, 1t was irregular TO degree tina
has not been witnessed since the crasi
manipulation Of fortnight since wa
stopped. Certain stocks or groups o
stocks advanced violently; others remainec
stationary. In many issues the highee
prices were those touched at the opening
OF business, and indeed the general cours,
OF the market up to the early part Of the
afternoon was reactionary. Then a buy.
ing movement set in which continued
more or less fitfully until the end OF the day
and this served to carry the prices Of nearly
all stocks above their lowest and to ad-
vance the price Of some issues to new high
records so far as the seasons market lie
concerned. The United States Steel stocks
or rather United States Steel preferred
stock, as the common stock recently,
though strong, has not kept pace with the
preferred shares-were the leaders In
point Of strength and activity. The ostensi-
BILE cause Of the buying was the continu-
ance Of reports tending to show that the
iron and steel business was improving,
and summary OF the weeks conditions
In this regard, as 1t appeared to-day in a
leading trade journal, bore out these re-
ports to this extent, that the more abun-
dant inquiries for pig iron which have been
noted in the last ten days continue. 1t
was the almost universal opinion, however,
OF close observers OF the transactions
in the Steel stocks that the trading in
them betrayed the hand Of a veteran
and skilful operator who has not for
In md
been active in the stock market, and
the consensus was that the current
movement In the stocks represents a Wig
orous attack upon the short interest in
them. Another stock that was very strong
and in which dealings were large was Read
ing common. while the stocks of all the
prominent railway lines Of the South were
heavily bought and their price advanced
considerably. The rise in Reading ap-
peared to be Of the same character as that
which has been persistently present In the
stock for 80 many weeks, and the advance
in the Southern issues was based, pre-
upon knowledge. which Is by no
means confined to few people, Of the sur
pluses available for dividend distribution
which some, at least, OF these railway
have accumulated. American
Cotton Oil common was weak feature
because Of the belief, now generally en-
tertained, that no dividend upon it, or one
much reduced, will be forthcoming this
year, the high price Of cotton serving to
diminish, as 1t always has done, the profits
Of tho cotton oil manufacturing business.
Prices in other quarters OF the industrial
list stocks, such as those Of Rubber Goods
American Ice, Corn Prod
lets. American Mailing, United States
Realty and Consolidated Gas, advanced. |
indeed, interest In the stock market dis
played a uniform tendency to shift from
he standard shares into the low priced |
md, as a rule, low grade, industrial issues,
| development, 1t Is needless to say, which
5 by no means pleasing,
Wheat and corn both rose to-day because
Il diminished receipts Of both staples at
primary markets (the wheat received being,
moreover, Of poor quality and showing
violence Of marked damage as the result
4 rust) and because OF the general in
rease in the estimates Of the amount Of
orn yet unharvested and that Is not likely
0 mature until well into the looming month.
he prices Of both grains were also helped
y further news Of crop damage abroad.
he amount OF money lost by the banks
0 the Sub-Treasury during the week rose
D over N,5O0.0O0 confirming previous
,dications as to the probably unfavorable
haracter Of the weekly bank statement.
he only important news matter of the day
-as the announcement Of the long talked
financial plan Of the Ontario and Western
ailway Company. With every desire to
lew this proposition in friendly manner
nd with every realization Of the difficult
es that have recently confronted the mana
ers Of the Ontario and Western company,
he plan Is one that must from every con-
srvatve point Of view be condemned
lost people interested In Wall Street are
imiliar with the vicissitudes Of the Ontario
nd Western railroad property In the past
the comparatively slow progress that
has been able to make in recent
ears, OF the extreme economies that
has been compelled to practice and OF
8 need, nevertheless, Of money for i'm
rovements and betterments In the last
w months a demand has arisen on the part
many stockholders for dissolution Of
10 voting trust which now controls the
,mpany's affairs, based upon the plea
lat as this voting trust under the letter
the law can be continued until all OF the
preferred stock Is cancelled
dividend on the common stock paid,
I'd that as trifing number OF these pre-
rred shares are apparently deliberately
questered for the purpose Of prevent
g such cancellation, tho voting trust Is
equitable and should be annulled. With
is agreement the financial community
IS been inclined to sympathize, and It has
ven willing to welcome the proposed
tion Of the management, as rumored,
declaring a small and nominal dividend
r the purpose Of dissolving the trust
,reement. But the financial plan OF the
mpany as to-day revealed assumed
g form Of an extraordinary proposition
the stockholders OF the company that
gross distribution Of 8 per cent. upon
9 common stock Of the company would
made II, In turn, the stockholders would
nsent that a new 900 bond issue
placed upon the company property. The
ltario and Western company showed
rplus earned upon it's common stock
It year Of but $seo. OIL. a sum eauiya-
It to distribution Of about ~ Per cent
Ia true that the company shows gross
oft and loss surplus of q little over IN