The sun. [volume] (New York [N.Y.]) 1833-1916, 1904-09-28
FINANCIAL AND COMMERCIAL.
TUESDAY, Sept. 2

Little can he said OF the security market
to-day that was not said OF yesterdays
IL was the same active, professional and
fairly broad affair, with, however, evi.
dences Of the professionalism rather more
plainly emphasized and indications that In
many stocks, where there was apparently
large volume Of free transactions, there
was much more limited market for genuine
reallzations than there seemed to be. In
the first three hours of business the promi-
nent issues advanced in most cases a full
point or more, Union Pacific common
making an extreme rise of ~ points. and
United States Steel preferred rising to a
new high record on the present movement
After that time the efforts seemed to be
on the part Of the early buyers to dispose
at a profit of the stocks which they had
acquired, and the declines in prices that
followed were considerably greater than
those in yesterday afternoons profit TAX
ing and served to wipe out fgood share
Of the gains TINT had been previously made.
The usual indicia made known after the
Stock Exchange session disclosed smaller
borrowing demand for Stocks save in one or
two instances, than has been shown for
some time.
The days Developments were not prolific
OF events influencing the market. 1t is
practically understood that at the annual
meeting Of the Ontario and Western Rail-
way Company tomorrow the differences
between the majority and minority stock
holders. that have lately been matters
OF notoriety. will be harmonized and an
arrangement will be completed and plan
proposed for raising such sums OF money
as the company needs for improvements,
the scheme also including the payment Of
a small dividend upon the company's stock
Northern Securities stock was strong on
the curb market, and the old rumor circu-
lated that way had been found for dis
tributing dividends upon the stock. Little
attention was paid to the recurrence Of
this story, but it is perhaps worth while
to again state here authoritatively, as it
has been stated in the past. that the counsel
for the Northern Securities Company have
advised their client that there is no way
Of paying dividends on the shares Of the
company while matters are in their present
shape. 1t may also be stated as expressing
the final determination OF one, at least,
and doubtless of both parties to the present
Northern Securities litigation, that is to
say, the lawsuit having for its object the
legal settlement OF the proper method
Of distributing the assets Of the Northern
Securities Company to its stockholders,
that this is a controversy that must run it's
course in the courts. Railroad earnings,
as to-day reported for the third week OF
September, continued generally the favor
able showing made yesterday. State
ments OF net earnings for August, however,
were more variable. The Chesapeake and
Ohio in August increased its net si43, 1901,
but the Atchson's gross for the month
decreased $l56,3es and It's net $237,S 52
For the last two months the Atchison's
net earnings have decreased $40
There was not much comment to-day on
the Atohison's annual report published
in the morning papers, as the document
little that was not already
known. The very frank intimation OF
the President Of the road that the
would be in the near future a
borrower Of money for the purpose OF
building new lines and extensions as
feeders was generally taken, however,
as an indication that no enlargement
Of the Atchison's present dividend rate
need soon be expected In the commodity
markets the price Of wheat rose sharply, in
natural reaction. perhaps. from yester-
days heavy decline, while the price of corn
was assisted by the Governments weekly
crop report stating that there was con-
amount Of corn which would re-
luire ten, days or more in which to mature,
md also admitting that no little damage
mad been done the crop by frosts in various
localities. The heavy rains in the North
west are accounted in the grain trade an
factor. 1t is a matter that,
rs it seems, has escaped general observa-
lion in Wall Street that the new Williams
ourg Bridge, 80 called, over the East River
will be opened for business in little more
han month, in the same week. indeed,
n which the subway will be opened. The
.raffic over this bridge will, unquestion-
ably, in a short space Of time make the
Manhattan end of the structure as great a
point for passenger traffic as
hat which is now made by the Brooklyn
Bridge in Park row, and OF this the Brooklyn
Rapid Transit and the Metropolitan Street
companies will be practically the
,ole benehoiaries. The buying of the Brook
yn Rapid Transit and Metropolitan Street
Railway shares to-day is believed to have
had some reference to this fact.
While money to-day continued extremely
,asy. foreign exchange rose briskly. so that
Ill talk Of gold imports vanished. The
supply OF commercial and finance bills in
he ex change market to-day became. it was
'aid very limited. while the demand for re-
nittanoe was greater. Our banks lost to the
sub Treasury through the week up to to-
lay $3,2S4.OOO, an amount which was in
'reased during the day by heavy ship
nents to the interior Considering the in
,reased speculation in Wall Street, and the |
expansion Of bank loans thereby,
his does not presa &c a bank statement on
as favorable az that OF last week. |