The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-09-30
goaalP ID RAEE erREEr.

special reason for ths movement In the stock
vas disclosed. but Whatever might be the
Initiative tAsrs could be little doubt that the
rise was materially aided by the covering Of
shorts end n 10 quite possible that the rise
vac beeed IN no other factor than . very
favorable technical position.
0ncs again the rise In Reading seemed TO
exert Q depressing influence on the rest Of
the market.
obssrvAncoOf the Jewish Day Of Atonsmsnt.
a. was expected. led to q considerable con-
traction In business. - In anticipation OF this
Q number OF traders for whom the day hadno
meaning Gbssnted thsmsslves.
Just whsn announcement will be made Of
the orc deal u still q matter Of uncertainty.
although tAs main points ave been agreed
to, Leaving only somedetaih Of administration
yet 10 be settled. The o1icial circular nay be
lasued In q few days OF II may be withheld
for Q little longer time. but at all events mat
tsrs have got 20 q point whsrs failure Of the
negotiations 10 practically impossible. The
transaction has been arranged on a royalty
basis and estimates Of the amount Of ore
which the Steel Corporation will receive by
means Of IL run a. high as TOO. Ooo. 600 tons,
although II IL admitted that this 10 the extreme
limit.
A man in close touch with the ore deal
made the following statement: when this
matter Ia finally disposed Of United States
share a. anything that now sells at that price.
You are astonishsdf That il because you
do not understand. Let us go back a bit.
When the Steel Corporation was formed and
took over the Rockefeller ore properties II
became bound by leases granted to indie
pendent IRON concerns. Some Of these leases
have now expired and others will soon expire.
al - 49, - -
contracts now ind II practically impossible 70
obtain supplies and the Hin inter ests refused
20 aid them by granting leases within the
last few years. The steel Corporation can
now deal with them on its own terms and in
q little time Ice control Of the situation Will
DO complete. Il has been estimsted that.
fortified with its new ore supplies. the COM
psny could Afford to give way all It's plants
10 any iutere est which would agree TO buy
all necessary ore from It at the market price.
Az the operating concsrn would soon md
that the ores were worth ~ much as o.. 200. o00.-
900 or u, 900, 0OO, 900. S~tupendoOsT Well. yes;
and II fully justihes my assertion made after
due thought and consideration that Steel
common 10 worth par or over whether tho
general public recognise the fact or not
The frequently reiterated rumor that COL
orado Fuel would be considers ed In the Great
North ern ore deal has no foundation what
ever.
II il strange that the Street should be taken
BY surprise IN finding that Northern Pacific
ls a party to the iron ore deal. for, a. has
often been pointed out. the road obtained ore
properties OF considerable value when IL
bought the st. Paul and Duluth. These ores
the Steel Corporation could hardly afford to
leave where they might fall into other hands
in the scramble for supplies which Is likely
10 follow the gobbling up Of the lar est avail
able body. The efforts Of the independents
20 obtain such ore lands a. are stt1 In the
market may soon put a greatly increa sed
valuation on the property which has lust now
fallen Into the hands Of the Steel Corporation.
On transactions Of about 1000 shares Sugar
rose sharply to the accompaniment OF q
rumor that the surplus Of the company is AZ
much ~ peo, 600, 600 and that current earning 90
are very satisfactory.
Expectations Of an increase in the dividend
figured In the rise in Norfolk and Western.
The general belief seems to be that the rate
will be raised to S per cent. while . few optl-
mlsts expect a. high as 9 per cent Unlike
Baltimore and Ohio, the Norfolk stock taken
over from Pennsylvania by the syndicate OF
bankers has not been sold and will probably
be disposcd Of ultimately In the open market.
The interests which now own tho stock are
strong enough tn make q satisfactory market
for Il or to hold It until conditions are such
that they can dispose OF It at q good profit.
The present movement may mean that the
market has been taken in hand preparatory
TO distribution when an opportune time ar
rives.
Months ago IL was audibly whispered in
standard Oil circles-so loudly that all who
we're not wilfully dumb could hear-that st.
Paul was about to enCer upon aggression
AGAINST Great Northern and that there would
be a lively fight for tonnage IN the Northw rest.
IL In hardly necessary to repeat the detail
that st. Paul would not only run It's line to
the coast through Hin territory. but would
70 out OF It's way to parallel the Montana
Central In order to take from that lin the
heavy ore trafffc between the Amais amated
Copper Company'e mines at Butte and the
smeitsrs at Great Falls. The alleged plans
threatened a night to q finish and renewed
attention 10 now called to them by the re-
ported intention Of St. Paul TO issue another
iarxe block Of new stock within the next few
mouths.
Particular interest IL attached 10 the re-
1tvaI OF rumors of q bellicose attitude on
the part Of 81. Paul at this time In view Of
the position Of hostility which the. Standard
Oil inter asts have recently maintained toward
the stock market. On all reactions in the
mast week or 40 tina stocks OF companies
largely controlled by these interests have
been among the most conspicuous leaders
OF the decline. not only lacking support when
support was needed but suffering from pres
sure apparently exerted from 20 Broadway
News was framed 20 At the markets action,
First there was a report Of a pending strike
of Standard Oil workmen, then OF hostility
on the part Of the n OIL interests In
the United States Steel board TO the ore deal
and lastly comes the renewed talk Of q fight
between 81. Paul and the Hill roads for con.
troll Of the trafic situation in the Northwest
Il Il just possible, however, that the real er-
PLANTATION Of the apparent attitude Of those
interests toward the market may be found
in the reported intention Of Attorney-oenera
Moody 20 proceed vigorously against TN
standard OIL Company for alleged violation
OF the antitrust law.