<?xml version="1.0" encoding="utf-8"?>
<ownershipDocument>
    <schemaVersion>X0101</schemaVersion>

    <documentType>4</documentType>
  <periodOfReport>2003-07-10</periodOfReport>
  <notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0000074273</issuerCik>
        <issuerName>OLD STONE CORP</issuerName>
        <issuerTradingSymbol>OSTN</issuerTradingSymbol>
  </issuer>
  <reportingOwner>
    <reportingOwnerId>
            <rptOwnerCik>0001056513</rptOwnerCik>
            <rptOwnerName>ACKMAN WILLIAM A</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>  </rptOwnerStreet1>
            <rptOwnerStreet2>  </rptOwnerStreet2>
            <rptOwnerCity>  </rptOwnerCity>
            <rptOwnerState>  </rptOwnerState>
            <rptOwnerZipCode>  </rptOwnerZipCode>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
      <isDirector>0</isDirector>
      <isOfficer>0</isOfficer>
      <isTenPercentOwner>1</isTenPercentOwner>
      <isOther>0</isOther>
    </reportingOwnerRelationship>
  </reportingOwner>
  <nonDerivativeSecurity>
    <securityTitle>
      <value>Cumulative Voting Convertible Preferred Stock, Series B</value>
    </securityTitle>
    <transactionDate>
      <value>2003-07-10</value>
    </transactionDate>
    <transactionCoding>
      <transactionFormType>4</transactionFormType>
      <transactionCode>P</transactionCode>
      <equitySwapInvolved>0</equitySwapInvolved>
    </transactionCoding>
    <transactionTimeliness>
      <value/>
    </transactionTimeliness>
    <transactionAmounts>
      <transactionShares>
        <value>500</value>
      </transactionShares>
      <transactionValue>
        <value>14.56</value>
      </transactionValue>
      <transactionAcquiredDisposedCode>
        <value>A</value>
      </transactionAcquiredDisposedCode>
    </transactionAmounts>
    <postTransactionAmounts>
      <sharesOwnedFollowingTransaction>
        <value>555491</value>
      </sharesOwnedFollowingTransaction>
    </postTransactionAmounts>
    <ownershipNature>
      <directOrIndirectOwnership>
        <value>I</value>
      </directOrIndirectOwnership>
      <natureOfOwnership>
        <value>See Exhibit 99.1.</value>
      </natureOfOwnership>
    </ownershipNature>
  </nonDerivativeSecurity>
  <ownerSignature>
    <signatureName>/s/ William A. Ackman</signatureName>
    <signatureDate>2003-07-11</signatureDate>
  </ownerSignature>
</ownershipDocument>

