Evening star., 1901-12-28
FINANCE AND TRADE
Strong Undertone in Stocks and Some
Gains in Prices.
GOOD DEMAND FOR TIE COALERS
Rumors of Changes in Wabash
Debenture Bonds.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star
NEW YORK. December 2s.-Tht UNDER
tone of today's stock market was decidedly
firm, and numerous substantial gains Were
recorded under an increased volume of busi-
ness The Coal stocks led the advance the
buying OF the Reading issues being fea-
ture of the days business. This company
has splendid earnings basis for the ad-
vance, and there is well-organized pool
behind the movement. The buying has
some of the characteristics of a desire Il
secure control prior to the dissolution OF the
voting trust next year.
The showing made by Jersey Central.
now part OF the Reading system, Is an
other influence which adds to the attrac-
tiveness OF the property Somewhere
among the many plans OF the market lead
ers is a plausible project for closer union
OF the anthracite coal Interests and this
prospect encourages a belief in material
advantages I'm the near future.
Erie first preferred is practically assured
of getting its full per cent rate next
month. and the second preferred will have
surplus equal to its full dividend appli-
cable to it. but policy may. and probably
will, operate against it's distribution. The
common stock has excellent prospects. but
developments may be slow. Delaware and
Hudson directors may consider an increased
or an extra dividend next month. and some
excellent buying is going into that stock
In consequence. Wabash, with all fits in
debtedness. is making new friends, be-
cause of its invasion of PENNSYLVANIA and
Vanderbilt territory
The road is expected to add materially
to earnings when the Pittsburg branch is
completed, and there is the speculative
glitter of a probable buying demand from
the lines which were first in that field.
Now that Gould interests are active I'm
their efforts to advantageously finance
some of the cumbersome obligations of
their lines. there is an interesting rumor
relative to Wabash debenture "B" bonds
which predicts an exchange for a slightly
d1nerent form of bond at a lower interest
obligation. However this may be the pre-
ferred stock is some distance from divi-
dends.
Colorado Southern issues We're active at
advancing prices under inside demand
based upon encouraging prospects. The
advance in the dividend rate on Panhandle
common to 3 per cent basis was reflected
in an advance to sou after opening up L,
per cent at IS Realizing forced a setback
hands during the day.
There is an impression that Pennsylvania
VIII carry out similar policy with all its
controlled lines in order to increase its
own revenues so as to provide for the new
construction now so generously under way
i'm New York and the south. Good buying
of Pennsylvania by houses with Philadel-
phia connections was noted throughout the
day. Tennessee Coal and Iron was strong
under a fair demand, which was accom-
panied by rumors of dividends I'm the
spring and the announcement that the COM
pany would consume all of it's pig iron In
its own mills in the near future and have
no surplus for sale.
The United States Steel issues are strong
and higher prices are predicted after the
first of the year. There is a good under
tope in the industrial department at pres
ent and the sentiment of the street is de-
cidedly optimistic.
The bank statement reflects gain OF
s3, 199. 400 in lawful money, an unexpected
result In view of the subtreasury drain.
An increase OF 1854. 800 In loans Is ynim-
portant, since a much larger amount would
have been only natural in view OF the In
creased speculation. The deposits have In
creased $6,113, 800, or nearly s. 0000 600 more
than the amount necessary to balance the
statement. The reserve Is Increased 81 los
OPS or to a total OF s. ,s9l $50.