The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-09-12
SURPRISED BY ST. PAUL
DIRECTORS ADVANCED COMMON
STOCK TO A PER CENT. BASIS.
Money Loaned at IL Per Cent, and
Quoted as High as 10 Caused n
General Feeling of Alarm.

NEW YORK, Sept. 1.-THE street ex-
perienced a genuine surprise to-day when
the directors of the st. : ,aul road placed
the common stock on a per cent. basis
This was better by half of / per cent
than had been expected, and the market
which had been unsettled all day as re-
suit of conflicting rumors regarding ST.
Paul and an advance in call money 10 IL
per cent, closed very active but weak. The
list opened with considerable strength, re-
ceiving announcement from London,
where Americans alone were firm. Other
factors which made for higher prices Were
the governments monthly crop report and
the wedding out on the previous day Oh
number OF weak accounts.
The most noteworthy movement at the
opening was Baltimore * Ohio. The
strength of that stock was explained later
when it became known that the directors
of the road had authorized IN issue of ex-
ira common stock to the amount of s42.-
100000, the issue carrying with it the right
to subscribe at par. In the same early
movement there were gains in Missouri
Pacific, l.. & N, Denver & Rio Grande,
Southern Railway. Reading. c. & o. and
other coalers. Rumors, later found to be
false, were responsible for rise in Colo
RADIO Fuel, which soon lost it's improve
ment. Initial dealings also showed better
prices for American Hide and Leather
newly listed, American Smelling, the To-
cal traction. Chicago Union Traction and
Tennessee Coal and Iron. Following this
movement st. Paul. which had been COM
paratively inconspicuous, began TO show
marked heaviness on profit taking iol-
1Aw b. 90 fxvf1A tic
ment. Traders seized the opportunity to
sell the list, and further uncertainty was
occasioned by rumors that the banks CON
templated a campaign against certain
high-priced industrials and pool stocks az
whole. Business fell off materially and
conservative commission houses advised
their clients to hold off for decline. TO
add to the general feeling of alarm money
on call was then being nominally quoted
at as high as 10 per cent, and was actually
loaning at IL per cent. The knowing ones
St. Paul. and that stock was in the throes
OF selling movement.
The afternoon session brought a slightly
better tone, but all hands were waiting,
and st. Paul and supporting orders in
Western Union, Baltimore & Ohio and sew
eral other stocks helped to steady the list.
st. Paul caused rally of more than two
points in that stock and the balance of
the list was strengthened, but not to any
great degree. st. Paul, on transactions in
excess of 10000 shares, registered a net loss
of ~ points. The days business was
rather narrow. though total operations
amounted to over 100000 shares. London
was again a moderate trader, transactions
amounting to 25,oo0 shares, and again on
the selling side. There was no demand for
BaltiMore & Ohio shares for that center
Thk money outlook unsa tisfa Glory
with a further loss of cash by the banks to
the subtreasury. The latter institution
transferred 100000 for the banks to New
Orleans and paid out 100000 for gold re-
ceiyed at San Francisco. There was no
further word as to gold imports and ster-
ling exchange fell off a per cent.
Railroad bonds were very firm to-day,
but transactions were narrow. Total sales
par value. 81, 301 900. United States new
fours declined Y and the threes % and the
old tours Il per cent. on the last call.
The following table shows the range Of
prices on Thursday: