The Birmingham age-herald., 1902-09-12
Common Stock Placed on Seven Per Cent Basis
FOOLS ENTIRE EXCHANGE
As Result of the Previous Uncer- tainty and Conflicting Rumors the Market Closed Very Active, But
 Weak-List Opened Strong.

New York, September 1.-The street experienced a genuine surprise today when the directors of the lt. Paul placed The common stock on a per cent basis. This was better by half of one per cent than had been expected, and the mar ket which had been unsettled all day as a result of conflicting rumors regarding St. Paul, and an advance in call money to Il per cent, closed very active. but weak
 The list opened with considerable strength. receiving encouragement from London, where Americans alone were firm. Other factors which made for higher prices were the governments monthly crop report and the weeding out on the previous day of a number of weak accounts. The most noteworthy movement at the opening was Baltimore and Ohio The strength of that stock was explained later when it became known that the directors of the road had authorized an increase of extra common stock ,o the amount of $42, 300, 000 the issue carrying with it the right to subscribe at par. In the same carry movement there were rises in Louisville and Nashville, Missouri Pacific, Denver and Rio Grande, Southern railway, Ches- apeake and Ohio and other coalers Ru- mors, later found to be false, were re- sponsiDIe for a rise in Colorado Fuel which soon lost it's Improvement. hi tial dealings also showed better prices for American Hide and Leather (newly listedD, American Smelling, the local 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 fol- lowed by rumors of a dividend disap- pointment.
 Traders seized the opportunity to sell the list and further uncertainty was oc- casioned by rumors that the banks con- templated a campaign against certain high-priced industrials and pool stocks as a whole. Business fell off materially and conservative commission houses ad- vised their clients to hold off for a de- cline. To add to the general feeling of alarm, money on call was then being nominally quoted as high as 15 per cent, and was actually loaning at Il per cent The knowing ones seemed altogether in the dark regarding St. Paul, and that stock was in the throes of a selling move ment. The afternoon session brought a slightly better tone, but all hands were waiting on St. Paul and supporting or- ders in Western Union and Baltimore
 
 to steady the list.
 Announcement of the dividend action on St. Paul caused rally of more than 9 points in that stock, and the balance of the list was strengthened, but not to any great degree. St. Paul on transactions fin excess of 60,00O shares registered a net loss of 119 points. The days business was rather narrow though total operations aggregated to over one million shares London again was a moderate trader transactions approxim ating 25,0OO shares, and again on the selling side.
 There was no demand for Baltimore and Ohio shares from that center. The money outlook was unsatisfactory, with further loss of cash by the banks to the sub-treasury The latter institution transferred $100000 for the banks to New Orleans, and paid out $2OO,000 for Seattle gold received at San Francisco. There was TO further word as to gold imports. and sterling exchange was weak with actual business in bankers bills at 4S5. .750 4S5.s7 for demand and at 4S3 for sixty days bills.
 Railroad bonds were very irregular to- day but movements generally were nar- row. Total sales, par value, $4,505, ,O0O
 United States new 4s declined b; 3s. %, and the old As, A per cent on the last call