The Washington times., 1902-09-20
More Than Five Points
of Gain Retained at
the Close.
MISSOURI PACIFIC SECOND
The Street Not Disturbed by the Pros
pect of an Unfavorable Bank State
ment Tomorrow - Slight Advances
Scored in the Railway List.

NEW YORK, Sept. 19.-Strength, ir-
regularly distributed, characterized to-
days stock market st. Paul and Mis-
souri, Pacific together accounted for over
220, 900 shares out of a total of SS1, 500
shares, or about one-quarter of the days
record.
The movement in the first-mentionec
was fairly spectacular. the stock scoring
an extreme gain of 6ts points, of which
little over points was retained at
the close. The activity in Missouri Pa
cific coincidentally caused reiteration
OF the recent current reports OF prob
able closer relations between the two
companies. Independent of these the
ories the activity and substantial rise
in st. Paul are not surprising. in view
Of the exceptional strength Of the COM
pany recently disclosed.
Impressed by Earning Power.
Important interests have been con-
siderably impressed by st. Paul's great
earning power, and have been making
comparisons of the market prices of the
shares of other prominent railway COM
panies greatly to the advantage of ST.
Paul common. When the annual report
OF the company was published week
ago il was pointed out that the net earn
ings for the year ended June go not
counting charges for improvement to op-
Grafton. were 50, Gao. ASS. or equal to 9.19
per cent on the common, were as com
pared with net earnings of the Chicago
and Northwestern for the year ended
May 81, also leaving out charges of im-
proyement to operations, of 1850. l23.
or equal to 9.9S per cent on the common,
and, counting in charges of improve
ment to operation, that the st. Paul
earned net in the year ST., ,259. OF
equal to 12.S per cent, as compared with
net earnings by the Northwestern of
$l0.574, SIS, or equal TO 16.5 on the COM
mon
st. Paul Too Low.
The stock capitalization of the Chicago
and Northwestern, however, is about
SAC, 100000 smaller than that of the st.
Paul. prominent operator yesterday
expressed the opinion that st. Paul,
then about 1870. was decidedly too low in
comparison with Rock Island, which,
with the value of the various rights,
was selling yesterday equal 20 about 215.
Missouri Pacific retained only slight
fraction of an early advance of over a
point. Other railway stocks that at
tanned fairly large totals included Bal
fimore and Ohio, which was dealt in
to the extent of about $4,000 shares and
scored a fractional ne- gain. Canadian
Pacific, which. left off at the highest
price. 2is per cent above yesterdays
final figure. Atchison common, Manhat-
tan, Illinois Central and rights. Texas
and Pacific, and Southern Pacific.
Street Not Concerned.
Although rates for call money, which
today carried borrowers ever until next
Monday. were only slightly lower than
yesterday, the street did not appear con-
cerned over the indications of an unfav-
orabIe showing tomorrow in the weekly
statement of averages of the associated
banks. The known movements of money
show a loss by the banks in cash up to
the close of business on Thursday of
about SO, zoe, 900. The actual loss will
doubtless be less, as payments today
by the subtreasury in anticipation of
October Government interest and for
gold deposited at PacEc Coast points.
will show slightly and part of the loss
of the subtrcasury at the clearing house,
amounting TO ever 81 ,0oo, 900, will be re-
flected.
Advance in Tobacco.
A feature was sharp advance in Con-
eo1idated Tobacco IS on rumors of prob
able more harmonious relations between
the American and British tobacco inter
ests. Other strong features were Union
Pacific convertible As and Wabash de-
bentures
In the curb market the feature was the
trading in the new Rock Island issues.
The common at one time showed gain
of per cent. and the preferred an i'm
provement of a point. Later the ad-
yances were lost, but the bonds retained
a fractional advance. Virginia Coal and
Coke Company stock rose an extreme 3
per cent and the bonds gained a frac-
tton. United States Steel IS were firm
er, but dealings we're light. Northern
Securities advanced fractionally, and
New York Transportation improved a
full figure. United States Realty issues
were irregular ana fairly active.
Tie stock market closed strong
New York Stock Exchange, Sept. 70.