The Birmingham age-herald., 1902-09-19
STOCK TRADING
 LACKING IN LIFE Undertone of Strength Was Maintained Anyhow MONEY MARKET IS QUlETER
  Stocks of Independent Steel Companies Were Strong as a Rule Because of Pressure of Orders for
 the Product.
MONEY MARKET IS QUlETER

New York, September ls.-The stock market maintained it's undertone of strength today, but the trading was ex- tremely apathetic outside a spotty as sortment of stocks. whose show of strength helped to sustain the general list. The money market was quieter but rates were still stiff. Loans were left un- disturbed. however. and no pressure of liquidation was forced The level ol prices. therefore. was not disturbed ex- cept as the sympathetic influence of tho strong stocks helped to harden the mar ket. The Gould group was the most con- spieuous.
 Reports of a plan were current with color of official sanction. for an exchange Of St. Louis Southwestern preferred for a Missouri Pacific bond. This was inter- preted by speculative contingent as a forerunner of the long expected Gould consolidation plan. Missouri Pacific came into the movement late in the day and took the leadership of the whole market. The return to New York of President Gould from tour of inspection served to stimulate the movement. Rock Island made much larger gain on a small volume Of dealings. The advance was based upon the decision of the Iowa state authorities that the Rock Island reorgan- ization plan is not In contravention of the Iowa law. There was activity and strength in the curb market in contrast for the new Rock Island securities
 The stocks of independent steel com panies were strong as a rule because of the reports of the extraordinary pressure of orders for all grades of iron and steel products and degree of activity in pro- duetion, which is limited only by the available supply of material. The freez- Ing weather in the northwest was ignored until the break in the corn and wheat market, which helped to stiffen prices The comparative heaviness of some of the southern railroads may have been due To the persistent unfavorable reports from the cotton crop.
 The money outlook continued the prin- clpaI topic of discussion in the financial district. There was no radical change In the situation today. An additional en- gagement of half million dollars, Aus tralian gold, was announced to arrive several weeks hence. The banks con- tinued to lose to the sub-treasury not withstanding the disbursement by that institution on account of October gov ernment interest, the custom collections and the deposits for transfer to the in- terior serving to more than offset the interest payment However, the loss to the treasury since Friday has reached only $l90,0O0 compared with $4, 725,000 for the same time last week. While the drain is thus reduced, it will be seen that nothing of the needed recuperation of the bank reserves has been afforded by the treasury for relief. But sterling ex- change here continued to harden full cent above the low level of the week, carrying exchange we'll away from the gold import point. The price of gold in the London market was advanced and something over a million dollars was withdrawn from the Bank of England for shipment to points other than New York. It is evident that the quiet money market In New York is due in no small part to the constraint upon the specula- tion at the stock exchange. The market closed dull and steady.
 The bond market was dull and about steady. Total sales, par value, $2,29O.- 900. United States 2s advanced A; the 3s 14, and the As 1S per cent. The new 4s declined IA per cent on the last call.