New-York tribune., 1902-08-29
BONDS.
THE DAYS OPERATIONS IN STOCKS

q Z & D Rs. 225s = 7.iTn Pac conv is-lllI2 = =
THE DAYS OPERATIONS IN STOCKS
There was fair demand for stocks in yes
ferday's market and despite irregularity caused
Inv realizing sales final prices showed more net
gains than losses. The so-called Chicago crowd
apparently was heavy seller throughout the
sis4 hu. offerings were so we'll taken that prices
were not materially affected. declines when
made being insignificant. In the first hour a
tendency 20 even contracts over the approach
ing three day suspension Of business deNel-
,oped The market acted so we'll in the selling
that good Judges freely admitted that no ma
terfal decline could be expected until conditions
tv1nderIying values experienced an unfaNoraole
change The railroad shares that have been ac-
-ive for the last few weeks were in demand at
advancing prices especial activity being re
;corded by Atchison. Canadian Pacific, Balti-
more and Ohio Illinois Central. Pennsylvania
Reading. Southern Pacific. Toledo, St Louis
..nd Western issues and Union Pacific. Buying
aof Union Pacific convertible bonds also ac-
tive In order to make conversion profitable the
stondholder who gives a Union Pacific converti-
lfIe bond having four months interest accrued
FOR stock having four months dividend on must
buy the bond IS per cent below the price OF the
stock In other words, bondholder gives a
ibond having four months interest accrued Tor
stock having five months dividend on he
must. therefore pay cash for one months inter
.est-l-12 Of per cent. equal TO s. ;}3 ID per
! 81 600 bonds After the dividend is paid. the
oualization of interest would be in favor of the
ihondhoIder until his coupon becomes due, on
November l. The conversion Of the bonds has
amounted 10 almost nothing for the last two
months but it is understood that as conse-
ouence of the fluctuations Of the last few days
q large block may be presented
In the industrial list Colorado Fuel and Iron
was the leading active feature The STOCK
ffuctuated wildly, but at the close showed a net
gain of "a points. If it is true that the
f,o1;Id- Hartman Hawley interests have bought
enough Colorado Fuel and Iron stock to give
them control of the company, much the bet
Ter for the property. Recent disclosures re-
.srding the methods of the present manage
,nent have not induced confidence in the future
of the company. and as the concern under able
MANAGEMENT is capable Of showing good results
the advantage of control being owned by new
interests is apparent. Mr.. Hawley and his
friends recently bought the majority interest in
the Colorado and Southern Railroad, and by
owning the Colorado Fuel and Iron Company
they would secure for the Colorado and South
ern absolute control Of the fuel and iron COM
nanv,s traffic business 1t is interesting TO note
that Colorado and Southern stock is being
o,,tetly bought by well known Wall Street
houses This is one Of the attractive cheap
stocks that will doubtless sell at 80 before it
suffers an important reaction. 1t closed at :55Ss
yesterday Consolidated Gas and Sloss-Shef
field Steel and Iron were also features in the
industrial list the latter advancing y points on
b11vine evidently induced by the company s
Growing b,,siness and talk of a dividend. The
decline in American Bicycle was attributed 10
selling by an important interest retiring from
a-so in he
n1ent.
The Suh-Treas,1ry transferred for the local
hanks 100000 TO the South and West. while
The statement of operations Of the hanks with
the Sub-Treasury since last FRIDAY showed
gain by the latter institution Of over S9'tWFfI
IL is thought that the banks have reduced their
leans and deposits 10 an extent that VIII on
SET in to-rnorrow-s bank statement the heavy
,oss in cash holdings. Can money ruled
changed rates in yesterdays market and de-
xnite the beginning Of the demand for funds
for crop moving purposes there was no indlca-
,io, NJ uneasness in banking circles over the
monetary situation The light reserves at this
centre have naturally been the subject Of care
full consideration by local bankers and teoefaI
Urea sury officers. and preparations TO meet lhe
demand tfat viii arise as result OF the pls
crops have already been made The banks
have IL is understood, made arrangements to
take OUT large amount OF new clrcuIaton. lot
use chiefly for local purposes. meeting interior
reouirenents with legal tenders a report that
S1oa on0 600 Of new circulation would be issued
IS doubtless exaggerated. as il is not at all
likely that the New-York banks could collect
enough government bonds TO secure such
large amount of circulation
sn srnportaat announcement affecting the
future welfare of the Southern Railway was
made by the voting trustees after the close OF
business Yesterday, inviting the stockholders
10 consent to an extension of the voting trust
for FIVE wears The reasons for continuing the
voting trust are sound that al stockhold-
ers should not hesitate for minute TO act in
accordance with the present trustees request
The Southern Railway has been ably handled,
and its future will be much safer in the hands
of the voting trust than in the hands Of specu-
lators who without voting trust, would be
able 10 buy control Of the property in the open
market II is also important to the future
welfare Of all the Southern roads that control
of the Southern Railway shall remain, for
the present at least, with Mr.. Morgan and his
associates who are engaged in important nego
tiations affecting the whole railway situation in
the South.
THE DAYS OPERATIONS IN BONDS.