The Washington times., 1902-09-12
Early Buoyancy Followed
by Confusion and
Final Reactions.
3. & o. LOSES ADVANCE
Authorization of New Bond Issue Acts
as Check on Upward Movement in
This Stock = Reading Retains Only
Slight Fraction of Improvement.

NEW YORK, Sept. 1.-THE stock
market today showed the activity. wide
distribution of dealings, and daily new
have beee familiar developments for
some time. The course of prices was ir-
regular in the extreme, early strength,
verging upon buoyancy, being succeeded
later by confused movements and final
reactions. The market was subjected to
trading the Unexpectedly liberal treat
ment of the common stockholders of the
st. Paul in the dividend declaration and
an extreme advance in call money to u
per cent unsettled the general list
St. Paul, after an early fractional ad-
vance, displayed heaviness until the ac-
tuai result of the dividend policy was
made known. The final price movement
was erratic, owing to some confusion in
the publication of the details of the div
idend action and the stock at recovery
of nearly point from the lowest price
closing figure. The previous payment
on the common for the first half of the
fiscal year was per cent; today's pay
ment Of S1s per cent and half extra
places the stock upon a full per cent
basis. and entities it to pro rata di-
vision of increased dividends hereafter
with the preferred stock.
Interest Diversified.
The ,5;yarS;fv ,f ;p+oroct ~ +ho nav
ket was shown by dealings in Baltimore
and Ohio common in excess of 1876, 900
shares, and by heavy trading in Reading
common. The first mentioned lost all of
an early gain of 1A per cent on the an
nouncement that the directors had au-
thorized the Issue of s42, 900 of new
stock for betterment purposes, and
Reading retained only slight fraction
OF an extreme improvement of nearly
two points.
The preferred issues were relatively
stronger, the second preferred gaining
over point. The trading in the CON-
mon was in large blocks and the selling
was explained as due to disappointment
over the denial of reports of an i-npe-
dfate settlement of the anthracite coal
strike.
Stocks that were prominent in point
Of activity other than those mentioned
include Atchieon common, Brooklyn |
Rapid Transit, Erie common, Missouri, |
Kansas and Texas, Southern Pacific, |
Southern Railway, Texas and Pacific, |
Union Pacific, and Wabash preferred, all !
Of which sustained fractional net de- |
ciines, and Chesapeake and Ohio, Mis- |
souri, Pacific, and Louisville and Nash
vile. which established net gains ex-
tending to a point in the last men
toned.
Detroit Southern issues showed in
creasing activity, the buying being at
tributed to interests that have been ac-
the securities for some time.
Western Union was extensively dealt
In, and after displaying considerable ir-
regularity il closed nearly a point
higher than yesterday.
New B. & o. Stock.
The new Baltimore and Ohio common
will be offered at par to present hold
ers OF both common and preferred and
debentures. The rights are
equivalent to 30 per cent of present
holdings. The Industrial list was COM
paratfvely neglected. Amalgamated Cop
Der was rather heavy, while American |,
Heating and Lighting common and pre-
erred, which were dealt In for the first ,
fme on the regular list, scored a frac-
ional net Improvement.
The United States Steel stocks were
luiet and finished slightly lower on the
lay. The railway bond market was fair !
active and the tone was in the main
teady.
The curb market was active in only a
lew issues and prices showed consid-
'rable irregularity.
The stock market closed unsettled.