The Savannah morning news. (Savannah, Ga.) 1900-current, 1902-06-24
STOCKS AND BONDS.

New York, June 23.--The dominating
influence of the small professional
operations was manifest in the tenden-
cy of prices of railroad stocks to react
to a previous level The only trace of
large speculative opera lions was in the
Gould group led by the Wabash, and in
Readings. The industrial department
was weak. with the exception of one
or two unimportant stocks, and was
under pressure of what looked like
genuine liquidation.
The buying Of the Waibashs was I'M
explained by any new development. 1t
came from the same sources as have
been active for some time past in this
group of stocks and represents the eff
fort to realize the Improvement in the
properties through recent extensions
and new acquisitions. The news of
the day included a report of an appeal
to higher court of the city of Pitts
burg's case against the entrance into
Pittsburg by Wabash and an author
lied statement of the project for a new
railroad from Denver. to Salt Lake City
to connect with a proposed railroad to
Los Angeles. This project is avowedly
intended as competitive to the Western
extensions of the Gould system. But
the large buyirg of the various Gould
stocks was not checked in any degree
by this news. St. Louis Southwestern
preferred, which has usually moved in
company with the Gould stocks, was
reactionary This was the more con-
spicuous in view of the further advance
of points in Chicago and Eastern I'LL
nois, supposed to be set aside for
absorption in the interest of the ST.
Louis Southwestern Manhattan
shared in the strength of the Gould
stocks in the early dealings and inn
parted some strength to the local trac-
tons. The liz points advance in Read
ing apparently was designed as an an
swer to the address by the president
Of the United Mine Workers. Most of
this gain was lost on the reaction.
Among the industrials, Colorado Fuel
was conspicuous sufferer on account
of the supposed dispute amongst in
siders as to the continuance of divi-
dends upon the stock. The heavy tone
of Amalgamated Copper recently, also
gave way to positive weakness in view
of the continuing decline in the price
of copper and the heavy production.
Supporting orders seemed to be with
drawn in United States Steel and that
stock suffered a net loss Of nearly a
point. II is the general conviction in
Wall street that the proposed plan for
conversion of preferred stocks into
per cent. bonds viii be blocked by the
courts, thus leaving no offset to the in
crease Of fixed charges on the $50 600 900
new bond issue. There seems to be a
fear that the payment of dividends on
the common stock is thus threatened.
The closing was easy at the consider
able reaction in railroad stocks. A
number OF the less active railroads
show large losses.
The bond market was moderately
active and irregular. Total sales. par
value, s., $50. 900.
United States new A. declined 4 per
cent. on the last call
Total sales Of stocks to-day were
1920 shares. including Atchison,
5000. Manhattan. 1860. Mexican Gem
trail, 300. Missouri Pacific, ~. 900. Mis-
aoud. Kansas and Texas. 1890 Read
ing 81. 900 81 Paul. 1000, Texas Pa
cine. 1890. United Pacific. TOO.
wabash. 75.5Qg, Wabash preferred, Ca