The times. [volume] (Richmond, Va.) 1890-1903, 1902-09-19
STOCK TRADING
WAS APATHET|C
An Undertone of Strength Was
Maintained Yesterday.
BETTER FINANCIAL SITUATION
Mo Relief in Gold Shipments Has Come
as Yet, but Confidence Is Felt That
Europe and Australia viii in
Due Time Supply Needs.
BETTER FINANCIAL SITUATION
By Associated Prcss.)

NEW YORK, Sept. 1S.-The stock mar
ket maintained the undertone Of strength
to-day, but the trading was extremely
epathatic outside q. spot;y assortment OF
stocks whose show of strength heiPea
70 sustain the general list. The money
market wss quiet, bit rates were still
Et1n. Loans We're left undisturbed, how
ever, and no pressure of liquidation was
forced. The level of prices, therefore,
was not disturbed except IN the synpa-
thettc influence of the strong stocks
which helped to harden the market. The
Gould group was the most active. Re-
ports of a plan were current with color
OF Official sanction, whereby an exchange
OF St Louis Southwestern preferred was
to be made for Missouri Pacific bond
This was Interpreted by a speculative con-
tinSent as a forerunner OF the long eE-
pected Gould consolidation plan. MISSOURI
Pacific contributed to Inc movement late
in the day and took the leadership OF the
whole market.
The return Of President Could from q
tour of inspection helped to stimulate the
movement. Rock Island made a Inuch
larger gain on a small volume OF dealings.
The advance was based upon the decision
Of the Iowa State authorities that tht
Rock Island reorganization plan is not
in contravenion Of the Iowa law There
was activity and strength in the curb
market in contracts FOR the new ROCK
Island securities. The stocks Of indepen-
dent steel companies were strong as
rule because Of the report OF the N, ex ,5a-
of iron and steel products and a degree
OF activity IN production, which is limited
only by the supply Of material: The
freezing weather in the Northwest was
,enored IN the corn and wheat markets,
which helped to stiffen stocks The COM
parative heaviness Of some Of the South
ern railroads may hare been due to the
persistent untaYorabie reports from the
cotton crop.
Money outlook continued fine principal
topic OF discussion in the financial dis
rTt- tN1J ~, ~,
the situation to-day. Al additional en-
gagement Of ssoO0 eo Australian gold was
announced to arrive several weeks hence.
The banks continued to lose TO the sub
Treasury. notwithstanding the disburse-
1nent by that institution on account OF
October Government interest. The Gus
toms collections and the deposits for
transfer to the interior more than Offset
the interest payments. However, loss to
the Treasury since Friday has reach
ed only sl.e5S,0eo, compared with s4.725, 900
for the same tine last week
While the drain is thus reduced. It VIII
be seen that nothing of the needed recu-
peraton Of the banks reserves has been
afforded by the Treasurys measure of
relief. The fact that the Bank Of Eng
land Tefrained from advancing its dis
count rate to-day was given q favorable
Interpretation, but sterling exchange hero
continued to harden to a fun cent above
the low level OF the week. carrying ex-
change well away from the gold import
point The market closed dull and steady
steady. Total sales. par value. s. 229, 900.
United States refnnding Is advanced q,
the s's Il and the old As e per cent. The
new As declined L per cent. on the last
call.
The total sales of stocks for the day
were s73.soo shares, including Atchison
s.7o0; Canada Pacific, $500; Baltimore and
Ohio $500 Rock Island, $3.50; Erie, $500.
Illinois Central. 800: Louisville and
Nashville, $500: Manhattan Go. 500; Mis-
souri, Pacific. 7e,6l; Pennsylvania, 1a.Spl;
Reading ESQ: ST. Louis Southwestern
preferred $500: ST Paul, 1860; Southern
Pacific, 11.60o: Southern Railway. 600;
Union Pacific. 9.1U0: AInalgamated Cop
per. $500: 5. r T. 600: G. T. L. 1873:
tinted States Steel. 1t,60p: United States