The times. [volume] (Richmond, Va.) 1890-1903, 1902-04-04
SOM New LIF
IN TIL MARk!E!
Early Dizziness Cave Way TO q
Very Active Market.
=AT A.DvANcIN PRICES.
st.PauIsLed in the Movement. Going Up
Four Points-The vanderbiIts and
Union Pacific Were Also
Fairly Strong.

In the early part of the trading yester-
day the stock market was still sleepy and
dull. and the ticker was silent for min
utes at q time. But later on the market
walked up and showed more snap and ac-
movement was led by St. Paul. which
made sensational jump from 1651s to
1697., the movement being attributed TO
no news. however. to account for the rise.
AS soon as st. Paul began to rise, the
Vanderbilt roads all took on strength and
the whole market broa dcncd. Toward the
and active. and Louisville and Nashville,
which had been in the dumps for some
time past, jumped from 10oH to 101, the
last sale being at that price.
COLORADO AND SOUTHERN.
The Colorado and Southern stocks were
also in good demand at advancing prices.
The common sold at ISIS, the second pre-
ferred at 40, and the first preferred at
721z. Atchison scored a good advance and
Union Pacific showed more snap than 1T
has as for some tiE1e. going up above lo2,
and Union Pacific led in the upward move,
ment was taken as favorable sign, and
as the close was strong and active at the
best prices of the session. traders are eX-
signs that the long talked of bull market
has come. but it is never safe to make
PREDICTIONS concerning the stock market;
furry. and the market may to-day re-
laps0 NO CHEMICAL CHEMICAL; IS UP.
strong yesterday. Selling at e 1851 M
Wabash road. for the four weeks in
March. increased it's earnings SIS oe4; Buff
si.1Si: Hooking valley Increased si4,sss.
The directors Of the Tennessee Coal
and Iron Company have declared their
regular quarterly dividend of two per cent.
on the preferred stock, payable May
the list.
CRITICIsING THE STEEL PLAN.
Yesterdays New York Tribune says:
The basis of exchange of stock of the
United States Steel Corporation into bonds
! under the proposed plan of conversion is
announced as follows by George w. Per
kins, chairman of the Finance Commit
tee:
Preferred stockholders will have the
right to subscribe to an amount equal to
They will have to turn in 40 per cent. of
preferred stock and 10 per cent. cash
Forty per cent. of the preferred stock
per cent. cash to be called for is equal
to. $500OO.000, making up the $3.50, 00O, 900 of
the coming bond issue.
j. p. Morgan & Go. are the managers,
will control from 600 to s1O0 Co., 900 of
the. preferred stock to be retired. 1t is
| understood that the syndicate will receive
1or IT'S services per cent. commission on
the whole $3.50, 100000, or 100000, less
100000 to be paid to the syndicate mana
r gers i-s=
a good deal of comment adverse to the
plan is heard ard in Wall Street. The con-
version Of 800 COO, 600 Z per cent. preferred
stock into per cent, bonds Will mean a
saving of s4.0OO.000 a year to the steel
corporation. but the feeling is widespread
that that it Will directly benefit neither the
holders of the preferred stock. who lose
per cent although their bonds viii
probably sell several points above the
present level of the preferred. nor tho
the holders of the common, as the annual
fixed charges will by the change be in
e 81. as 6do from about s15ooooo0 to about
COO. Especial objection is heard
however to the proposed issuance of an
additional s5Q0c0,0 coo of bonds to provide
capital for uses which the directors de-
cline to disclose It's urged that {; more
conservative course would have been to
defer Tor q while the. declaration of divi-
aends on the common stock. thus effect
ing saving of more than $4,000. eco 3.
year: as this sum, with the so5, COO COO
SHOWN by the annual statement as>untli-
elded earnings. over and above the re-
qulrements for sinking fund and deprccia-
ton ana reserve fund. would by this time
nearly equal the amount to be realized
ny the sale of the extra $50, 900 900 of bonds
the interest on which will add $500. 600 =
year to the burdens Of the corpora ton