New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-09-20
SIX rights. FIX dividends.
BONDS
THE DAYS OPERATIONS IN STOCKS

There was a noticeable increase in the volume
of business in yesterdays market an ad-
vancing level of values Decided strength was
shown in many issues while al the close the
greater number Of stocks exhibited net gains as
compared with Thursdays last quotations Call
money presented further evidence Of ease. and
DESPITE the fact that the end Of the week de-
mand was active, rates did not go above per
cent. 1t is believed in banking circles that the
money market has experienced its highest level
OF the season but it is not thought likely that
easy quotations will develop for some time to
come According TO the known movement OF
money this week the local banks have lost in
cash holdings over S36s0020. but there may be
unknown offsets which will admit of a more
[favora BILE showing in the weekly statement of
averages. II is quite likely that further loan
contraction has taken place, and il is. there
fore. possible that reserve above legal require
rnent will not be materially affected by the
loss in cash If the reserve should be wiped
out there should he no demonstrations OF
easiness. as such a condition viii prevail for
short time only. Sterling exchange was easier
under the influence Of an increased supply Of
grain and cotton bills.
Active buying OF st. Paul and Missouri Pacific
was reported in yesterdays market Other
stocks exhibited activity. but the two issues
named supplied the leading market features.
St Paul advanced at opening of 1919 1875
TO 1867. closing at 1876 net gain Of 51s points
Missouri Pacific did not enjoy such conspicuous
improvement. but the stock was absorbed by
an excellent class Of buyers. ST. Paul is
Rockefeller road. and Missopri Pacific belongs
TO the Goulds. The Rockefellers however. have.
il is understood. bought large amounts Of Mis-
souri, Pacific and are working in harmony with
the Gould interests. a reflection Of which is seen
in the traffic alliance between ST. Paul and Mis-
souri, Pacific. St Paul stock al its present price
yields about 81 per cent. while Missouri Pacific
yields trife over per cent Both stocks are
sound investments. and despite their present
levels II is thought that Missouri Pacific will go
above 80 and ST Paul above 200
The Gould system of railroads is constantly
growing in Importance as factor in the An1eri-
can railroad situation. The various properties
have been brought to state Of physical excel
Ience that ten years ago thought impossible.
while their financial condition has shown cor
responding Improvement. The Gould stocks
have become popular investment favorites- Mis-
souri, Pacific may become the parent company
Of 2 big Southwestern consolidation II already
is a big link in what is practically q transcon-
rfnental line. and its investment future is Xix
ened TO that OF Lake Shore and Northwest. The
wabash road Is another link in the Could chain.
bringing the system 10 the lakes and tidewater.
purchase of the Western Maryland and West
Virginia Central roads. Wabash shares and
debenture bonds were taken By good buyers yes
terday The preferred stock is quoted among
the cheap priced issues but it should not long
remain under 75-
Atchison, Baltimore and Ohio, Canadian Pa
ciflc Illinois Central. Pennsylvania. St Louis
Southwestern, Southern Pacific and Texas Pa
cfc were also active features in the railroad list
The decision by the NeW-Jersey Court of Ar-
11eals favorable 10 the United States Steel Cor
roration's bond conversion plan induced active
buying Of the steel shares. but enough stock
came on the market TO prevent an important
gain in values. The company is free to
proceed with its bond conversion plan unless en-
Joined by soma later suit National Lead was a
leading feature in the industrial list at a net
sair Of two points. United States Leather com
mon was also active gain of point
Further quiet buying Of American Car and
Foundry was reported. The American Car and
Foundry Company has received in the last week
orders for IA cars In the bond market big
business was done in Consolidated Tobacco Is
Union Pacific convertible IS and Wabash de-
benture Bs,