The Savannah morning news., 1902-09-12
STOCKS AND BONDS.

New York, Sept. 1.-THE "street"
experienced a genuine surprise to-day,
when the directors of the ST Paul road
placed the common stock on a Z per
cent. basis. This was better by half
of 1 per cent than had been expected,
and the market, which had been un-
settled all day as a result of conflict
ing rumors regarding st. Paul, and an
advance in call money to IL per cent,
closed very active, but weak.
The list opened with considerable
strength, receiving encouragement
from London, where Americans alone
were firm. Other factors which made
for higher prices were the govern
ment's monthly crop report, and the
wedding out on the previous day of a
number of weak accounts. The most
noteworthy movement was at the OPEN
ing. in Baltimore and Ohio. The
strength of that stock was explained
later, when 1t became known that the
directors of the road had authorized an
issue of extra common stock to the
amount of $42 800, 600 The issue to car
ry with 1t the right to subscribe at
par. In the same early movement
there were gains in Missouri Pacific,
Louisville and Nashville, Southern
Railway, Reading, Chesapeake and
Ohio and other coalers. Rumors, later
found to be false, were responsible for
an advance in Colorado Fuel, which
soon lost it's Improvement Initial
dealings also showed better prices for
American Smelling, the local fractions
and Tennessee Coal and Iron.
Following this movement, st. Paul,
which had been comparatively incon-
spicuous, began to show weakness on
prof1t-taking, followed by rumors of
dividend disappointment. Traders
he tn 30 coll ffs.+
and further uncertainty was OCCASION
ed by rumors that the banks contem-
plated a campaign against certain
high-priced industrials and pool stocks
as a whole. Business fell off mate
rally, and conservative. commission
houses advised their clients to hold off
for a decline. To add to the general
feeling of alarm, the money on call
was then being nominally quoted as
high as Is per cent, and was actual
ly loaning at II per cent. The know
ing ones seemed altogether in the dark
regarding st. Paul, and that stock was
in the throes of a selling movement
The afternoon session brought a
slightly better tone, but all hands were
waiting on st. Paul and supporting cr-
ders in Western Uuion. Baltimore and
Ohio and several other stocks helped
to steady the list. Announcement Of
the ulNlleLu dtllDii Otl 81 raul caused
a rally of more than 2 points in that
stock, and the balance of the list was
strengthened, but not TO any great ex-
tent. St Paul, on transactions In ex-
cess of 10000 shares, registered a net
loss of 1h points.
Railroad bonds were irregular to-
day, but movements generally were
narrow. Total sales, par value, 81, sos. -
600 United States new is declined
Y. the ss q and the old As q per
cent on the last call.
Total sales Of stocks to-day were -
or 200 shares, including Atchison 40
200. Baltimore and Ohio, lf6, 100; Ches-
apeake and Ohio, ~ 400; Erie, II 300;
Louisville and Nashville. n 500: Man
haitian, $500. Missouri Pacific, 400;
Ontario and Western, 5000. Pennsyl-
yania. 10 700; Reading rs 100 Read
Ing first preferred. 1890. Reading sec-
Ond preferred. 1920. 81 Paul. 81 100.
Southern Pacific. ~ 500 Southern Rail
way 5000. Texas Pacific. ", 500:
Union Pacific, sil0o, Amalgamaisd