New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-10-01

BONDS.
To-DAY's OPERATIONS IN STOCKS.

Stock market values failed To hold the ad-
vsnces OF the preceding Gay. declines being re-
corded throughout the list. amounting in many
cases 20 l per cent and more. Weakness in
Pennsylvania WAS an influential factor in shap-
ing the course Of prices. Heavy selling in this
stock and professional pressure against it were
not due to developments affecting the company
as there was nothing in the days news re-
Earding Pennsylvania OF an adverse nature, al
though bear operators endeavoled to create the
impression that there was something wrong
with the property. There il nothing the mat
ter with the PENNSYLVANIA system SO far as its
physical condition and earning power are con-
cellled. but the large amount OF new stock is
sued by the company is worrying the Street. as
1t is believed that this new capitalization has
not been at all digested by the public, and that
large amount Of the stock is in the hands Of
bankers, who are SO tied up with it that their
resOrces are unavailable for other purposes at
= time when they need them the most. There
have been more stocks issued in the last few
years than the country can take care OF. and
the process Of distribution can apparently only
l,e accomplished by What many people consider
sacrifice prices. Cheap prices for stocks ought
90 prove safe digestive tablet for the current
stock market dyspepsia
In 1901 the authorized capital stock Of the
Pennsylvania Railroad was increased by S1oo.-
100000 to SOL. 100000, while last March the
stockholders voted to increase the stock to
s400.eo0.ceo. OF the last increase SO $50 800
was issued in exchange for convertible bonds
ana S75o,09f0 Uas subscribed for and paid
in full in June. the balance being one-half paid
in and the remainder payable in equal install
Ineuts in October. 1868. and June. 1904. The
increase in capitalization made for various
purposes. including improvements. and for the
purchase Of stocks OF other companies from
NH
in dividends. Current earnings are large enough
20 the dividends, despite The Increase in
stock and the Street Is not worried about the
oompany's AGILITY always TO pay dividends, pos
sibly not per cent, its uneasiness over Penn
sylvania affairs having to do entirely with the
belief that many people tied UP with the
stock to an extent that is menace to the gem
eral market The new stock was offered at l20
time when the outstanding stock was SELL
ing above 40. In yesterdays market its clos
ing price was lI6's. New-Tork Central has
not been putting out new stock Of late. its
capitalization now outstanding amounting 10
SI32 oe00oO; Vet traders are apparently beaTish
on the issue. on the theory. no doubt, that the
company viii be compelled to add largely TO its
stock in order 10 carry out contemplated i'm
provements. There is little chance Of a new
stock issue this year. and possibly not next
year. as the money market is in no condition to
finance new capital issues. WINE ire BuhliC <-lo
even the banking interests who usually may be
depended on 10 finance such schemes, have been
too badly hurt in the years decline in values
70 help out corporate extension plans
The United States Steel shares were frac-
tionanv lower and were not under heavy SELL
ing pressure. although the bonds reflected fur
Their heavy selling by the underwriting syn
dictate Il vas reported yesterday that Of the
500 COO 600 bonds underwritten by the SYN
dictate S44.0e00oo had been sold. leaving S56.-
100000 for the syndicate. Net gains made
were confined TO shares Ia which trading was
light the active issues closing well under Tues
DAYS final figures Money market rates were
unchanged. but sterling was lower
On the London Exchange British consols were
strong advancing nearly a point above the pre-
ceding day. II announced that purchases
Of consols 10y the government for the sinking
fund would be suspended, a factor which failed,
however, 70 affect the price, owing 10 the con-
troll Of technical conditions over the market
Regarding bank conditions in this country, II
r. interesting to study the returns OF the ma
tional banks (4.SgD ia number TO the Con-
trOller Of the Currency under his call OF Sep
ternber 3. The general position is sound show
Ing. rule. a better situation than at this
time last year. deposit liabilities for instance.
being smaller than year ago and cash holdings
larger by $4,000 600 The striking feature OF
loans. s90O000o0 OF which represents an in
crease in capital and surplus.