Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-05-12
FINANCE AND TRADE
Stocks Showed an Improving
Tendency Today.
LONDON A BUYER
THE FRISCO DEAL A BULL
FEATURE.
In a General Way the Street Seems to
Take an Optimistic
LONDON A BUYER

Special Dispatch to The Evening Star.
NEW YORK, May 12.-In the London
stock market American railway shares
were irregular at the start. but later in the
day there were advances averaging y per
cent over our final prices of yesterday. and
there was a little more activity there.
Opening prices in the local stock market
showed some fractional Improvements gen.
orally, and in some instances. notably in
st. Louis and San Francisco common and
in Colorado Fuel. there were gains of over
I per cent.
The street took a more hopeful view of
the Rock Island Frisco deal. and although
the former issue met with some realizing
sales. the latter stock was In good de-
mand.
In the official announcement made late
yesterday by ]. p. Morgan & Co. regard
ing this merger 1t is shown that for every
share OF Frisco" common stock, par value
500. the Chicago. Rock Island and Pacific
Company will deliver. through the above
mentioned firm. $50 par value in the 8 per
cent gold bonds of 1913 OF Chicago. Rock
Island and Pacific. and 80 par value of
the common stock OF Rock Island company
of New Jersey
The capital stock Of the latter company
will be Increased s3gyoGyDoS- The terms
OF the contract call 70, az exchange Of
s29.OO.oDO worth Of Rock Island sock for
S31.Oo0.OO worth Of ST. L0rts and San
Francisco stock and the turning over OF
the entire Frisco system Of 800 miles
to the ROCK lSlAnQ OIhCldlss ii4c NOAaA
mileage for the two systems VIII then be
IL 400 miles with total c. nitalization OF
$245, 100000
The government crop report showing
over 90 per cent average on the winter
wheat crop against little over 76 per cent
last year at this time was also a bull
favor, and had the effect of Strengthening
the granger shares and the Pacifics- The
latter were also helped by the halt called
by the labor leaders regarding the threat
ened strike on the Southern Pacific system.
pending conference which Will decide ct
the end Of the next fifteen days as 20
whether there will or will not be strike
on that road.
The chances seem to favor some kind OF
a compromise before the expiration Of tbs
time stated
The buying in Missouri Pacific was quite
heavy, and the same brokers who have been
active In the stock for the past week or
ten days were the purchasers. The price
OF the stock improved nearly point over
yesterdays figures, and this strength was
also reflected in the other Gould shares.
such as Wabash issues and Texas and Pa
cifc stock.
ST. Paul. Baltimore and Ohio common.
Louisville and Nashville and the Mexican
shares showed good fractional gains over
yesterdays final prices.
Commission houses had a few out of
town orders, and the room traders goner-
ally were disposed to work on the long
side of the account for further improve
Pennsylvania was still under pressure.
and the stock lost about " per cent in the
early trading, which was partially recov-
cred by the end of the first hour.
Copper was steady around 81. The other
industrials were neglected with the excep-
tons of Colorado Fuel and Iron and Amer
lean Smelling common, both of which
showed good gains. The Steel shares were
only slightly improved. and there was not
much doing in the local traction shares.
The subtreasury gained 1886, 900 from the
banks yesterday. but since last Friday it
has lost SLIT .0CO to the banks.
Up to noon there were lit 500 shares Of
stock traded in. Foreign houses were only
moderate traders on this side. The general
trend of the market at this time appeared
to be toward a higher level, and the spec
ulation broadened out a little In the fore
noon trading. The hard coalers were firm
on the good strength shown in Delaware
cent. The Gould stocks continued to show
an advancing tendency, led by Missouri
Pacific and the Wabash issues.
Canadian Pacific was also rather active
and up 9s per cent. In the early Afternoon
another drive was made against Pennsyl-
vania by brokers usually employed by
Mr.. Keene, who is believed to be short of
that and other active stocks. The move
ment looked like an attempt to unsettle the
rest of the list but this was only partially
low the best of the forenoon. and the
traders generally were expecting the rally
to extend further, owing to the activity
and the strength Of the Gould shares, and
also on account of what looked like some
encouragement toward higher prices from
the Standard Oil interests.
The market in the late trading became
very dull. but prices. as a rule. were hold
ing fairly well around the best earlier
prices. with the exception of Pennsylvania
and Metropolitan securities. both of which
were under pressure from the Keene fol-
lowing.