New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-01-15
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Stock marke: operations, while showing an
increase in activity compared with the pre-
ceding day. amounted TO only 346,42o shares.
with the heaviest dealings In Amalgamated
Copper. United States Steel preferred. Penn
Eylvania Southern Pacific Wisconsin Central
Issues Rock Island and Union Pacific Buying
of Wisconsin Central stock again the feat
Of the trading but the operations were not
attended by news developments affecting the
property. The preferred enjoyed a maximum
advance OF 2 points, the demand apparently
coming from traders rather than from interests
identified with the property. the first named
evidently operating the theory that the
ttvity IN this issue in the last few days
deoted accumulation of the stock by people well
Informed regarding the affairs of the company
and possibly. developments affecting the future
of the property. Values moved in a most ir-
regular manner throughout the day, without
important change ar the close. the greater num-
Der OF issues showing Insignificant net differ
ences compared with the final quotations in
Wednesdays market net gains predominating.
sentiment was favorably impressed with the
more optimistic advices regarding the situation
in the Far East, while the ease In money and
the reports from various parts OF the country
respecting the business outlook encouraged bull
fish opinion in speculative circles, although they
did pot induce active outside demand for
securities. The so-called public showed no dis
position TO come into the market. and accord
ing 10 the talk heard IN commission houses.
business for the outside was at a minimum
Pennsylvania and Wabash stocks were firm on
further gossip regarding the so-caled Penn
sylvania-Gould situation. but there was no news
on either the Pennsylvania or the Gould prop
critics. Wall Street continues to talk about a
settlement OF the Pennsylvania Gould differ
ahead with their plans for the betterrnent OF
their properties. irrespective OF the irresponsible
talk heard in speculative circles
ROCK Island securities were not adversely af-
fected by the announcement Of the proposed
bond issue plan. although certain traders at
tempted 10 depress their prices II is proposed
10 make an Issue, not TO exceed S163 600 600 for
thirty years at per cent, subject to redemption
prior TO April /. 1911; S15OO0OOo to be put out
at once. SS2.0o0OO0 TO be reserved to take up
existing bonds. S13.000,OOO to be reserved to
provide funds to pay for securities of companies
that may hereafter be acquired, So, 100000 for
the same purpose or for permanent improve
ments and S27O00oOO exclusively for future
improvements. including equipment. 1t is pro-
posed 10 make the new mortgage a first lien on
property which is unmortgaged TO the value
Of about $4,000, OF which S120o is on new
equipment. the mileage represented amounting
TO Las. The new mortgage Will be Junior
lien all the railways of the Rock Island sys-
tenn. amounting TO 6,S2S miles It will doubtless
require no great amount Of time for holders of
the Rock Island stocks understand the pro-
visions of this plan, for which they win have an
opportunity to vote on March 2l- The company
has no floating debt and its gross earnings are
large although net earnings have recently been
under the record Of the corresponding time
year ago
Call money ruled at per cent in the greater
oh, In
time funds. In the sterling exchange market
rates after declining TO 4S5A closed higher at
4s5h for demand. In the foreign markets
money was easier and securities. especially gov
eminent issues. were higher.