The daily morning journal and courier., 1905-09-30
STOCK MARKET FEATURES
CALL MONEY AT SEVEN PER
 CENT. FOR 4 TIME.

COming4The Rise in U. :. bOnds-
 The New Arrangement of U. s. Rub-
 Der Stock.
 The stock market rose steadily in the face of a rise on call money to seven per cent, the highest of the year.
 With call moneys price so well up, many expected prices to fall, but the market ignored the money question.
 Reading second preferred and Rail- way Steel Springs common, for indi- yidual reasons rose f to 5 points. New York Central more than recovered It's 1 1-4 per cent. dividend, and other shares rose 1-4 to S-4 above Thursdays closing.
 The reason the market ignored the rise in call money was because the rise is expected not to hold. Cheaper mon ey is expected next week.
 It is expected, however, that money will rule for the next few weeks at least.
 Talk on Southern Pacific, Union Pa cific and Canadian Pacific is still bull l ish.
 In Boston yesterday 207 was bid for New Haven stock, and POS is asked. There has practically been no trading at all since the conditions of the bond , issue were made public.
 President Vreeland, of the Metropol- 1 itan, says: T do not see much chance for an extension of the surface lines in l New York, the development of trans | portation facilities in the future will be chiefly underground. l see no rea- son why there should not be an under ground road in every important avn nue, and think it not unlikely that such will be the case at no very distant 1 time.'
 The banks have lost $6,679,000 to the Sub-Treasury this week, and the total cash loss is estimated as high, as $S,1O0,- GOO. An unfavorable bank statement is in prospect to-day unless the trust
 companies come to the rescue.
 The Central Leather company an- nounces that hereafter it will allow a discount of but 1 per cent. off ten days, radical change from the long stand ing discounts of per cent. off thirty
 days and per cent. off sixty days.
 The increase in the dividend on Rail- way Steel Springs common led to &C., tive buying of the stock on rise of over points. It has never been above 40 gefore. ~.
 The rise in Reading second preferred
 was naturally accounted for on the
 theory that the company would soon
 exercise it's option to retire that issue along the lines provided for in the plan of reorganization, namely, by allotting
 it equal proportions of common and preferred stock. ..%...
 The rise in Consolidated Gas was
 based on the decision of the company
 to make a ninety-cent rate. This is
 expected to check gas legislation this
 winter. The investigation and the cut n
 the dividend were responsible for S5-
 point decline in the stock. x.
 Holders of the Cincinnati, Hamilton ] and Dayton 5, 6 and 2, per cent. con
 solidated mortgage sinking fund bonds due on October 1,Who in preference to
 receiving cash for the same may wish to exchange them for the company $
 per cent. refunding bonds due July
 1854, may do so at 96 and interest. Int
 maturing bonds will be paid at the af-
 flee of the Central Trust company. } Wall street has had a fine trading market this month, especially for any one who had the courage of bullish
 convictions to buy back on reactions
 the stock that he sold on bulges.
 The United States Steel Corporation
 can, from the orders on it's books ant
 the pressure of new requirements, sec o business as far ahead as 1907. The steel rail capacity of most of it's plant! is sold up to the end of next year and
 without taking another order, it is saic
 that the rail business booked would
 suffice to run all it's rail plants to the
 limit up to October of next year.
 New York bankers said yesterday
 that the secretary of the treasury, Les 9 lie M. Shaw, has given another illustra 4 tion of his particular fitness for the of flee he holds by his offer to refund thu 8 and 4 per cent. United States bonds 7 under the law of March IA, 1900. Ac ] cording to the official notice, the secre
 tary will, on October 2, resume refund ing operations under the act quoted
 receiving per cent. bonds of th' funded loan of 1907 and per cent = bonds of the loan of 19OS-191S at val t uation equal to their present worth, t. I yield an annual income of 2 IA pc !. cent, and issuing in place thereof e per cent. bonds, consols of 1850, at lOl l subject to discontinuance at any tim > without notice.
 r On the above subject the Nattona S City bank of New York, which of lat y has largely monopolized the business il !; government bonds, said in its last bon a circular "A general upward move n ment in prices marked the courseaof tn s government bond market during Au n gust. The general situation was yer d similar to that of year ago. Wit t few. bonds coming. into the market r even moderate buying for circulatio :. purposes was sufficient to advance quo a tations. The 'twos of 1880, which sol e at 1O4 the first of the month, were sell l. ing full point higher at the close ,- The 'fours' of 1907 and the 'threes' ( 0 1908 advanced 5-S. The 'fours' of 192 t, on continued investment buying sol l. up 3-S, to 134, which places them on' l. 1.93 per cent. basis.
 IS Announcement was made yesterda TT~s Fnfo D.,I1 FNu