New-York tribune., 1909-11-18
FINANCIAL MARKET
DULNESS IN STOCKS.
Missouri Pacific Bond Issue
Money Easier.

The volume of transactions on the
Stock Exchange contracted materially
Yesterday. the market ruling dull during
the session. and prices moving within
narrow range. with very few exceptions.
The news feature of the day was the
long postponed announcement of the Mis-
souri, Pacific financing plan. which took
the form Of a projected issue Of Sl15,-
OO0.ctoo > per cent fifty-year first and re-
funding mortgage convertible bonds, of
which about S30O0O.O0O. as.had been ex-
pected. are 10 be offered to stockholders
at this time. The issuing price, % and
interest, also met the general expecta-
ton. and il was thought that the stock
holders would readily respond 10 an offer
at that figure of a > per cent bond which
has the backing Of one of the greatest
banking houses Of the country and
which is the obligation of a railroad sys-
tenn the lines OF which traverse a pro-
ductive territory and which controls a
system extending from the Mississippi
River 10 the Pacific Coast. A good deal
of money will be required for better
ments for the Missouri Pacific, and il
will probably now be possible 10 obtain
IL upon terms not too onerOus. II is the
assumption Of the Street that changes in
the directorate will before long follow,
which will bring into the board i'm
portant interests whose identification
with the property will strengthen its
position.
Missouri Pacific stock made an ad-
vance Of a point early in the session. but
lost its gain, and closed unchanged at
T2ss. Western Union. announcement Of
the sale Of the Gould holdings Of which
was made on Tuesday. sold off sharply
Yesterday, but recovered part of its loss
before the close. its weakness being
ascribed 10 the omission Of a dividend
guarantee as part Of the arrangement
through which the American Telephone
and Telegraph Company has obtained
virtual control of the property. although
the prevailing impression is that West
ern Union will benefit substantially as A
result Of the new conditions No more
alleged details of the copper merger
project developed. and the copper issues
moved in an unexcited way. and did not
price Of the metal In the last hour an
active movement occurred i'm Reading.
in which the dealings were the largest
OF the session. and which gained 2I4
points. but its former running mates,
Union Pacific and Steel common, Jagged
far behind IL, closing with small price
changes. the sales OF Steel common being
not more than tenth Of the total trans
actions.
Money market conditions were much
the same as on the preceding day. the
call rate not advancing beyond > per
/ cent and most Of the loans being effected
at "a. per cent. while the rates for time
accommodation showed an easier ten
/ dency: but the stock market appears at
last 10 have reached a stage Of compar-
ative quiet and stability. perhaps caused
/ in part by realization that the opening
Of Congress is at hand. ENGAGEMENTS
of Sl.JOO.0o0 more gold for shipment 10
South America were announced, but the
/ loss OF cash by the banks is less this
week than for a good while, and a fairly
/ favorable bank statement is expected on
Saturday, with another large loan re-
ductiOn. In London, as in this city. the
stock market is assuming a waiting attt-
tude. which in the British capital Is
probably TO be ascribed 10 the uncertain
ties Of the budget situation.