| Show BOND B BO D ISSUES ES ESBY BY RAILWAYS J Reports of Such Proposes Propos Prop s ls Prove Chilling Factors HILLS CONCERNS CONCERNS STOCK VALVE VALUE OP OF ITS SECURITIES ABE AE PROBLEMATICAL New York Jan 18 There was no change enge today toda in the conditions upon which w l yesterdays advance from fm use the prices of ot the day before te dy were The bank statement taken as a whole was a a strong one and the te selling movement with which bi h it i was met was obviously by professional traders Yesterdays upward movement was continued to some extent tale ti morning especially in the and some of the industrials but the later wiped out all al the te gains gins and left lef several important stocks a point pint or more nore mor lower than tn test last night night The reduction in the minimum dis discount di count rate rte from 4 to 3 per cent ct and the very ver strong recuperation revealed by the te Bank of Germany was confirma confirmation tion flon ton of the weeks indications of the te improved situation in Germany German The indications are however that surplus capital there is inclined to flow fow into home and other government securities and no disposition has been ben manifest to renew interest in American securities ties A feature of the tes days market was the bidding up of ot the Chicago Burlington Quincy stock stok to compared with wih last lat nights bid bd of No stock stok came out American Amican Tobacco stock stok sold 15 points point higher at The stock stok market has ha felt the te cumulative effect this week of various factors which were in evidence before but which were contested by supporting demand in the market by b insiders or by publications belittling o the import importance Importance ance in these thee developments development These ef et efforts efforts forts to contest a a prevailing pre aUng tendency were apparently abandoned with wih the opening of or the week and depression and progressive neglect have hae set in The permission granted by the Unit United Uni United ed States supreme court on Monday to tote the te state of Minnesota to appear and argue arge its petition petton for a a hearing of its it suit sui to prevent the formation of the Northern Norther Securities company compan clinched the likelihood that this great geat project Is to be subjected to litigation that probably will trill nl be prolonged The value of its is securities and the question of or its it very ver existence are therefore held in iii I abeyance The Introduction of securities ties tes to the market and the the efforts for tor their distribution have been discount discounted ed on by b speculators speculator as a stimulating influence in the whole market market Another chilling influence on speculation speculation lation laton was the announcement of new ne bond Issues by b the Atchison and ru rumors rumors rumors mors of other oter issues by the Erie Ere and an L Union Pacific The basis of these thee ru rumors rumor rumors mors mor is the te announced intention of ot 01 these two companies to make vast vat out lays for extensive improvements and anc I betterments In the case cs of ot the Erie Erh S there stands the declaration in the last annual report that tat It i would seem the thu S day Is now approaching when arrange arrangements ments for new ne capital can cn be profitably made The proposed issue of ot of or n r additional stock by the New Sea York Cen Central trl comes in the th same category of ot 0 f influences The granting of rights of o I subscription to stockholders at 1 operating as a valuable provision at atthe atthe a t the present market price of or the te stock stok has hs kept its is quotations up All AU through z the recent period of railroad prosperity IT much stress stess was laid upon the te large largi S sums expended out of current net earn er ings for permanent betterments for tor fo r which additional capital would oral orai ori nari be b looked to The argument arment has ha S been used that these expenditures fore forestall forestal forestall stall stal future requirements ment and make saab 0 possible a reduction of or expenses In less les S prosperous times and so make for the tb e stability of or future dividend rates The Tb issuance of new ne bonds and stock op poses this contention as it put new nes t charges ahead of dividends or gives give S new ne stock equal dividend privileges I The existing car famine is also to throw trow doubt upon the suf of the recent rent outlay outly for that tha purpose on ore which such stress has hs been ben bee a laid The apparent spurt at this time tim e of the public demand for investment t in securities adds to the effect of these thes e proposed large lar new offerings So do d 0 the developments development in the th affairs of the tb 0 trolley syndicate the rubber trade and an d the asphalt trust trust The theory theor that tha t abundant capital Is awaiting a favor favorable favorable able turn of affairs to flow fow into Wall Vial Val Li streets securities has to contend with wih wit the disclosures that tha t enormous sums sum S have been ben ventured in these whose securities have been ben almost un u known in the stock market maket It I is an Important question quein how far Is r this investment or of large lage capital in great geat projects project outside of o the stock stok market has ha proceeded how far bank ing lug resources have been committed to these projects project and how hov far tar difficulties of realizing on them may ma develop as they have done in the cases cs already disclosed Those considerations have caused an undertone of conservatism and some uneasiness in the financial world which the favorable reports of business busin ss and trade have not nt entirely alleviated The future course cure of rail railroad ri railroad road earnings is earnestly studied studie Latest reports report show satisfactory re returns r returns turns turm but reports report are renewed of rate rte cutting In spite spie of the complaints of lack lak of cars to carry ca all 81 the te business offering The easier money conditions have failed to stimulate speculation The rush to retire bank note circulation circulation tion ton is a a symptom that the te con constant constant constant stant expansion of the circulation which was a feature of ot last years ears conditions is not to t be b repeated this year yean er Applications are reported al aS already ready rady on file in Washington Wahington for tor the withdrawal of bonds and the te retire retirement retirement ment of circulation up to the full ful legal limit for this month for tor February and for a part par of March Mach quota Foreign money markets market have become abundantly abundant supplied supple with wih the turn tur of the year ear but are not nt expected to re remain remain remain main so The issuance of a German Gran and a Prussian loan this week Is to be supplemented in Sn the near future by the new neW British loan and by a large la Rus Has Russian Russian Hassian sian loan at Paris The London Pars money y market is expected to reflect reft the heavy hevy payments for taxes for the quarter from the middle of or the month onward The stock market mar et has become bome dull dun and sluggish under these influences in and an the only speculation of importance has been causes in stocks affected by individual Bond dealers have complained that the investment demand for bonds was not as large lage as usual for this period of o o f the year yar and the principal activity has h h as been b in speculative or speculative l bonds United uie States State refunding declined di cent below the closing of last week w eek per p ct th dong o lt New York Tork ok Jan Ja 18 The Financier says s s ays The statement of or the th associated banks anks b for this Usia t we week k showed showe a a gain giD of 9 0 in cash of which S 00 c cie c consisted of or specie si and only I of er erl legal l le gal tenders ten The Th increase in cash l shown hown s by b the th statement is I it I will wU be at I observed o more nearly in accordance I ore mr with wih w ith the t estimate of o a gain for fo the te I Iek week w ek eek of 75 which estimate ett was w based bs b bm ased on O the t traceable movements of io money m bc bp oney y during th the week than tw aa hB hiss re recently r c been the th ease case The Th gala gain ga re reported ported p in the official return last lat week makes mke m akes the total increase ince of oasis cash o since sines 8 the t he beginning of or the year t t yer 11 tw whereas w tp the t estimated gains gin for fo this u period pi p were Presumably the t th e condition of the banks at the tl close el of o f the bank bk week was ws really rU much better etter b as a regards cash Mh reserves titan than was Ta w as shown by the th statement there te having h been ben important payments pym by bythe b the t he for bonds beads bs and aD a nd also on account aunt of the t redemption empt of o f Hawaiian securities urite at t toe the end en of the t he bank week The Th loans Jn were In Increased creased cres c by indicating only oly a a moderate m demand deman from borrowers dur during ing i ng the week probably the t result of or orte the he te t present character of or the specula speculation tion ton t ime on the stock stok exchange Deports were w ere increased 1 1173 and in i this t l respect ret r the statement may be said si very v ery nearly to prove the total tota of the gain in loans lol and of cash ch being S 13 or more than tha the increase inre i in deposits dep t The surplus re reserve serve erve sere s was augmented by b to t against at the tM corresponding c date in 1901 1511 l when the t surplus s was the t highest point pt of o the theyer year yer y ear Bond ond Quotations U S ref Z 2 F W IV D C Creg Cre reg re M 1st 15 1 U S S ref r Hock Hok Val Val 1 coup MS L r N Uni r U l S Par Parl as is rog Idea C l IT U S s cP coup M 1 C let 1st 1 tar lac lacU 1 tarU U C S S new MW 4 4 M X St S L 1 reg M K T 95 iS iSU U S new Re 43 4 u M K I t tcp T lads 83 iP coup cp N N TC T C 1 IsIs U S oM o regUl N K T Y C pen gen sD penU U S oW old o 4 1 H coup lp m N J C gen gea l IT U S S is i reg MS N P 4 17 U l S is i cupl N P Js 3 7 AtC pen gen ge 43 N W coo con cn Atch Ate 45 93 Reading Redig sen gin 46 4 4 1 iS B O 0 4 St L L Se I IB M MB MB B O 0 96 25 t con cn 1 B O 0 con C B 4 St S1 L L S F Can Cn S S nde 45 9 C of o G C iH St S L L 1 Sw Sw C of o G let 1st inc I W 75 1 St S1 1 L Sw lads 21 C O 0 46 4 S A A A P 46 4 C A 3 1 S So Pee Pac P 4 j C B Q new BW So S Rail RU ie hi i t ts 4 4 s hii T PS P 1 lets j J C M IJ SUP T S L 1 W Wg gen g 1 4 v SH C N in n sU U Pac Pc C R n I 1 P U r T Pat Par Pt con co itt C C C St S1 L L T lets J US ns gen gets 4 11 4 Wabash Wab h lode UH Chi Term 4 89 Wab deb B Cole Colo Co S 4 K S W V Shore 4 1 D R H R G Is W 8 L L E K Erie Eri pr pro Men Hen en 99 Sll WIs C 4 4 Erie Er pen gen ie 4 Con Con Tob 4 89 iS Stock Quotations Ath Ati 7 7 M So S Railway 33 22 J Preferred 75 Preferred 99 Eel Bal Bl Ohio Ohi 10 hI Tex Tes Tex 8 Pacific 39 Preferred 1554 T St L L L W i Can CR Pacific Preferred Pe 34 Can C Southern Southe 86 81 8 Union Pacific JM Chee Ches Ch Ohio Obi 48 Preferred Chi Alton Alon 34 3 Wabash Preferred Prefer 7 Preferred Prefer 41 Cm Chi lad Il L i sai W A L 1 i E 1 Preferred 78 75 Second pfd pM 7 SD Chi CM E E Ills Js Wis Wi Cei Central pd i 19 Ch TG U W 21 Preferred 40 41 j A preferred preer 8 Adams Ex Ex US J B preferred 43 42 American Ex 4 Chi Chi United Unite States C R H R I P 1 US USChi Chi Chi T T 17 Amal Cop Co TO 20 Preferred 33 22 Am C F FC FC C C C St SL L L 95 9 Preferred MK 21 Colo Cole Southern 14 H Am Linseed Ln Oil IS First Firt pfd 61 81 Preferred Oll 43 42 Second Se pfd pfd 3 Urn Am Am S 8 R B 4 46 45 i Del Hudson Preferred 24 Del L 1 1 W 26 Anne Anac c M St Co C 39 14 D B R G B R B R T 5 Preferred 91 Cole Colo Coo F 8 I 7 Erie Ere 4 Con Gas Gs S First Firt pfd pd 72 7 Con Con Tob pfd pM r I Second pfd 57 i Ge Gsa Gen Electric Great N 14 4 Glucose Sugar S 4 i Hocking VaL 0 21 Hocking Val Va gr 15 35 1 i Preferred Si s Int mt Int Paper 1914 35 1 i Ills lite Central Preferred Il 1 75 7 i Iowa Central 38 3 Int mt Power Powe 5 1 Preferred 72 7 Laclede Gsa Gas Ga 92 2 Lake E B TV W 87 ST 6 Nat Nat Blit Biscuit I 4 I Preferred Pr tere 12 Nat Lead Led 11 14 Louis Nash Nat Salt Sl 3 IS Manhattan L Preferred IS Met et St Ry l No Xo American I SS 25 Mex ex Central 27 Pacific meran Coast Cot 71 Mex National 15 11 Pacific Mail aiL l 47 i M 8 di S1 St LH Peps Peoples Gs Gas 12 Mo o Pacific Wl a Pressed S Car 45 M 35 K K T 25 23 2 IPes Preferred Prefer Cr Preferred 33 32 Pullman P carill N N J Central MR U Rep Steel Stel l la N Y Central 16 I Preferred a N a W w 55 Sugar 12 t Preferred 99 5 Tenn Teun Ten C I I Ontario 8 W Vi 21 s U B B a P Co 18 U 1 Pennsylvania Preferred Peer 72 n Reading 15 U S Leather 11 Fr First pd 8 5 Preferred 2134 1 Second Se pd pM S St U r S Rubber 1 1 1434 St S1 L L S S F Fu 6 Preferred Ruber IS I Firt First pd pfd 1534 U S Stel Steel I Second Sen pfd 75 i Preferred SC St L L 27 37 Western N Preferred 61 42 Am Loco 2234 i L St S1 Paul Pau l Preferred Preferred 11 52 Total sales |
