The times. [volume] (Washington [D.C.]) 1897-1901, 1900-01-08

Many careful investors and spectators
believe that the immense alliance among
the Eastern railways will prove the signal
for the strong turn of the stock market to-
ward buoyancy and a much higher range
Of prices. The far-reaching Importance Of
this alliance can hardly be overestimated.
If it is to accomplish the entire harmony
among all these railway systems that is
looked for, harmony closely bordering on
that OF one great well-ordered system.
Higher rates. an absence OF rate cutting,
immense saving OF expenses, all are in
cluded in the plan proposed. The Balu-
more and Ohio, the New York Central. and
the Pennsylvania have during the past six
months earned more money than they ever
did before. With their alliance gross earn
ings should grow and net earnings should
increase even more rapidly. The same
may be said with equal truth of the other
lesser systems included in the alliance.
The action OF the Delaware and Hudson
directors is not increasing the dividend
rate on the stock OF the company, and
the fears of trouble in the anthracite coal
regions fully explain the course Of the an
thracte stocks in the market on Saturday.
There was a very heavy tendency for this
entire group in which Lackawanna scored
the biggest decline. Of two and one-half
points, to l16 IL. In view Of the large
earnings of the Delaware and Hudson Com
pany. and the very rosy statements con-
corning the condition OF the coal trade.
the proposed issue Of S4000.0 600 of bonds
by the Delaware and Hudson Company is
hardly explainabe II Is alleged that this
money will be spent for new equipment,
the whole amount being divided into
81 SOC, 900 OF car trusts and $500, 900 Of
lr.f,r
Of the anthracite coal companies will
either have TO use their surplus earnings
for needed equipment or will take The
same course as the Delaware and Hudion
in borrowing money. either on short or
long time obligations. 1t may be stated
positively that the Jersey Central direc-
tors will also fail to increase the dividend
rate in their stock. AS TO the Reading
first preferred, there seems no reason ehy
a dividend should not be declared in he
near future. as the company is earning
per cent on the stock. but the course of
the Hudson people is not calculated TO in
spire confidence regarding any of the an
thracite stocks.
The large short interest which is known
to exist in Brooklyn Rapid Transit is anx
iously awaiting for the quotation OF the
stock when released from the voting trust.
This quotation will be made in the I'm
listed department OF the Stock Exchange
today. The shorts hope that with the
dissolution Of the voting trus. there VIII
be a supply of stock, which will enable
them TO cover with profit. From all pres
ent indications however, the strong inter
ests now in control of the property are
not inclined to permit the shorts TO have
their own way. 1t is not at all unlikely
that sharp campaign against the bears
will begin very soon. Consolidated Ex-
change brokers and their customers have
sold large blocks OF Brooklyn Rapid Tran
sit which they may have TO buy back later
at higher prices. The stock loaned yester-
day on the Consolidated at 1-16 premium