The times. [volume] (Richmond, Va.) 1890-1903, 1901-10-19

cIlileu to lG4 5-a. The real cause tor this
unprecedented ACTIVITY ana gam in
strength is a mystery TO outsiders, but il
IS supposed to be the torerunner OF a zeal
consolidating Northwestern railways.
One nnanclal writer gave it as his opinion
mat Northern Paclnc preferred STOCK
would be retired at par, and in addition
bonus OF q per cent. in stock wouiu be
gwen the present holders who accepted
the terms or reorganization.
MAY BE a DEAL.
Speaking OF this proposed consolidation
the New York Evening Post Yesterday
said:
The Incorporation of the Chicago. Bur
nhston and Quincy Railway Company at
Burlington Iowa, with SlGA COS 900 capital
furnished the principal news development
OF the DAY. 1t was asserted that the or
Sanlzation Of this company CThe Chicago,
burlington and Quincy was largely a
technical step to consolidate various lines
OF the Chicago, Burlington and Quincy
f,aliroad Company. There was DISPOSE
ton, however, TO regard this company as
closely corrected with the reported North
western, consolidation. Shrewd traders
took advantage OF this popular impressions
by rano'; marking up the prices of sew
eral OF the Northwestern shares, notably
| Great Northern preferred, Northern Pa
and ST. Paul. The most striking feature
OF this movement was the relatively heavy
dealing IN Northern Pacific preferred.
which was not satisfactorily explained
The sharp advance in this group OF
shares, however, failed to stimulate anv
enthusiasm elsewhere nor did ii appar-
entity afford much opportunity fo, dis
posing Of other securities which pre-
suIna bly,. was the object of this demon
stration. The general market remained
apathetic and unresponsive. with a. heavy
under-tone as soon as these professional
tactics were abandoned
ACTIVE TRADING
The trading in Northern Pacific prefer
red was heavy during the morning hours.
Orders came in thick and fast for 500 lots
and one even reached 10000 shares
One theory advanced yesterday was that
the reported settlement Of the Northern
Pacific situation is correct and that the
Hartman interests were yesterday COM
mencing to liGuidate their holdings which
are supposed to be chiefly preferred
stock. This could not be confirmed, and
the best Information still obtainable
| seems to be that the deadlock in Northern
! Pacific is by no means finally adjusted,
| but that each party is jealousy watching
| the other with a. by no means impossible
result that further complicatio may yet
| ensue.
POOR BANK STATEMENT
Is is estimated that the banks have dur
! ing the week lost S23l7,S00 in movement
| of currency to the South, and S1500,000 to
| the Sub-treaSury.
1t is alleged that Secretary of the
| Treasury Gage will to-day take up the
! matter of buying more bonds in case the
money market shows reed for such
cours..
RAILROAD EARNINGS
| Railroad reports show sieady increase
| in earnings.
AZ of:cer OF the Louisville anf Nash
vile calls attention to the fact that this
Will be the banner fiscal year for the
road. the earnings promising to show
! much greater increases than for the past
| Year.
Up to October 1st the gross increase
was $725,5l5 and should this be main
tanned it would mean nearly three mil
| lion for the twelve months.
He believes that it will be done, as
| business Of all kinds is so prosperous in
! the South. It is not only the iron and
| steel coal and phosphate industries that
| are doing so, but every line of traffic is
| better than had been expected. The
i South not being a great corn growing sec
| ton has not been seriously injured by the
|
| higher class Of freight carried; besides
which the new classification is much
more profitable than the Old. The road
| is Handicapped by lack of cars. but is
| building LOCO !1tty-ton freight cars in it's
own shops, while it is having 100 loot ton
| passenger cars built for it.
| 81. :aG coo in gold from Alaskan gold
| t,clds was received at Seattle yesterday.
The American Tobacco Company is
stirring up the tobacco trade Of England
| by making reductions in prices, princi-
! pally IN cigarettes. The English manu-
! facturers say the Americans are prepar
ing 10 set hurt.
The estimated earnings OF the United
| States Steel Corporation for September
| were :iaWO,O coo; for October, sI,o0o,o5o
| Loan 1roney in New York yesterday
| was as follows: Call. Z IL to 4: time
ia on giIt-edged securities: 4 IL on
mixed and 3 per cent. on industrials
Lower rates will probably prevail during
| November.
COPPER SITUATION
The Boston Transcript gives the follow
| ing regarding copper:
As illustrating the peculiarities OF the
| copper position, the figures otf European
/ visible supply October 18th are at hand
! to-day showing for the hall month a
| decrease, or excess of deliveries over sup
| plies for the period OF no less than 2,2z9
tons-5,CI3GG0 pounds of copper, in round
| numbers, and decidedly substantial fall
! ing off in European visible for two weeks.
I! The total visible as of October 18th is
| % E536 tons, which is not much over So
! CC0GG0 pounds, and shows a decrease since
| February 1st OF 6.S52 tons-over 1900 NGo
/ pounds. Now compare prices: Standard
copper to-day G61 spot per ton. equiEa-
! lent to 14.GI cents per pound: last Feb
! ruary se72 per ten, equivalent to l5.5S
| cents; decline in London price OF copper
/ CT per ton, or l IL cents per pound,
| while visible supply has fallen off by %
/ per cent! Meanwhile American supply
increases by anywhere from 100,C0o,olo TO
| 15G.c09.C90 pounds. and price is II cents
! now, as it was when the year began
| Further significance is found in the
! nine months statsticsEof copper produc-
| ton. The United States produced from
| January 1st to September Gth. by Mr..
/ Stanton's figures, 1873. 634 tons, or los tons
| less than in the same period last year:
| it exported in this period 101ln tons, or
/ ss,0s5 tons less tlla1 In the same time
las. year. Meanwhile, and this Is the