The Washington times., 1901-12-04
Government Bonds.

! U. S. as, 1907, Q. J............... II2S Il3
u D As X, ly25.......-.....-.. ~ liO
! u. S. SIS. Il, 10Oi....... I07h 1875
| u :. SIS. c. 1901. Q. F.........-.. 1914 1919
The Presidents message undoubtedly
| should be considered to have produced the
; change in the tone of the stock market
/ for the better that occurred yesterday
afternoon. There had been a dull and
sagging market during the greater part of
! the morning and Immediately after the
message appeared there was an accession
Of buying orders which advanced prices
| fractionaliy all over the list, and during
the remainder of the afternoon this bet
! terment, although in no way remarkable,
was persistent and unmistakable
The better market reflected the general
opinion of the message in Wall Street.
Railway and financial men characterized
the document as conservative and yet op-
timistfc and progressive, and the position
! taken by the President on all questions
affecting financial. commercial, and rail-
way matters seemed TO meet with general
commendation.
The Message on the Trusts.
Mr.. Roosevelt recognizes the immense
work that the trusts have done in build
ing up the prosperity Of the country and
lation to obstruct legitimate business
growth, but advocates in unmistakable
terms laws to give the Government the
right to know what the great corpora
tions are doing and to inform the public
when advisable.
Wall Street is not disposed TO quarrel
with this. Many OF the most prominent
financial and business men have already
expressed themselves in favor of just
such laws, requiring publicity of the
trusts. Many Of the best of these con-
Germs have already realized the rights of
their. stockholders 10 have such knoyl-
edge, and are at the present time giving
If to them in regular periodical state
ments. 1t is the general comment that
the message. and the laws that it may
lead to. will hurt no company that does
not deserve to be hurt.
Supervision of Freight Rntes.
The Recommendation that supervision
Of railway freight rates he given to the
Interstate Commerce Commission and that
the commission have the power to enforce
its supervision is not unfavorably received
by the railway interests because it is
coupled with plain intimation that the
railways should be allowed TO form pool
ing arrangements. under the direction of
the commission. Such a compromise be-
tween the railways and the commission
would lie acceptable TO both parties, it is
said.
The expectation that Mr. Roosevelt
would favor a subsidy for American ships
is fulfilled Wall Street interests almost
universally want subsidy BILL and are
pleased that the message openly adyo-
Gates such law.
The Reciprocity Views Commended.
The conservative commendation of a
reciprocity plan. which shall not, how
ever. hurt the effectiveness of the pro-
tective principle, and the recommendation
that the revenues of the Government be
Irtailed carefully, SO that too bulky
surplus shall not be piled up in the Treas
u-y. are both in accord with the views
cf a majority of the financial men, and
favorable opinions were expressed yester-
day afternoon regarding the paragraphs
discussing these subjects.
Hopeful Market Opinions.
The street is hopeful that the stock
market will continue to improve. 1t is
recognized, Of course, that, even though
the message is a bull argument, there
may be other factors affecting the mar
ket that viii outweigh its effect. Con-
servative Wall Street people, however,
are inclined to the belief that this will
not prove to be the case.
The immediate financial situation is not
entirely satisfactory, but it will improve
if the experts are correct in their views.
At any rate, the outlook is excellent for
legislation il the line Of the message that
will have beneficial effect before the
winter is passed. Call money rates were
not advanced yesterday. IS many had pre-
dicted they would be- Ii ,' said that the
banks are receiving importantremittances
of cash from the West and South this
week.
The Amalgamated Copper business is
still IN evidence. but the message leaves
room for the plain suggestion that the
general market should be allowed TO suf-
fer on account OF the possibly rotten con-
dition OF any one concern.
Railway earnings continue to increase
and also the earnings Of the industrial
concerns that publish statements of their
business, and after all has been said, this
is the last and basic argument in favor OF
a strong stock market. Earnings make
dividends possible and constantly increas-
ing earnings make larger dividends a
thing to be expected.
October Earnings Statements.
These October earnings reports made
yesterday were important. Two of them
made an excellent showing, and the third
a poor showing that was not a surprise
The increase IN the net earnings of the
Pennsylvania for the month of October
was 1857 ,600 one of the largest increases
ever made. The increase in the surplus,
after fixed charges, of the Rock Island was
s311.o14. The Burlington surplus after
fixed charges for the month showed de-
crease Of S50,664. The Burlington is not
earning enough to pay the interest on the
new issue of bonds floated when its stock
was bought up by the Morgan combina-
tion.
No Increase in Sugar Dividend
The regular dividend was declared by
the Sugar Trust directors. There had been
some talk of possible increase, but the