The times. [volume] (Richmond, Va.) 1890-1903, 1901-10-24
u. P. WAS ALSO VERY STRONG

The. stock market yesterday was active
IN certain quarters. There was some talk
about the Northern Pacific deal, and
there was Il sharp advance in ST. Paul
and Union Pacific, the former selling as
high as 10 IL. No definite announce
ment has been made. but Wall Street
trades on rucnors. and the belief is preva-
lent that When Mr.. Morgan returns. as
he will do before the end of the week,
definite announcement Will be made.
There is also talk again OF the Wander
bilt consolidation and the Vanderbilt
stocks were active and strong. New
York Central was one OF the features
yesterday and gained more tkan two
points over Tuesdays close. Indeed. all
the railroad stocks We're firm. Southern
preferred sold at 81 yesterday for the
first time in several weeks. Chesapeake
and Ohio, Louisville and Nashville, and
Norfolk and Western were also strong,
although there was no extensive trading
in any of the stocks except the special
ties mentioned.
The tip is out that Seaboard preferred
is an excellent purchase at present prices.
Some are predicting that the stock will
soon be put up to 30 The earnings of
the road are good and the increase for
the second week in October was $19,0I6
A well known Richmond broker, who
is in New York, telegraphed his house
yesterday that he had heard during the
day that Uoion Pacific was {; "grea-
purchase
a sale of Chemical preferred was re-
ported just before the close at 12:;;.
LOCOMOTIVE DIVIDEND.
Holders in Richmond of Locomotive
preferred have received checks for the
first quarterly dividend of 3-4 per cent
Wei, informed brokers in Richmond think
that the stock of this company, both
will call
higher.
There is a heavy upward movement of
cotton from the plantations to the Sea-
board. and if this continues there may
be some interesting developments before
long in the foreiga exchange market. At
present. however. sterling exchange is
high above the gold importing point and
the Continent has drawn Si,0Go.coO in gold
from London within the past several
DAYS.
The New York News of yesterday con-
tanned the following item:
The announcement of 81 combination of
all of the leading British Steel Com
paues under the supervision of john X
bartlett, the American promoter, did not
cause any great surprise to the officers
of the U. S. Steel Corporation. although
they were naturally uninterested in the
scheme. Those who would speak at all
upon the subject said that it was not
an unnatural combination, when the
present industrial situation was consid-
cred. They said further that they could
not see how it would affect the steel IN
Gustry OF the United States to any ma
tcrial degree. as there is no intimation
of any great increase in the output OF
steel or its finished article.
INDUSTRIALS QUIET.
In suite of the rise in railroad stocks
Yesterday steel stocks were sluggish and
the common stock was disposed at ore
time to sell off.
The market is In an uncertain condl-
ton and traders are guessing. So far as
trade conditions in this country go they
are excellent, but conditions abroad es-
pecially in Germany, are almost alarm
ing, and as we are now doing large
export business, and as we are depend
ent on foreign markets for the sale of
r surplus products the depression abroad
naturally causes more or less apprehen-
sion here. That is the real factor in the
present situation.