The Washington times., 1902-12-24
FRACTIONAL DECLINES
AND A DULL MARKET
THE FINANCIAL WORLD.

Prices were reactionary yesterday duo
10 a sudden rise in the rate on call
loans TO ~ per cent. and late in the
day TO 10. Today IL reached per cent
before noon. This rate may continue
the rest Of the week. in fact. it will
be surprising b the rate is not raised
again before the end Of the month. Last
year il went 10 25 per cent on Decem-
ber 81. But when money does seek it's
normal condition. prices Of securities
are bound 20 go up. and even now the
banks are forced 10 resort 10 the call
ing Of loans and increasing the rates TO
restrain speculation.
Between the hours Of II and 2 O'Clock
yesterday Louisville e. Nashville ad-
vanced from 123 TO 126Ia on a rumor
that an extra dividend had been de
ClaTcd on the stock. CTedenCe was given
10 the rumOr inasmuch as @ dividend Is
soon 10 be declared, and the result was
that room traders dealt in about I2 600
shares before fl was learned ~. dividend
declared wJs by the Loulsvi'ie ie Street
Railway Company.
Brooklyn Rapid Transit showed an in
crease OF 30 per cent In ne, earnings for
November, and was correspoudingly ac-
tive, but it viii be some tine before It
reaches the high prices @ 1889.
Incident TO every meeting Of the di-
rectOrs of the Vanderbilt roads rumors
are circulated Of increased dividends.
and these rumors are circulated with q
persistency which creates an activity in
the stocks But with the adjournment
Of every recent meeting il Is learned that
there was no increase This was the
action yesterday with respect % the New
York Central, Lake Shore. a.14 he Mich
igan Central. Increased operating ex-
penses in all the roads have cut down
net earnings.
It is said that the beam pool and
steel plate" pool have entered into
agreements 10 maintain their prices in
tact next year. The members Of these
pools include both the independent con
Germs and the United States Steel Cor
poration but as this LAST corporation
manufactures most Of the products it
becomes necessarily the dominating fac
tor and controls the situation.
II is reported that President Schwab
has a five-year contract with the steel
Corporation a $50 600 a year. or sS00. 900
In all. and that I'm addition 10 this sum
Mr.. Carnegie gives him 100000 more.
There is no doubt that a gradual set
tlemeut OF the Copper warfare is in
progress, but n. II. Rogers. of the Anal
gamated Company denies that in this
settlement the Heinze interests will get
much consideration. The settlement
VIII be between the Amalgamated Com
Pany and the interests represented by
senator Clark.
The Pennsylvania will not be the only
railroad to tunnel the North Piver. il the
Delaware and LaCkawanna aid Erie
avail themselves OF the franchise ap-
proved yesterday by the mayor OF New
York. This franchise contemplates the
tunneling OF the river between Jersey
City and Christopher and Hudson Streets
in New York. and the erection OF large
terminal facilities at the latter point
Jchn L. Mclean. OF the firm OF j. L.
Mclean g. Co, was expelled from the
Consolidated Exchange yesterday. He
claims 20 own twelve seats on the ex-
change.
There are indications from the active
borrowing demand for St Paul, Balti-
Llllt auQ OElDs AlEuleOu. Aulou fdtAuEs
aud Southern Pacific that there is a large
short interest in these stocks. very
little steady buying would cause the
shorts 20 cover and send prices up six or
seven points. All Of the stocks are lower
than they were a year ago. with the ex-
ception OF Southern Pacific
II is estimated by the Railroad Ca
zette" that ops miles Of new steam rail-
rOac have been built In the year 1902.
This does not include double track or sid
ings. The trackage is larger than for any
year since 1880 The increase extends
also 20 cars and locomotives, and the
cars built last year exceed by 25542 the
output for 1901
The case Of the Northern Securities
Company will be ready for argument be-
fore Judge Lochran. sitting as a circuit
judge. In ST. Paul on January l5