Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1902-09-16

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Tomorrow vii! mark the beginning of The
end of the coal strike.
The Pac!fics. Missouri. Kansas and Tex
as. Denvcrs, Southwesterns. soft-coa1ers,
and Erie will work higher
It is expected that If the money market
continues dear. exchange will reach gold
importing point this week.
Time money is hard to get. There is
no sixty or ninety days. four or five
months money in the market.
Money very active yesterday: started
at 10 per cent: went as high as 20 per
cent, and closed at 8 per cent.
The relief for the money market pro-
vided for from various sources, should
operate for steadier stock market /
It is believed there will be no announce
ment on Louisville and Nashville until
the Northern Securities matter is set
tied.
Gold imports. if ordered. will have tenn
porary effect. and the action of the Treas
ury ought also to relieve present ten
sion.
A stampede of strikers back to work is
necessity will be forced to return to
work.
Mr.. keene is still confident and very
bullish on Southern Pacific. Lackawanna
announced yesterday that they will open
three collieries at Wilkesbarre.
1t is said that the pools and cliques,
although expecting tight money, did not
look for it to reach such high level
and it is more than likely to make the
bull side more conservative.
Interests identified with the American
Tobacco Company are also connected
with the Chemical Company, and 1t is
said these interests have been accumulat-
ing stock around current quotations.
a great deal Of discussion on the part
Of the financial writers on the money
situa ton and arguments from those in
position to know are such as to make it
appear that tight money is likely 10 con-
tirlue.
Armour transferred s4.oooooo from Chi
caso to New York to be placed on loan
there The money was paid over the
counter of the Sub-Treasury yesterday
morning and at once became part Of the
reserve of the national banks.
Erie earnings for the year ended June
Goth, net increase, 81, 40. 600; Missouri, Kan
sas and Texas for year ended June Goth,
surplus after charges, 1903 900, which is
per cent on preferred stock and some
thing over 1-2 per cent. on the COM
mon.
Great Importance is attached to the re-
narkable showing of cash assets in the
annual report, and some of the bulls
continue to intimate that the arrange
rerts between this company and Missouri
IT,
tuel advantage.
The transactions in American stocks in
the London market were not OF an ex-
tensive scale, but very moderate New
York buying orders were sufficient to
give strong tone throughout the active
list, Money was in fair demand in the
European centres, but Paris exchange on
London was easier.
Virginia-Carolina Chemical interests
say that the common stock is booked for
q substantial advance n the near future
1t is intimated that there may be another
increase. in the common dividend before
long, and it is pointed out that even
as a 5 per cent. dividend stock. it ought
to sell at a higher price.
People who have often been right in
their views on ST. Paul now take very
founded very largely on the annual report
and the belief that the directors in In
creasing the dividend considered the out
look for the continuance of the present or
even large volume of business and were
apparently satisfied with the prospect
The July statement OF Southern Pacific
shows that the company is still paying
for improvements out of current earnings.
The total increase in expenses, better
ments, and additions amounted to 81, ,1S3.
or about Is per cent. of the total gross
receipts from all traffic. Southern Pacific
has undertaken not only the complete
overhaulng of all existing lines and
terminals, but has also declared its inten-
ton of establishing new terminal facilities
al Galveston at an expense that will run
into the millions The reconstruction Of
parts of line is going on all the time
The result of the days trading was only
a moderate decline, and the traders were
generally disposed to cover shorts to-
ward the close, especially as the money
rate was somewhat easier. 1t was notice.
able that the industrial stocks acted re-
markedly we'll and from this 1T was In
ferred that there had been very little call
ing Of loans or discrimination as regards
collateral The inside pool was support
ing Tennessee coal ana tAI!c1 lSdl AoSS-
motive was we'll bought on the large
earnings. 1t was thought that the Stand
ard Oil influence was perceptible in the
more important railroad stocks and espe.
cially ST. Paul. Missouri Pacific, and
Union Pacific The floor traders thought
the sho~t interests in Atchison common
was extensive.
rne firsl annual statement Of the Amer
lean Locomotive Company seemed to
make a favorable impression. There was
a tendency to compare It with the re.
ports Of other Industrial concerns. espe-
cialiy that Of American Car and Foundry.
which is the largeEt manufacturer In the
country Of railroad cars. 1t Is evident
that the Locomotive Company could use
a larger amount of working capital to
advantage. Its working capital amounts
10 about 100000. The working capital
Of the Car and Foundry Company
amounts to over so, 900. The former,
however, is only one year old. while the
car and Foundry Company has existed
nearly four years. The common stocks
-