The sun. [volume] (New York [N.Y.]) 1833-1916, 1902-02-09
yzNAxoiAL Axp coxxEscIAL.

SATURDAY, Feb. ..
The market for securities has apparently
begun to respond to conditions and de-
velopments affecting values that were de-
scribed In this column a week ago. Inc
volume of trading both In stocks ana In
bonds during the last six days was greater
than during the previous week, prices
generally ave advanced. The most pro-
nounced improvement has been In various
issues Of the less active class, and this LIS
natural since they are as o rule more closely
held han the stocks that figure as leaders
In the market. It Is significant that the
stocks that have enjoyed the greatest ad-
vances are generally held TO be invest
ment issues. notably Chicago and North
western common M preferred. the Omaha
stocks, Illinois Central. Lackawana, Cen
eral Electric, Third Avenue and American
and United States Express. The last named.
in response TO persistent buying. has ad-
vanced over Is points In the week. There
Is reason for belle wing that important de-
velopments as TO the relations OF the ex-
press companies 10 each other and TO the
railroads over which they operate will
take place during the coming week.
More tangible evidence Is at hand re-
Rarding the local traction situation. II Is
now admitted by those In interest that q
new company Is to be formed primarily
to finance the further changing OF the
motive power by the Metropolitan company.
and Is II not denied that the scope Of this
new corporation includes not only the
acquisition Of tho control OF the Metro
politan company, but also other enter
prises of q similar character operating In
Greater New York. The plan Of Its pro-
motors, 30 far as IL relates to the financing
OF Metropolitan Railway improvements.
will be made public early next week; but
the chances are that the ultimate Intention
OF the capitalists and bankers who have
the matter in hand will not be fully d.
vulged for some time to come. Enough Is
known, however, to warrant the assump-
ton that they are following the tendency
of the times toward concentrating under a
single management enterprises that, be-
cause of their geographical location and
similarity OF purpose can be operated more
efficiently and economically than at present
IL brought under a single head.
The possible acquisition OF various OF
the smaller transportation lines by larger
systems has been reflected In q better
market for Colorado Southern issues,
Mexican National issues, the Iowa Central
stocks, st. Joseph and Grand Island and
Toledo, St. Louis and Western issues. Still
another feature Of the market has been
the sharp advance In the prices OF stocks
OF companies already controlled by larger
corporations, as for example C., g., T..
A st. l.. common, Duluth. South Shore
and Atlantic preferred and the Minneapolis,
st. Paul and Sault Ste. Marie. The dealings
in the last named have been unusually
heavy, and the preferred has scored a
net advance Of more than 10 points. Fort
Worth and Denver City stamped stock
was In demand. because OF the decision OF
the management, which will probably be
announced in the near future, to pay at
least 2 per cent. upon the stock out OF the
net earnings Of last year. Now that the
property OF his company has been placed
in frst-class physical condition by liberal
expenditures OF net earnings. 1t seems
certain tina hereafter the stamped stock,
of which there is only s.. 10000 outstand-
ing. will receive the 4 per cent. TO which
IL Is entitled under the trust indenture
under which IL was issued. unless the Colo-
RADIO and Southern company. which owns
the great majority Of the common stock
Of the company, in order to control an i'm
portant portion OF its system, sees fl to
retire il by issuing a fixed obligation for 1t.
The heaviest trading in the railway list
has been in Southern Pacific, at a net adj
vance of 81 points. According TO all ac
counts a pool Of several hundred thousand
shares has been organized in that stock.
and its mana cement is in the hands Of the
foremost manipulation of the market. The
movement is doubtless based upon the
steadily increasing earnings OF the COM
pany, the fact that the physical condition
Of the property is gradually being raised
TO modern standards of efficiency and the
certainty that within a few years the fixed
charges Of the system will be materially
reduced by the ~refunding Of that portion
Of its Indebtedness which carries higher
rates Of interest than rule at present. Other
features In the railway list were 81. Paul,
Pennsylvania Railroad and Reading issues.
Without doubt the underlying reason for
the demand for railway stocks Is the ex-
~traordinary records as to earning IS that
are constantly being a " would not
nave peer surprising. in view OF the enor
nous traffic returns last year and the par
tial failure Of the corn crop. if the earn
ings Of many roads had shown a falling
of during the last month or " as COM
pared with a year ago. As a matter OF
fact, the few decreases that have been
reported are amply explained by unusually
severe weather in various sections, that
have delayed. but certainly have not de-
stroyed traffic.
In the industrial list Amalgamated Cop
per has continued TO hold the first plnce.
Now that the enthusiasm begotten of a
sharp turn for the better in the copper
market has spent its force, there has been
extensive profit taking in Analgamated.
which has enabled insiders tn meet with
some success in their efforts to depress
the price Of tho stock. The general market.
however. has cut loose from the speculation
in this blind pool; and. as there are plain
indications Of n broadening interest in
securities generally, it seems safe TO as
sumo that the fluctuations in Amalsamated
will practically he ignored by the remainder
of the list for some time to come. Tie
market for Sugar Refining, particularly