The Washington times., 1902-01-03
Nature of the buying.

the close.
Nature of the buying.
The buying was of dual character. The
important people undoubtedly contributed
to it, evidences of large purchases for the
| Morgan interests, the Vanderbilts, the
| Goulds. and it was said the Rockefellers
as well, being noted. In addition to this,
and more important than it in many ways,
as it is a new thing in the market, was
the large commission house investment
| and speculative buying. If this commits
| sion house business continues and grows
| larger the conservative people say that
| there is little doubt that bull market
OF Importance will be inaugurated. 1t is
| such business that the insiders have been
| locking for for some months.
No Worry Over 10 Per Cent Money.
The monetary situation yesterday was
the only damper on the market. Call loan
rates advanced TO 10 per cent. Financial
people are not showing any anxiety over
this development, however, as it is real
| lied that it can last but a day two
| longer at the outside The continuance
of the high loaning rates may keep the
public back for short time but il will
J
prices if they have decided that the pres
ent is a propitious time for a bull cam
/ paign.
The Northwestern Settlement.
As against the somewhat stringent call
money rates there were a number of mat
ters of Importance In the days news that
were entirely satisfactory to the street.
| The settlement of the Northwestern tan
! gle by the final retirement of the North
ern Pacific preferred stock was consid
cred TO be a step OF vast Importance TO
| the railway interests OF the country. :,
1t had been feared. and predicted by
many even, that the stock could not be
retired on schedule time because of the
| numerous protests against it from differ
| ent opposing interests. The failure of
these pessimistic predictions TO come true
is regarded as an excellent sign of the
final complete establishment of the North
ern Securities Company and all the allied
consultations and agreements with re-
gard to the Western railway situation in
general. The news of this settlement had
a good effect sentiment.
Union Pncifc's Earnings.
number of November earnings reports
were made, among them those of the Nor
The Norfolk and Western surplus for the |
month shows an increase of s5S000.
The Union Pacific report may be given !
a tri1e more in detail. Gross earnings |
were $i,i3S, coo, an increase of s60s, 900; |
net earnings were $3.50 900, an increase |
of $685. goo; gross earnings for five months |
were S21 ,54S. 600 an increase of 81, ,63S GOO; |
net earnings $40, ,65S, goo, an increase of |
81, ,595 O0e.<
The company earned 10 per cent on the |
common stock last year This year it is |
earning at the rate of nearly Si,000,000 in !
excess of that amount. The showing is |
one that does not tend to confirm the talk |
of inside selling in the stock that has
been heard SO much of late. 1t was strong |
yesterday at a level well above that of |
earlier in the week.
Earnings and the settlement OF the
Northwestern business so favorably may
be supposed to have been the motive
power behind a general advance in the |
granger and Pacific securities yesterday. |
Southern Pacific Outlook.
Southern Pacific was one of the con-
spicuous features OF the session. 1t was |
said that a strong speculative interest |
is working for an important advance in
the price of the stock.
The position of the Southern Pacific as
the ward of the Union Pacific is not with
out its excellent advantages for the
Southern Pacific as we'll as for the Union 1
Pacific. 1t costs the U. p. 81 600 900 or
thereabouts in interest on its convertible |
bonds for the pleasure of keeping its
Southern Pacific stock.
The only way that ii can get even in
direct monetary results will be by put
ting the Southern Pacific on a dividend
basis. This will ensure the dfsburse-
ments Of dividends as soon as 1t can
be done wisely. Taking this fact into /
consideration with the wonderful earnings
of the Southern Pacific, it is not unsafe to
believe that there will be dividend of
per cent for the stock before the end of |
the present year. The report for the
year to end with June 30, 1902, will show
l0,0o0,000 more or less, increase in net |
earnings over the handsome showing of
last year.
A Closer Anthracite Trust Rumored
The anthracite coal securities were all
strong again, with the Eries, perhaps, the
feature. These stocks were advanced to
new high levels on immense buying that
was again said to come from inside
sources. The Readings and other coalers
generally advanced even more than the
Eries, though their movements were not
SO conspicuous, because the public has
become used to them during the past
week or two. The Readings all made new
high price records.
Yesterdays rumor regarding the an
thracite situation is that Mr.. Morgan
is planning an even closer alliance among
the systems than at present exists. An
other reason for the advance of the Eries
was denial of the rumor that the sys-
tenn will be made the Eastern terminus
Cheer MP, c,ti..ns. TAe conin.