The Washington times., 1903-01-15
DECLINES PREDOMINANT
ON A LISTLESS MARKET
GAS STOCKS.
IN THE FINANCIAL WORLD.

The action of the market this week
has indicated better selling than buying.
but with yesterday and today transac-
tions in bonds have increased It has
been noticed in the past activity in
bonds has been the foreruDner of like ac-
tivity IN stocks, and good judges OF the
market are inclined to believe the re-
cent duIlness and decreasing prices will
soon give way to advancing prices.
There is no reason apparent for the de-
preston Money is plentiful and lending
al low rates, and with the recent break
in foreign exchange there seems to be no
immediate necessity for the shipment of
gold. The only plausible reason for dull
ness and declining prices is the Hquida-
tion of stocks bought at lower prices. but
the distribution of such stocks has been
taken with but small recessions. and
when this liquidation ceases prices are
found 10 go up. That period is about due
now.
II is reported that Canadian Pacific
viii increase its dividend, and judging
by the recent strength OF the stock there
seems TO be some foundation for the ru-
NOR.
Erie seems to be the great speculative
stock on the list, and each day the
| transactions grov larger. Yesterday the
saIes amounted to 2OO,O00 shares, nearly
one-fourth Of the entire business of the
day. The net change in prices was an
advance of one-haf q point. It is ru-
/ --.--.5 49, 7 D xFor-., 2 =, et;11 CON,
tinue to be IeTge purchasers. and buying
from that source always creates a large
| following.
The general manager Of tie Chicago
and Alton Railroad has issued an order
that, beginning January Is, all cars
/ loaded with coal must be unloaded
within forty-eight hours from the time
they arrive at the station for which
they are destined. II not unloaded
within the time specified car service
I charges will begin Heretofore the rule
/ has prevailed on the Alton system that
! oaded cars might be held al the order
! Of shippers or consignees for five days.
/ It is said the Committee on Foreign
! Affairs of the Senate has amended the
| sugar schedule of the Cuban reciprocity
| treaty by prol'iding that during the life
/ of the treaty the reduction OF 20 per
cent on Cuban sugars shall not be in
/ creased, and shat during the same time
no change shall be made by treaty in
the existing tariff on sugars imported
from any other country. This amend
ment is considered as q concession to
/ the beet sugar men, and practically in
sures the early ratification Of the
treaty
It was reported yesterday that another
dividend of per cent viii shortly be
paid to the members OF the United States
/ Steel Corporation underwriting syndi-
cate The report could not be confirmed
! but another dividend is expected The
| members, however. viii know nothing
/ about it until they receive their checks
! therefor from J. P Morgan & Co. A
member OF the syndicate said that the
syndicate had put up $25, ,000, 900 OF the
! $1G0 GG0. 900 subscribed and had received
/ back already s65, coo 90 in dividends and
repayment OF principal
II is now said the chief reason for the
proposed increase Of the stock Of the
/ Pennsylvania is TO enable that company
/ to purchase from the Vanderbilt family
! enough stock TO peTpetuate the holdings
/ OF the Pennsylvania IN the New York
Central and its subsidiary lines As
/ road situation is controlled by the Van
deTbilts and the Pennsylvania system,
and so long as the Vanderbilt interests
/ remain concentrated as they now are,
there is no fear OF disintegration but
( with the death Of William K Wander
| bilt. the active head of the family. the
/ whole scheme Of community OF interest
that has been so long building might be
dissolved To avoid this possible dis
/ solution, it is said TO be the purpose
I Of the Pennsylvania TO offer its now
stocks and bonds to the Vanderbilts for
| their holdings in the New York Central
| and its aILLsd lines.
Supplementing the temporary defeat
/ of Pennsylvania in its suit against Wes-
tern lines over the right Of the teIe-
graph company 10 maintain ITS poles and
/ wires on the right of way OF the Penn
/ syivania word comes from Pitlsburg
that a bill was fled there yesterday
TO determine the rights OF the parties
on the ground of dissolution of part
Inerehip, The bill alleges that a partner
ship has existed between the parties for
years. which was terminated June 2.
1903, and the railroad contends the
/ Western Union has no right TO occupy
/ any portion Of the property OF the rail-
road under acts of Congress A perpet-
Ual injunction Is asked TO restrain the
Telegraph company