The Washington times., 1903-01-09
PRICES LEAP UPWARD
ON HEAVY TRADING
IN THE FINANCIAL WORLD.

The dissolution Of the bankers p0oI
without having lad a call made upon
IL to relieve distress is favorable
commentary on the soundne=s of the
market It was organized simply for the
purpose of res Jrtng confidence. and the
moral effect wa of surprising benefit
10 a market disorganized and yerging on
a panic. Since that time prices have
risen Z TO ID points Money al that
time was around % per cent It is now
loaniug az PEE cent and plenty of i, in
sight
The proat-sharfng plan of the United
states Steel Corporation Is meeting with
great favor with the employees OF that
company The allotment of $4,000 shares
has been oversubscribed- and a total
list of GG1 names has been sent in.
This is, however, but q small percentage
OF The 100000 employees who are entitled
TO subscribe, and il is said that the com
pany may increase the allotment by
buying the stock in the open market.
should the subscription increase
The receiving and carrying of coal
viii be the great source of fixed income
. in future of the Eastern railroads. and
the persistent buying OF Erie shows that
this fact IS not being overlooked by in
vestors. The dealing in this stock yes
terday and today was enormous, and
when il is remembered thar the Erie
stocks are far below the prices of De
cember, 1901. il may be safely said the
stocks are low J. ! Hill is said TO
have lately bought very largely OF the
stocks
The pool in Southern. Pacific has not
been active of late, but it is to be no
tiCed the stock Is gradually creeping up
ward The leader OF the pool is as con
fideGt as ever of the ultimate success
of the undertaking, and today the stock
showed signs of greater strength than
/ for some time The company has recent
( ly bought largely in the Beaumont
! Texas, oil fields 1t has about 300 loco
/ motives equipped with oiI-burning de
/ vices
/ II has been known generally for
months by insiders in Baltimore and
Washington that Baltimore and Ohio had
/ acquired control Of Reading. II is true
no definite announcement had been
made of the fact. and it was not known
how the deal had been financed. but it
was believed the issue Of new stock by
Baltimore and Ohio some months ago.
Famounting TO SO. coo 000 was 10 be used
( largely in paying for the stock Il is
/ now known this assumption was correct,
/ but the ease with which the whole trans
action was conducted is surprising. It
/ 8 stated most OF he stock vas acquired
in the open market. although a large
block was sold privately by Kuhn, Loeb
& Co and that every share of the S.
per cent of the first and second pre-
/ ferred. as well as 20 per cent OF the com
mon. has been paid for and taken up
without the aid OF a syndicate
+ To conform TO the laws of PennsyI-
vanfa which prohibit the buying Of a
competing zine. the Pennsylvania, which
owns. in fact. the Baltimore and Ohio
/ has transferred one-half Of these hold
! ing 10 the Lake Shore and Michigan
/ Southern. which is q non competing road
/ in every sense. This shows q cOntinu-
ance Of the intimate relations existine
I between the Pennsylvania and Wander
/ biIt interests.
/ The announcement OF some OF the plans
! in prospect by the Pennsylvania. call
ing for the expenditure of $4,000 900
I which announcement was made as a JUS
tifcation for the proposed doubling On
1.-THE stock. had a beneficial effect upon the
/ stock One Of the schemes is to six
/ track the road between Philadelphia and
/ New York. and to disbuTse S5,OO0.0GO IN
Washington for terminal facilities
Sugar opened this morning above its
/ close last night upon the specific action
/ Of the beet sugar men in Withdrawing
/ opposition to the ratification Of the
/ Cuban reciprocity treaty II IS stated
] that this action is not altogether har-
mouious. and that the Michigan inter
/ ests are not in accord with the major
/ itv Nevertheless, the strength OF the
/ opposition has been broken. and there
/ is but little doubt OF the future admis-
I sion OF Cuban sugar on 20 per cent
/ reduction basis Spe culaJively. this VIII
/ help Sugar stock. and as Q matter Of
! fact. The company will gain some ad-
/ vantage inaEmuch as the product M
/ Cuba viii enter into more active com
I retfsion with foreign beet sugar. and
( thereby enlarge the field of production
! of the raw material Statistics recently
/ published show that the raw material
/ is now selling at ! cent pound lower
/ than # has for years In point of merit,
/ however. Sugar is one OF the best
/ stocks on the list, and should be selling
around $50 us earnings are enOT-
NOUS ~sad show a return Of 20 per cent
T on the common stock
The dispute between the PennsyIva
! mia Railroad and the PittsDurg, Carne-
gle and Western Railroad. the Wabash
extension over The height OF the Gle
waited structure OF The Wabash. was
[ settled yesterday by . board Of arbi-
tratIou. The details OF the agreement
we're not made public but the plans viii
. be prepared and submitted to councils
ARREST OF POSTOFFICE
ROBBERS CAUSES ELATION