The Washington times., 1903-02-16
FTNANCE AND COMMERC E.
CURRENT NEWS AND GOSSIP
AFFECTING SECURITIES

Although trading was somewhat spe-
ciallzed. the opening was generally fair.
There was nothing special in the news
over Sunday 10 directly IN
terest stock market speculation either
way to any extent. Il would seem as
though prices must ultimately sell high
er. but for the present il is apparent
that outside speculation or foreign de-
mand for Americans will not develop I'M
til something occurs OF an inspiring ma
true to arouse enthusiasm
Late London cables show American
stocks there ranging from "a decline 70
3-S advance. The wind-up OF IN" Nene-
zueIa matter has had no appreciate ef-
feet on sentiment The markets are
now moro concerned with the Macedo-
ni4u trouble and the fear that IL may
lead to some complication in European
politics.
The newly reported expansion of loans
and the consequent reduction OF surplus
revenue. together with talk OF gold
shipments at the moment. were not in
spring motives for a bull market.
In spite OF the unfavorable bank state
ment, IL is said that banks still maintain
their strong position and easy money Is
looked for the coming week.
Bank Of England is preparing for tic
great TransvaaI loan and that Is the
reason it is boarding gold at this time.
A New York firm on Saturday shippnd
S250OO0 gold to Cuba
The passage OF the AIdrich bill if
certain features which. II allowed to re-
main in the bill. viii Offset the relief
! hoped 20 be accomplished.
! But few low-priced stocks Of any value
now remain TO be placed on dividend
/ paying basis.
While railroad earnings continue good
! II is noticeable fact that in proportion
/ small increase.
Railroad gross earnings advanced So
100 coo in January.
Rumors were heard of a deal in the
! traction stocks. chiefly affecting Metro
politsn Street Railway and Metropolitan
securities and Brooklyn Rapid Transit.
Brooklyn Rapid Transit showed
strength and was said TO have beer
taken in hand by later connections Of
the company, who have recently accumu-
lated stock IN some quantity.
A complete reversal OF sentiment to-
| ward the new Erie bonds is manifest to-
day and the bearish talk has been re-
duced to a minimum. Those who wers
sublimely optimistic OF great things fol
Erie in the way OF deals, potent FOL
profits TO holders Of the stock, are no
inclined to see the benefits that mus
accrue to the road from the bond issue
OF the value of the new bonds to thos'
entitled TO subscribe for them.
The arguments urged to sell the stool
do not bear q very close analysis, whil
the necessity for the bond issue. tn
great advantages TO be derived from Jh'
contemplated improvements and the &C
tual benefit accruing to stockholders ar
sufficiently evident to knock the prop
from under the pessimistic theorie
evolved by disappointed holders OF Erie
whose expectations of tremendous profit
were not realized.
The unfavorable reception accorde
the Erie bond issue announcement is eX
planned by the general expectation tina
something of a much more favorabl
character was about to ne made public
| Consequently when the real facts Wer
made known many who had bought ID
stock with the expectation OF making
turn on the good news threw over thel
holdings in disappointment.
II is indicated that in order 20 kee
pace. to some extent at least, with IL
formidable roads, 81 was necessary 10
Erie to raise additional capital for bet
terments.
The Erie Railroads total assets ar
placed at 1916, 600. 900.
Gould interests were bulling the
Southwestern stocks.
II Is estimated that Missouri Pacif
earned in 1902 9 per cent net.
= Frisco isgat Birmingham, in the Gel
ter Of a rich manufacturing district
getting there II executed bold stroll
toward developing its system. Althoul
! opposed to IT at first, Frisco consents
! to the Seaboard getting an entrance
I the town, and an agreement was pc
fected between them some time since
which the Seaboard obtains some val
able trackage rights
Tho latest in the Way OF Wall Sire