The Washington times., 1903-01-23
SUBSTANTIAL ADVANCES
ON THE LONDON MARKET
Gas STOCKS
IN THE FINANCIAL WORLD.

:. Aaury Dove CO------------, Ito
IN THE FINANCIAL WORLD.
Yesterday vas the duIlest day of the
month in the way OF transactions on the
Stock Exchange. There was neither any
desire 10 sell nor to buy. and trading
drjfted along in an aimIess way. await
ing developments in the Venezuelan
matter. Up 30 noon today the same in
activity prevailed. and until something
6chlite about Germanv's attitude is
known the market is likely 10 remain
sluggish. Traders. politicians and states
men are inclined TO cTiJicise Germany
for her apparent brutality, bur il would
secm judgment should be suspended un-
til the facts OF The situation are given
As II is now. there is an entire alb
sence OF information as 10 which side
began firing
It was rumored this morning thai Ven
ezuela was the agEressor on the 17th
and II that be true this turmoil viii
quickly subsidc. and so far as the mar
1ct Is concerned prices viii quickly ad-
Just themselves TO a more favorable con
ditiOn- From what has been recently
said there are many who have been de
TERED from buying because Of the Ven
eZuelan situation. At any rate, the
market seems to ne ripe for q move
menJ either one way or the other, with
the conditions IN favor of an advance.
One OF the prominent money brokers'.
representing a number of banks, loaned
Oh call yesterday at ( per cent 81 ,GGO.-
0Go. The call money rate is gradually
going lower. and New YoTk's banks have
voluntarily reduced the rate on Outstand-
ing loans to / per cent Time money IS
being loaned for all periods at ~ per
cent.
a meeting of representative officials
OF the United States Steel Corporation
is now being held in New York. This is
the first conference these officials have
had since the PRONUNCIATION OF the profit
sharing plan. and it is expected that this
feature Of the scheme will prove most
beneficial not only to the stockholders.
bat 10 the officials themselves They are
to participate in ali earnings on per
Centage basis above certain sum, and
as increased earnings viii result from
intelligent and harmonious interchange
OF ideas and introduction Of economies.
II is probable there viii be q CORE
spending increase in the salaries of
these officials
Good securities command premium.
q s was shown in the bids for the whole
or part OF the 81 900 600 bonds New York
city is about 10 issue Tor public improve
ments- ThiTty-tOuT bids We're received.
the highest being 109-54 and the lowest
1921
It is now rumorcd an alliance has
been entered into between Canadian Pa
ci1c and Great Northern which was
made TO prevent the Grand Trunk FROM
getting money to extend its lines 10 the
racihc Coast The reason Tor the de-
tensiVe ana offensive alliance is said O
! be that the Two existing roads can bet
ter take care Of al existing or pros
pective traffic than by permitting a new
trunk line TO invade their territory. So
TAR no confirmation OF this alliance has
been made. and even if 1t were true
there Is not much hope that it viii be
made public.
The directors Of the Northern Securi-
ties Company at the meeting held yes
. terday increased the dividend rate from
10 AZ per cent. There vas heavy
+ trading in the stock on the curb in cz-|
Fec-atIou OF the increase.
It Is said the threatened danger Of 4
lively rate war IN the southwestern
territory JTaVersed by both the Atchi-
son and the Rock Island railroad sys-
tens has been aveTted- As the result
o. recent conferences between infuen-
tiaI representatives OF each of these
great systems an understanding has
been reached by which the rights Of
each viii be safeguarded ana there
viii be no rate cutting and no un-
necessary traffic rivalry.
The supreme court OF Nebraska has
ordered the dismissal OF the suIg galusr
the Union Pacific Railroad Company Tor
$685.. Gee for alleged violation OF the Ne
5raska maximum freight rate Jaw The
court afiTms the report OF the board o.
referees appointed 10 inquire into the
case. This report in effect declares I'M
constitutional the act creating the State
Board OF IFanspO which assessed
ihe penalties against the road The
merits Of the maximum freight rate law
are not taken into consideration. but
the case is stricken from The docket.
In Chicago yesterday under the llau-
. ence Of higher cables wheat opened
strong. 1sG14 10 ga &c higher, al SOls
TO SO7sc. The leader Of the longs was
again an active buyer, taking every
thing in sight both in the May and
July deliveries, and as result The
market advanced steadily until May
had reached $3.50 and July selling up
TO 56c. There was liberal selling on
the advance. outside longs dispGsi1g Of
considerable stuff, but the offerings
were well taken and The market showed
40 disposition to sag
The decline IN Manhattan yesterday
was Influenced by the attitude Of Gov
eruor Odeu in pressing the considera-
ton Of the Ford franchise bill by The
court of appeals Of New York. II is
known the governor is in favor OF The
repeal OF the Law. and believes IT TO
be unconstitutional but the fact hat
It's constitutiouaIIty Is 10 be passed
upon by another court had a deyress-
ing effect upon the stocks directly i,f-
fected by its enforcement. There
seems 20 be a confident belief among
the insiders that the court of appe-Is
VIII affirm the decision of the lower