The Washington times., 1903-01-20
FEVERISH TONE IN
TODAY'S TRADING
IN THE FINANCIAL WORLD.

grown t. considerable proportions. ana
" hlia the shorts are 40, entirely conf
dent of their position. they show much
h~muess. and predict lower prices. In
heir confidence however. they are not
more aggressive yaau The bulls BOIh
SIDES are wairiug. but there is this TO
1e SAM Ton Le bulls The position they
etg al is based on careful Iuvesrfga ton
of I2l intrinsic merits of the stocks lh-v
EeiG. backed I'D ny sufficient capital =
carry their ventures through. while the
bears are ready 10 Iuru al The hrst H.
aieatIou OF strength throughout The gcu-
EEal list It seems however that the
oaFEeJ VIII not Immediately go higher.
The decision rendered by The court OF
appeals OF New York declaring the Ford
franchise law to be unconstitutional had
the effect of Strengthening Manhattan
Brooklyn Rapid Transit. and COusoI5-
dated Gas The general tenor Of the de-
cislon has been known for some time,
and the strength of Manhattan has
been based upon that fact TO q large
extent, although thc increase of stock
and the privilege given TO stockholders
TO subscribe TO the new issue at-par
10 the extent OF IL per cent OF their
holdings has added 20 the frmness in its
prices During the litigation. which
was instituted almost as soon as the
law Went into operation. Manhattan has
been laying aside money TO pay the tax
assessed upon its property. This sum
ROW amounts TO a considerable figure.
and as the company has leased its prop
erty there is every reason TO believe
The surplus thus acquired Will be dis
JTibured among stockholders II is con
ndenIy asserted that Manhattan viii
be the leader OF the market in the Gext
upward movement
One OF the reasons attributed for the
weakness of Southern Pacific was the
report Of the dissolution Of the pool
which was organized q year ago. There
is absolutely no truth in the statement
and it can be confidently stated there
viii be no dissolution OF the syndicate
until the stock sells at much higher
figures. It was organized TO exist until
April l. 1903 and good deal may hap
pen IN that time The reports concern
ing the business and earnings of the
road continue TO be most satisfactory
and there is more traffic in sight than
ever before II is stated. however. the
directors Of the company have decided
10 continue The system of expenditures
which has been in force for several
years. and that by 1904 fully $40 600 600
viii have been put into the property
in the form OF physical improvements.
It is this method OF diverting earnings
to the improvement account that should
90 IN part 10 the stockholders, which
has aroused the altagOuism OF the min
GRITTY stockholders In comparative
statement recently compiled an indus
Irious staIistician shows that Southern
Pacific is earning more on its stock
than ArchisOn. For a long holding the
former stock is worth intEinsicaIly more
than AtChisOu.
The attempt to install PiecewOTk in
the machine shops of the Union Pacific
al Omaha has resulted in a strike, and
the strikers insist that they viii not
accept wages based on this system. This
was the chief point OF controversy be-
tween Mr. Hartman and the president
of the machinists' union, but in the We
cent conferences it was believed this
question as well as all other matters
had been satisfactorily adjusted The
strike affected the stock. but II IS be
Heved the setback viii be only tempo
raTE. unless The strike becomes -ym- I
pathetic and extends to other organized
labor unions in the employ Of the ~aiI-
road
The story that a new securities som
Dany IS to be formed to take over
Chesapeake and Ohio, Norfolk and
Western. Baltimore and Ohio, Reading. /
Jersey Central Lehigh Valley, Eric and
Backawanna is not credited. Parties +
closely connected with the financial in
terests Of the respective companies say /
The story is too absurd TO require Sc
riOus consideration While r. is not i'm +
probable an organization of this kind /
VIII be formed some time in the future. /
its creation depends entirely on the out
come Of the litigation involving the va
lidity OF the charter Of the Northern Sc
curities Company
The activity in Chesapeake and Ohio
yesterday was due 70 the well authenU- /
Gated TUuOr that this road and the Nor
folk and Western had acquired rhe /
Hooking Valley Railroad. It has been
known for some time that If Is part /
e. the plan of the Pennsylvania. which .
together with the New York Central .
controls both Chesapeake and Ohio and /
Norfolk and Western 10 combine ali the +
soft coal roads It is said Mr. Gates has +
lately bought large blocks Of Chesa-
peake and Ohio.
Copper dealers think q good deal Of
additional confusion viii be caused in
the trade by the resignation Of the min
ing companies which sell through The
United Metals Selling Company. from
the Copper Producers Association. and
their refusal 10 furnish hereafter sta
tistics Of their output. These companies
furnish tWo-thirds of the country S
copper
Missouri Pacific is one of the stocks /
on the list which ultimately should have
material advance ever present prices +
II IS now on , ger cent basis. but IL
earnings continue IT viii not he long
before the dividend rate can properly be-
increased The net earnings for N0veIa- /
Der showed an increase o. SCOTIA. and .
the prospect for traffic during the rest /
of the winter months is extraordinarily .
large. But this is also true Of all Vest .
eTn roads.
The arrival Of J. J. Hi In New York
completed a quorum Of Northern Securi- +
ties directors, and reports Of favorable /
action Deing taken on the dividend were
persistent Great Northern preferred
made new high record. selling al Z0s55. (
Northern Securities was active and aI- .
Vauced over Z points on the curb AMI
Oregon Short Line bonds were also In .
good demand lending color to the re-
ports Over 1900 shares Of Northern
Securities changed hands on The curb +.
yesterday between ia and 1861. re-.
acting later, with the general break On /
tle market u is said the dividend viii .