The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1904-09-14
NEW YORK.
American stocks IN London are hrmer,
Is to "a above parity.

- ~ - 1879 i'NA'es
Thomas F. Ryan said today: Il have
refrained from denying the many false
rumOrs regarding Metropolitan Securi-
ties which have been circulated during
the part few months, except in the case
of inquiries by bona fde stockholders,
to whom l have always made prompt
replies. But the papers Of this morning
have been imposed upon in so glaring q
manner, evidently by persons knowing
their statements TO be false. that I feel
II my duty TO the stockholders of the
Metropolitan Securities Company to say
that neither 1 nor anyone representing
the mana cement Of the company has
given an option to anyone on a major
ity or any other amount OF its stock, or
knows OF any such project. and that no
one with the authority of the manage
ment has entertained or viii entertain
II the future any proposition for the
control Of the company which does not
give every stakeholder an equal OppOr-
tC--ity Of participation
The rally in Mexican Central Is at
triOuted to expectation that President
Diaz will recommend a 5O-cent ratio for
the Mexican dollar. Insiders In Mexi-
can Central have always claimed that a
stable currency IL Mexico would mean a
large Increase in net earnings Of the
company.
When 4 bull campaign has reached a
point where heroic measures are neces-
sary 10 hold the market the buying will
often be concentrated upon one or two
prominent stocks and those stocks will
be advanced by sheer force. but for
every share that has to be bought on
balance to put them UP the crowd doing
! IL will sell two shares of other stocks.
A loss Will be taken when the market
does turn IN the stocks that were thus
advanced but this loss Will be more
than offset by profit on the short
side Of the general market. Operations
Of this character have been known 10
originate simultaneously in several diff
ferent quarters, much 10 the temporary
confusion OF everybody concerned
The movement in Southern Railway
has correspondent to that in Reading IN
this one respect-that nobody has seem
ed 70 know anything whatever about IL
and yet everybody has been freely ad-
Yised concerning 1t.
Southern Railway was conspicuously
strong at times yesterday when the
general market was weak There seem
/ ed TO be very excellent support at 33jz.
| The lowest price Of the day was 1874.
Comparatively little stock sold below
33lz- It was also the most active Of
any stock yesterday, with n volume Of
more than 10000 shares. Bullish efforts
were confined principally TO the stocks
/ least affected by unfavOrable crop de-
tvelopments in the West.
Notwithstanding the timely and reas-
surfing statement made yesterday by
/ John w. Gates that so far as money
conditions are concerned. there is moth
1 ing to fear. the loan account. especially
the character Of at least some of the
borrowing that has lately contributed
/ 10 It's expansion, Is a source OF concern
/ to a great many conservative interests.
Mr.. Gates is not an infallible judge OF
money market conditions.
! Mr.. Gates was prevailed upon yester-
| day TO give a Characteristic interview on
! the speculative situation. He was
/ quoted as saying: I am still bull on
\ the stock market Everything. however
/ Will depend upon the outcome Of the
J corn crop II the fact IS established that
! stocks Will go higher. I would give
/ $3O.OJOOO for definite information regard
/ ing corn
/ J. p. Morgan has gone TO Bar Harbor
1 for two weeks. 1t IS believed he will
/ not return 10 his Office until after the
! Episcopal Convention I'm Boston G. W
/ Perkins returned 70 this city on Mon
/ day
/ There was unusually large trading in
, the common and preferred shares Of the
United States Steel Corporation and the
{ trading suggested the continued opera
! ton OF interests favorable to higher
] prices In the securities. Those who are
EtSJ informed concerning the state OF
/ the steel and iron trade are at a loss
/ 20 explain the optimistic sentiments Of
, Wall Street on the -rade outlook as ex-
! pressed I'm the higher prices OF the cor
/ pOTatiOn's shares.
/ II is stated that there has been little
! business created by the reductions in
prices. and that the business now being
J booked represents much smaller earn
! ings. Opinions to the present quar-
! ter's earnings seem TO agree that he
| tween $1,000. 600 and SIS OgD. 900 will be
! earned. Estimates of the total year g
earnings indicate a total slightly less
/ than $7B.O0A,0Oe