Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-08-03
BULLS AND BEARS


NEW YORK. August 3.-The sale of 100
shares of Northern Central railway stock
at 206 yesterday, an advance of II points,
may be related to rumors that come from
Philadelphia of melon cutting or of
merger with the Philadelphia and Erie.
The Northern Central. which is controlled
by the Pennsylvania. has a total mileage
Of $50. outstanding per cent stock of ST.
1893 400. Of which the Pennsylvania owned
$6.267. $50 last year. and earned last year a
surplus over dividends Of 500. 6s1.
Stuyvesant Fish, president of the Illinois
Central. said in Chicago yesterday: "Addi-
tional laws to prevent rate discrimina ton
cannot be made too strong. The midnight
tariff may be eliminated by making 1t
necessary to file notice of a reduction in
rates at least ten days before such reduc-
ton is to be made. But the government
snould not attempt to go into the business
or naming rates-that Is, Of vestng itself
with original rate-making power. Shippers
DO not want that, because 1t would mean
In the end distance tariffs, and that would
eliminate competition not only among the
railroads, but among producers. shippers
and communities. 1t would also mean that
IN snort time the government must fix
the price of all commodities 1t would re-
press trade, make all regions depend on
local consumption and hurt business In a
thousand ways"
That outside interest which trades on tom
point and smaller margins is so small that
most brokers regard the market as in little
danger of serious setback on technical
speculative conditions.
The advance in the Chicago Traction Is
sues In the last ten days seems to have for
Its basis nothing more than the growing
prospect that Chicago's municipal owner
ship whack the corporations administration
Will pass out of Office without accomplish
ing much of the frenzied purpose with
which 1t started. There Is important litiga-
ton in various courts affecting the status
OF the Chicago street railways, and no de-
cisions which would clear I'D the situation
are expected before fall.
wyoming adyices say that from amended
articles of Incorporation filed in Cheyenne
by the Chicago and Northwesterns local
constructing line, 1t appears that that road
intends to build across Wyoming to some
point on the western border of the state.
The amended articles of Incorporation also
increased capital stock of the company by
S96OOO,OOO. When the proposed extension
is completed the Northwestern will be with
In Seventy-fve miles of Ogden, and a con-
neetion will be made with the Southern
Pacific and San Pedro roads, thus giving
the Northwestern, entirely Independent of
the Union Pacific, a through line from Chi
cago to Salt Lake City.
Harvey Fisk & Sons purchased s., 2O0, OC0
or the first mortgage per cent gold bonds
o fthe Union Bag and Paper Company, and
having sold a large amount of them, offer
the remainder at 9S19 and accrued interest
from July. The bonds mature in 1880 and
are subject TO redemption at Jos per cent
and interest on any coupon date. The
company is required to maintain after 1908
a sinking fund equal to per cent of the
amount of the bonds outstanding and In
the sinking fund on November 1 OF that
year. The net earnings of the company for
the last six years have averaged
S9WO,OOO year. more than eight times
the amount necessary to pay interest on
the bonds that have been issued.
The per capita circula ton in the country
according to the treasury report on August
1. Is S31. %.
According to Price Current. corn Is shap-
ing for a record crop.
President J. ]. Mitchell Of the Illinois
Trust and Savings Bank Is credited with
some very optimistic views, saying: 'It Is
safe to assume that our expectations of
bumper crops will be more than realized.
All manufacturers are busy. The railroads
are doing an immense business and there is
more than they can do in sight. l expect
that with December 81 will eliminate the
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