Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-09-21
BULLS tS0 BEARS

Special Di>satch to The Star.
NEW YORK. September 21.-St. Paups
strength In the market IN the last few days
would be sufficiently accounted or II the
revived rumor Is true that the road Is at
last about to embark on the long projected
extension to the Pacific. for presumably
valuable rights win accrue to stockholders
In the process Of nancing the westward
construction. Doubtless the first step IN
the scheme would be to issue the sd 000. 600
OF common stock authorized almost three
years ago. As for the accuracy of the
present report of the company's intention.
about all that can be said now IL that 1t Is
believed In quarters usually well informed.
Seattle is supposed to be the terminal aimed
at.
The Erie gets the Cincinnati Hamilton
and Dayton. and presumably the network
OF railroads which 1t controls or with which
1t has agreements, including not only the
valuable Pere Marquette. but the Detroit.
Toledo and Ironton (the reorganized De-
trott SouthernI, which owns the Ann Arbor,
out who gets the Erie?
This is an important question, judging
from the interest attached to 1t in the very
weu-tnformed quarters which have sturdily
insisted that the disposition Of the c.. H. Il
D. system. the Great Central route. as 1t has
been named. would be just what 1t has
turned out to be. In these same quarters
dent accumulation of Erie shares that was
going on was for the purpose Of fixing
practical control Of the road permanently,
and 1t has been the belief that a sufficient
quantity Of Erie stock would be divided be-
tween Vanderbilt and Pennsylvania rail-
roads to insure this result; that In other
words the future Of Erie control was to be
settled In much the same way as In the case
Of Reading. There are others whose opinions
command respect, who say that there is
no reason why the Erie should give up even
that much independence and that 1t has q
great future which 1t can work out Itself.
but whatever may be the final lodgment of
the bulk Of Erie 1t may be taken for granted
that the roads prospects Will not be Inn
paired to the slightest degree by provisions
to take 1t out Of the arena Of speculative
contest,
Including the Susquehanna the Erie sys-
tenn comprises 2,553 miles of railroad, and
includes the valuable Pennsylvania Coal
Company and the Old Union Steamboat
line on the lakes. with Its Buffalo proper
ties. Its trunk line terminals are at Jer-
sey City, Buffalo and Chicago, and on the
way 1t reaches Scranton Binghamton. FL
mira. Corning, Dunkirk. Youngstown. Cleve-
land and Dayton. The great central route
IL a system of 1855 miles, the Pere Mar
qrette, With 1896 miles, being the backbone,
all owned or controlled by control Of the
SS,OO0.O00 Of Cincinnati. Hamilton and Day
ton common stock. practically all OF the
preferred having been retired. The Cincin-
natl Hamilton and Dayton also divides con-
troll of the Cincinnati, New Orleans and
Texas Pacific with the Southern railway. 1t
reaches Buffalo. Detroit. Toledo. Fort
Wayne. Dayton. Ironton,, Cincinnati. In
diaE apolis, Springfield and Chicago, literal
ly gridirons Michigan, and has valuable
lake routes with terminals at many ports.
including Ludington and Milwaukee. The
disposition of the Detroit, Toledo and Iron
tor int mo htytQ o.
ent this road has trackage agreements
with the Cincinnati, Hamilton and Dayton.
Wall street was quick this morning to
seize on the bullish value to the local trac-
ton stocks of the new North river tunnel
scheme of the Interstate Tunnel railway.
The public service corporation OF New Jer-
sey and the Metropolitan street railway
are back of this project, and 1t Is very APP
parent that the Brooklyn Rapid Transit
Company must benefit by 1t, If 1t Is not
directly interested In It. The company fs
to construct tunnel under the North river
from the terminus in Jersey City. at Erie
and 18th streets. to a terminus under Cham
beers street between Broadway and the
Brooklyn bridge terminal in Manhattan.
The public service corporation will estab-
lish a direct high-speed line from Newark
without changes to the proposed tunnel In
Jersey City, affording direct transportation
from Newark to the city hall In New York.
In fifteen minutes. Arrangements have also
been made for joint passenger station at
Jersey City, where the Erie Railroad Com
pany can transfer suburban passengers to
tho proposed tunnel line. The new tunnel
par ailels the tunnel now under construction
by w. G. McAdoo, which Is believed to be
controlled by marlborough interests. 1t Is
not too much to say that this latest devel-
opment Is only one Of several forthcoming
o. vast importance to the traction interest
Of the greater city.
The United States Steel Corporation has
purchased $4,000 tons of pig iron from the
Merchant furnaces OF the Mahoning and
Sherango valleys for September delivery,
and Is negotiating for 10000 tons addi-
tional. The price paid was SIS ton at
furnace.
It Is expected that the corporation will
place similar order before the end of this
month, and 1t is probable that 1t will con-
tinue to buy iron for several months to
come, as its own furnaces are not able to
supply the demands made by its finishing
mills.
From Philadelphia comes reports that the
plan for the merger and consolidation OF
some Of the affliated lines with the Penn
sylvania Railroad Company has been COM
pIeted and that the announcement will be
made officially in short time. 1t 10 be-
Iieved the roads to be affected will be the
Northern Central. Philadelphia and Erie
and West Jersey and SeashOre railroads.
and that they will be taken over by the
Pennsylvania as a part of Its system and
operated as one company. The merger will
probably be effected through an exchange
of stock.
At the end Of last year the savings banks
of this city had cash balances on deposit
with the deposit banks Of the city aggre-
eating $40 OO6 800. Savings bank men say
that the rate of interest paid on these de-
poslts averaged at least per cent.