Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-09-19
BULLS AND BEARS

49, :" A0xsAs September l0.-IIan8Ief
BOOKS Tor the Wabash annual meeting
were closed ten days ago. put the theory
mat the rather heavy buying OF Wabash
securities in the last few days il FOR the
purpose Of assisting one side or the other
In the night for control at this meeting Is
based On the understanding that under the
Ohio law the actual possession or the GER
tincates carries the votes. no matter In
whose names they are recorded on the day
the books close. This means that proxies
can be revoked by the stocks, and inJects
considerable uncertainty into calculations
based on the proxies that may be sent In
20 one side or the other, for advancing
prices are certain to dislodge certificates on
which proxies may have been given. In
formation said to be Trustworthy is to the
snect that the committee representing the
protesting Wabash debenturs "B~ bond
holders win extend their support to rres,-
dent Ramsey. 1t IL said, however, that
the two actions are In no way related. and
that the debenture '.B'' bondhoiders knew
nothing OF Mr. Ramsey's Intentions 9ene
suit brought by the committee to compel an
accounting from the Wabash officials, with
view of forcing a distribution to the de-
oenture bondholders. 10 now pending In the
courts. The debentures elect 0ne-half the
highest even number Of directors.
The pig iron market continues very active
and heavy buying movement 10 reported
from all quarters. and prices are being adj
vanced on all grades. Sales yesterday OF
foundry grade amounted to $1,000 tons and
or basic and bessemer iron to 1900 tons.
In addition to the purchases of bessemer
iron made by the United States Steel Cor
poration from the BesSemer Association and
W. T. Snyder & Co: 1t is expected that the
corporation will also buy from 10000 to
10000 tons more for October delivery. Be-
SIDES the actual sales there Is an increased
number OF Inquiries in the market.
he
Inc Aontreai dispatches say that the
Montreal works OF the American Locomo-
tivs Company have booked large orders for
locomotives from the Grand Trunk Pacific,
ana these works will run at top speed for
Of the Grand Trunk Pacific started last
week. and. Will be pushed with great ra-
pidity Locomotives and cars for the new
transcontinental line will be built in Can
ada to large extent. 1t Is estimated that
about $15.OOO.OcO will be expended in pur-
chasing locomotives.
International bonds are the subject of an
& Bates for September, which enumerates
some OF the best Of such issues now in the
market. including Tobacco is and As, Cen
traI Leather IS. Distlllers' Securities S. In
ternatlonal Pump Gs and Steel Sinking
Fund 5s. The circular says: las a natural
result OF the financial situation, caused by
the great prosperity of the agricultural and
manufacturing interest Of this country, the
prices of high-grade railroad bonds have
attained higher level than has ever be-
fore been known. These high prices are
nation to a large extent of this class or
security from the general market. 1t is,
therefore, but the natural course OF events
that securities, such as the bonds OF high
class Industrial enterprises. should come
into the prominence which they deserve
and furnish the basis OF investment for
public and private investors in the future.
$oN
placing funds in the securities Of industrial
concerns that such enterprises are attended
with elements of risk, such as frequent re-
organizations. internal discussions and com
petition. These conditions existed very
naturally, but as years have gone by these
very processes of reorganization, etc. have
gradually produced the strong combinations
Of the present day. the shape OF vast enter.
prises formed by immense capital ana
sound management. for the purpose OF sup
plying some necessity for the country at
large. ,,x
ba ok twenty-five years. A scattered popula-
ton. lack Of capital. lack OF confidence, as
we'll as the rivalry between the various sys-
TENS and in a great many cases STOCK
iohber. in control caused reorganizatfons
and abandonments Of whole lines or ROAD,
with results as direful to the investing pup
lie as any which have ever been known IN
the working of Industrial corporations, even
during the hard times ten or twelve years
ago. It was frequently the case with rail-
roads to repudiate entire bond Issues
stocks were rendered valueless and pro-
1ected railroads were never built. The same
forces which have been present IN the
building up Of the railroads have attended
the building up OF the industrfals Who
shall say therefore. that the great indus
trials are not today in q stronger position
than were the railroads a few years ago,
and Is 1t not reasonable to be supposed that
at no far distant day the bonds OF indus
trial concerns that are secured by q val
liable property will have attained position
in the market on a parity with the better
class Of railroad bonds?
Gold arrived here today on the first I'm
port engagement Of the season. 1t came
in on the Kronprinz Wilhelm to the amount
Of se25. 900. being part Of the purchase made
last week by tazard Freres In London.
There remains OF that amount q balance
Of ss50OOo still to arrive. making. with the
81, $50 600 bought by the same firm In the
London market this week and S4OO.OC
bought by the City Bank. total OF about
g, 1876 600 of the yellow metal engaged 80
far for this fall or under way to this side.