Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-05-09
Reassuring News From Paris
Produced Recoveries.
STOCKS REPURCHASED
ASIDE FROM FOREIGN STU ALTON
THERE WAS LITTLE INTEREST.
Leading Railroads Were Conspicuous in
the Early Advances-Prospects
of Dividend Increases
By Special Wir, &c The Star.

By Special Wir, &c The Star
NEW YORK. May 9-While there seemed
TO be little change in the foreign political
situation. as complicated by the events in
the far east. all of the European stock mar
lSetS today showed vigorous recoveries from
yesterdays unsettlement. A somewhat re-
assuring effect was produced by the state
mart issued by the French foreign Office.
asserting that France intended to live up to
her position as "A neutral power in fact be-
ing the only novel contribution to the stu
atioh in general American stocks partici-
Dated fully in the rally in prices on the
London stock exchange, a number of the
active issues showing advances of one point
and over above parity with New York's
closing figures of yesterday.
Foreign houses repurohased some of the
large amounts of stocks they sold yester-
day, but the approach of the settlement
on the London stock exchange nterfered
somewhat with their activity in this drec-
ton. Aside from the foreign political situ-
alton there was little of interest in the
developments over night relating to the
financial situation In the local market ad-
vances which extended from fractional linn
its to upward of two points were scored in
practically all of the active issues.
Notable Advances.
Pennsylvania was comparatively heavy at
the opening of the market on the failure of
the stockholders to subscribe to the new
convertible bonds, but that stock also
moved upward in the subsequent dealings.
Union Pacific was notably active feature
of the market and advanced nearly two
points at the outset of the trading Read
ing was also conspicuously strong. We're
New York Central. the Fries. Baltimore and
Ohio and Louisville and Nashville. In the
industrial quarter there was a very rapid
rise in rubber goods and price movements
in general In that department conforned
to those in the railway list Amalgamated
Copper was exceptionally strong and the
United States Steel shares made satisfac-
tory recoveries
Peoples Gas opened substantially above
yesterdays closing figures, but later lost
good part of the advance. Consolidated Gas
was neglected
If all the inside" information that has
been allowed to leak out about Amalga-
mated Copper Is correct the next Boston
raid scheduled 20 begin about the 18th o;
the present month should be fzze. II is
an open secret-so open as TO be no secret
at all-that leading spirits in the company
have held the bag for the stock that came
out on the decline from the recent top 1t
Is not at all vaguely limited that preceding
the annual meeting June > or at the
meeting following II there are to be
most important developments favorable to
the stock and limitations afforded that
about midsummer the dividend rate will
be made per cent. If only respectable
portion of the Information to be had about
copper proves true it should have a very
bullsh effect on the rest of the market.
Gossip Over Dividend Increases.
Dividend increases that are believed to
be the schedule for this year and that
do not appear improbable from known
facts may be made on Copper, Atlantic
Coast Line, Steel Feundries preferred
Chesa peake and Ohio, Louisville Norfolk
and Western. Reading and Union Pacific
The long expected increase in the dividend
rate on Baltimore and Ohio does not look as
probable for this year as it did Il while
ago. before the company launched out on
Its larger expenditures for equipment and
the like, ordering among other rolling stock
259 locomotives and 10000 freight ears.
Northern Pacific may, according to ru-
NOR. be put on an per cent basis. An
initial dividend on Southern Pacific Is re-
garded as a probability of the year, and
there may be beginning of dividends in
locomotive common In certain well-in-
FOR ned quarters it is asserted that a guar
antee Of dividend is to be made on On
tario and Western.
According TO the best-informed people
The Reading dividend will be increased to
not more than per cent rate at the
next period but is likely to be made per
cent thereafter Presumably something
depends on the outlook for peace In the
coal fields next year.
The Butterick Company has declared the
regular quarterly dividend of / per cent,
payable On June l. Books close on May Is.
The directors Of the Colorado and South
ern Railway Company have voted to issue
call for a special meeting OF the stock
holders to be held in Denver on June 10.
AT this meeting the stockholders will be
asked to vote upon the issuance of n $780,
Tpfun6ipfs mi nd
proposition is ratified by the stockholders
SlI.Wo.UOo of the bonds secured by the
mortgage will be offered for subscription.
j E2 financial plans of which the issuing
or these bonds IS a part is practically the
same which the directors agreed upon some
time ago. The amount of the mortgage
was then fixed at 500 600. 900 and the bonds
were to he known as AZ per cent thirty
year gold issue. and s17.0OO.OO0 were taken
by Halgarten & Co.. the Berliner Handel
GesselLschaft, the Bank Fur Handel IND
1ndustrie in Berlin and the Swiss Bank
vern
AT that time it was understood that
ssO0O,000 of the bonds were to be issued to
take up the outstanding equipment trust
obligations of the Colorado and Southern
Railway Company and the Forth Worth
and Denver City Railway Company. and to
pay for the Cripple Creek short line rail-
road. 1t. is also understood that the re-
naming s9,000,000 of the bonds were to be
iAued in due time to pay for the new extern
eion to the gulf at a cost of from S17 900 to
$4,000 mile. A director of the company
says that * has been decided to go ahead
with all the matters included in the original
plan, but there may be some variation made
necessary by the failure of Gov. Macdonald
of Color to sign house bill No. 49, which
passed the legislature by large majority
vote and seemed TO meet with popular favor
in Colorado.
Montreal dispatches say that the Ameri-
can Locomotive plant there acquired in the
last year plenty of business. The structural
steel plant has capacity of LOCO tons
month. The locomotive works can turn out
ten large locomotives a month, and have
orders on hand to keep them going to the
end of October.
The Steel Corporations net earnings for
April are reported to have been in the
neighborhood of S11.00O.0OO, and the pros
poets are said to be that the net for May
will be about S13,0O0.0O0.