The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-06-03

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\ nov version NJ thu report about An ieana
" stools and binds vas that stockholders
would be Slowed 10 subscribe tor 10 pef cent
N new stock and ~ per cent, IN couveftlble
dehrh'ufes. The subscription pflce being par
w both eases A. The terms ~ conversion
were not mentioned IN thta report N vac I'm.
noselhla ~ hgufe thr value NJ flHhta hasei
On the assumption ~ Ne correctness IN other
t%espects. ~ good quarters n waa stated
inst this tession was incorrect, ~ that an
estimate based upon n wonld ~ course w.
vnlurless, The probability j. that No an.
nouhcemeht ~ a definite plan viii I've made
Tor Aotns WEEKS, and M the present time
nothing definite has been deridad except
that the general scheme for financing tha
roads extension project will take the shape
~ a stimuli sneous Issue ~ bonds and q part
of tho treasury stock. A. 20 the proportions
of each no authoritative announcement has
vet been made, and the probability IL that
none will be made for a month or mors.
There IA n Nothing urgent In A.. PauIs need
for money. The road has for many years mado
a practice OF carrying O largo cash surplus
and has Reneerally been n heavy lender n
money In Wall Street, when the work on the
Western extension was begun the road had
thIa aIFDlua IA IfavV uN0n md nat all NJ n
has yet been expended. with the remaining
balance construction could be kept aoins for
some time TO come. But OF course the treasury
must be reimbursed sooner or later for tho
expenditures already incurred. and Addi-
tlonal funds must also be provided to carry
the enterprise 10 completion. Both will be
supplied at the same time by she scheme
which for some time has been under consid-
Grafton but OF which only the general out
lines appear yet to have been arranged
Before st. Paul became prominent as the
market leader about the only activity seen
anywhere was In Colorado Fuel. The move
ment in this stock appeared to be directed
by one OF the Western houses, but although
there were plenty Of tips the traders showed
little disposition to follow the lead. and II
any public following was secured 1t must
have been OF very small proportions. Those
who watched the trading said there appeared
TO be only a limited supply Of the stock, so
that the inter ests In charge of the bullish
operations wou Id probably find little dim
Guilty In making the price up II they desired
TO do 30. As. however. the increase In activ-
ity did not attract a public following 1t was
doubtful II any important ends could be
served by a continued advance in quotations..
A rumor OF settlement Of the difficulties
between the Gould interests and Pennsylvania
~ A. l. ~ n-,,I1 A@-l
Once Upon q time-but that was long ago
rumors Of this kind were Influential in pro-
noting price movements in the stock market;
but now, however, the Street has become
firmly convinced that nothing like a formal
agreement will ever be reached to cover the
matters which a few years ago gave rise to q
very bitter contest. but Of which the lapse
Of time has lessened the Importance. No
body would now think, for instance, OF the
possibility Of the Gould interests retiring
upon Pittsburg and abandoning their project
for a line TO the Atlantic seaboard, Yet this
Ia what the PENNSYLVANIA demanded before
pulling up the Western Union poles along It's
lines. The Goulds will build their line. but in
spite of such competition as the new road
may supply Pennsylvania will still have all
the business Il can handle. and with the vast
improvements contemplated will be so far
ahead Of anything that can be set up IA a COM
I'N"oi Nhut ~ IN ~ ~ ~ NtD
traffic situation between Pittsburg and the
coast for many years to come. The troubles
which formerly disturbed Wall Street may
wear themselves out-posslbly have already
done so-but they have never been and never
will be compromised.
Perhaps the real reason for the str enEth
in the Gould stocks was the expectation that
Missouri Pacific directors would at their next
meeting declgre the regular semi-annual divi-
dend on the stock. thus signlfyinR their belief
In the bright prospects for business based on
general conditions, and the crop outlook In
particular. Missouri Pacific has for some
time sold but little above the level Of a 4 per
cent. stock on account OF the belief that IL
would soon become necessary to reduce the
dividend. The more cheerful feeling which
has recently sprung up In regard to the divi-
dend outlook has, however, resulted In an i'm
provement In sentiment on the stock itself
and on the Could issues in general. 1t is be-
lieved that large interests In these properties
are favorably disposed toward the bull move
ment, possibly with a view to creating a mar
ket for Western Maryland. the new Wabash
issues to be put out In exchange for the B
debentures and for other securities to supply
funds for various improvements on the differ
ent properties.
Although vague and indefinite, the rumors
of a dividend had something to do with the
rise in American Ice Securities, but the amount
OF public interest which the movement at
traoted was very small.
while Pennsylvania earnings for April
fell below those for the corresponding moth
last year, 90 far as the lines east Of PIttsbul
were concerned. the important fact that
business was seriously affected by the coal
strikes deprived the decrease Of the signlf-
canoe which under other circumstances
might be attached to II as q bearish factor.
Pennsylvania Is, Of course. q large carrier
OF both hard and soft coal. and its anthracite
mines, In common with those Of the other
roads, were closed down during the entire
month. The road suffered q further loss
from the partial suspension Of operations In
the soft coal fields. and taken altogether
che reduction Of earnings was no greater
than might have been expected under the
circumstances.
Reports OF trouble at the Greene mines In
Mexico Induced the traders 10 take O more
bulllsh attitude on AmalRa mated. especially
as many of them believed that even II the
annual report, to be issued on Monday, should
not prove particularly favorable the recent
~inaction Of the stock indicated that an in
different showing had probably been pretty