The Washington times., 1906-02-12
TOPICS OF INTEREST
IN WALL STREET
Falling Off in Commission
Business During Week

,-o,,r,issfon houses report a decided
fa1it,e, off in business last week ana say
thai the present market is traders
market.
In spita of anythir- that may be said
or suggested. there is no doubt that
Wall Street is genuinely concerned over
the threatened strike in Jne anthracite
and bituminous coal regions. The fnan-
ciaI district would prefer noU To hear
of strikes and rumOrs OF strikes. and
for this reason il is more OF less dis
gruntled at the present agitation. The
feeling in general, however. is optimist-
ic, the hope being expressed that there
will be no walkout.
\ statement going the rounds is 20 the
effect that MIR. FriCk has recently been
a heavy buyer of Southern railway,
whose future he is said to consider
more brilliant than the past. even
though the company's earnings may not
warrant dividends for some time 10
come.
Fresh testimony TO the fundamental
strength Of the stock position was lui- ;i
DIShed Saturday by the course u INC
market in face of the bad bank state-
ment- The showing was expected 20 be
a bad one-from the viewpoint OF re-
worse in both particulars than had been
estimated in the glOomIest forecast
Nevertheless. though the general Is'
Sagged somewhat, there was no soch
slump as would have followed had the
structure of investment been ftlmsy-
Almost a quarter Of a century has
elapsed since the surplus reserves were
as low as they were Saturday morning.
With a loss in cash Of $5.2970o0 and an
increase in bank loans of S4,632,l0o the
market was confronted by the hard fact
that the surplus was below S.. 600, 600.
When the figures were closely examined
they were still less encouraging.
Mr.. L.awson's quietude leads many to
believe that he failed to discern a pSy-
Geological moment when he might have
jumped ia, and jumped on the market.
The question has been asked, Has the
Boston operator lost his cunning or his
courage?
A very positive belief prevails on Wall
Street that Europe has sold back to New
York a great deal Of Union Pacific stock,
ana that many Of the deal stories
we're started in order TO offset this liqui-
dation-that is. to try 10 induce people
here TO take the stocks sold by London.
Foreign traders have done little in
this market since they took their profits
in United States Steel shares. These
amounted to or 3 points, and covered
more than 10000 shares, according TO
popular belief.
The 500 line viii soon cut a melon
Part of the issue OF new Canadian Pa
cIflc stock vii be used to purchase out
right at a figure somewhere near 200
the outstanding 500" preferred stock
which amounts TO about S. 10000 The
road already owns a ma jority OF the
Ss,oOa-000 issued, and having full con-
Jrol OF the 500" viii retire the stock as
a preliminary 10 a new issue of common
stock covering extensions made in the
last two years. The 500" line. which
Canadian Pacific interests refer 10 as
It's gold mine. is earning now more
than 20 per cent on the Sl4.0JG 600 com
mon stock. after paying I per cent on
the preferred stock. Predictions are
made by enthusiastic bulls that the
common stock at no distant day will
sell higher than Great Northern pre-
feTred.