The Washington herald., 1907-03-30
Prices Refuse to Go Down, as
Suggested by Carnegie.
EARLY TRADING WAS DULL
BuIIish News in Union Pacific and
st. Paul Comes from Paris-Sur-
missed II Ia Made Public by Ameri-
can Banker Travelling Abroad.
Bears Decide Erie May Get Money.


not fulfilled in to-day's market. The
trading In the earlier part of the day was
about as dull as the most ianguid member
OF the board could desire. and as a result
prices went down-not. In fact they
moved the other way at lively clip,
none OF the important issues being a bit
backward IN going forward" !" Even Steel,
which it was feared might be hoodooed
by being singled out for a sort Of COM
plimentary mention as having secured
the Carnegie Steel Company for a couple
of hundred millions less than its original
owner would be willing to sell il for now
gave a good account OF Itself, so that as
far as the stock market was concerned.
the great iron master had wasted his
sweetness on the desert air.
Mr. Carnegie says he never made a
dollar by gambling in stocks. and this is
entirely in line with the belief that had
long prevailed in the best circles in Wall
street. But Mr.. Carnegie is a shrewd
investor and 1t is not at all unlikely that
ie prices went down. down. down" as he
said they are likely to do, he might ind
a trihe of few millions 10 invest. unless.
as some think possible. he loaded up last
year and Is now confronted with paper
loss which jars him.
some. at least, OF the bullish inspiration
Of Union Pacific and st. Paul came from
Paris. although it was not clear what
interest was entitled TO credit for the
cheerful feelings which were entertained
In. EaFzaaa mob
capital The French have not as a rule,
paid much attention to American stocks
and from what cables were received here,
that were OF a strongly bullish character,
it was inferred that possibly a New York
banker now abroad had dispensed the in
formation or that in some way it had in
the frst place been supplied from this
side.
Some Of the bears on Erie seem to have
come to the conclusion that the road may
after all secure the money 1t needs for
all essential purposes. This shows that
they are wise in their generation. The
Erie always gets along and those on the
inside know 1t really gets along without
worrying There is a suspicion that Mr..
Underwood never shows his full hand
that he always has a card up his sleeve
to be played in case OF need. For years
past. Erie's powerful neighbOrs. New
York Central and Pennsylvania. have
been pouring out millions for improve
ments. but without anything like their re-
sources. Erie has managed to improve its
road. increase its equipment. tighten its
grip on the business Of its territory, and
expend its earnings enormously.
How so much has been done with so
little money is one of the greatest rail-
road mysteries of to-day. When loco
motives were needed they were bought,
when cars were required they were forth
coming. Where did the road get the
money!" asked one railroad man some
time ago God knows replied another,
but had they asked Mr.. Underwood he
would have made them feel that getting
what he needed was the easiest thing
Imaginable. What Erie wants badly
Erie always gets-somehow. 70 get up
and get is its characteristic.
Can't do it, is never accepted as a
reply 10 an order on the Erie road. The
nearest thing that will be accepted as
substitute for II is: IF il must be done.
that settles it
final results for the stock, the earnings
Of Reading for February did not make
very fiattering showing but when studied
in detail, the first impressions gave way
to feelings of entire satisfaction and the
market for the stock reflected the change
in sentiment. The most significant point
about the earnings was that the gross
receipts of the coal companies were
larger than those for any corresponding
month in the history of the concern. ex-
ceeding even the returns for February,
1904, which. besides rejecting the eoudi-
tions produced by the great strike that
ended in October preceding, was a month
of twenty-nine DAYS. while the report just
rendered covered twenty eight days only
Operating expenses for the month, how
ever, consumed all the increase in earn
ings, largely, no doubt on account of the
inclusion under this head Of considerable
expenditures for Improvements al the col
lieries; but with all allowance for this, the
statement bore out the assertion that
has at various times IN the past few
weeks been made, to the effect that the
anthracite trade is in more prosperous
condition than ever before.
trade is felt by the other companies. as
well as by Reading. is indicated by the
fact that while in March, 1905, Delaware
and Hudson, by straining all its facilities
to get out as much coal as possible
against the contingency of a strike. mined
$4,000 tons and sold only fraction of
the same. in the month Just closing has
turned out 60o,0Q0 tons and sold the whole
Of il.
Shelters was one OF the first stocks to
show aggressive strength. and the traders
joined in the movement. believing that the
short interest was sufficiently large and
altogether Of a kind to furnish the basis
of a considerable rise. Apparently. how
ever, the leading interests in the company
did not favor the elimination of such an
Important factor as a short interest that
could not be complimented for its intelli-
gence, and at about l30 stock was sup
Piled with view to checking the forna-
tion Of weak bull account and maintain
ing a strong technical position.
In almost every respect. Canadian Pa
ciic was the feature Of the market. The
stock was active, adanced mere than any
other important line, both in respect tc
the days movement and the extent of the
recovery from the low of a week ago, and
the vigor Of its rise Kept on increasing up
to the end of the session. Various reasons
were given for the action OF the stock. but
perhaps the one that was more entitled to
consideration than any of the others, or
all OF them combined, was that a bear
plunger had plunged more heavily in this
issue than he ever had any right to do,
and that steps were taken to prevent him
from retreating without considerable loss.
Some Of the paper fortunes made in the