The Washington herald., 1907-03-29

! follow the arguments" by which thi
q conclusion was reached. There was. how
: ever. this about them that was rathe
encouraging, they showed that the pessl
I mists were not 20 be allowed 10 hav
: everything their own way. The bulls wer
beginning to show a fghting spirit. an,
! 1t was impossible to tell how much the,
. might accomplish if they but once 20
their courage screwed up TO the stickin.
. place.
Right on top of the news of the favor
able decision in the Great Northern sui
came the announcement that the Corbir
Banking Company had made an assign.
ment. but the street was nerved 70 re.
ceive mild shock OF this nature. ane
! many brokers took the view that .he
bears had overstepped the mark by sell.
ing stock freely on Wednesday 10 the
accompaniment OF stories to the effec,
that an international banking company
was IN trouble" This way of describing
the Corbin concern seems to have been
adopted % give the affair the largest pos
sible degree Of Importance. being In meas
lure Justified by the fact that the banking
company was a dealer in foreign ex-
iehange; but. Of course. when the actual
announcement or the assignment was
made. it became evident that, however
important such an event might have been
ten or twelve years ago. II could not be
considered Of any great consequence. now.
/ AT any time in the last four or five years
! Wall street could have received the news
that the bank had been obliged to wind
+ up its affairs without attaching any in
/ terest 20 IL beyond what naturally at
taehes to the disappearance hom the
/ financial world Of a name that was quite
prominent in the early SOS,
Unless a further postponement Is made
in the date Of closing the Great Northern
books, the stock will sell ex-rights on
Tuesday next As the rights are worth
about $40 share. the traders argue that
selling eX-rights at about 12s-the equiva-
lent Of to-day's price with the rights on
the stock would look cheap. They think
that Great Northern is a better stock
than Northern Pacific. and that the nomi-
nal difference Of a couple of dollars a
share would not be at all sufficient to
mark the extent of the difference in
value.
On this sort Of argument. Great North
ern was tipped for q quick advance. but
after the opening bulge, the stock showed
az absence OF anything Ike aggressive
buying, the price changes rejecting profit
taking sales and uncertainty as 10
whether instalments due on the new
stock would have 10 be paid in a lump
next week.
Holders of Great Northern who sold
their rights. when. If. and as issu..d.
for about 90 when they were first Quoted
on the curb. may we'll chuckle now that
they are sure of getting their money. and
three times as much OF il as II the sales
were made at to-day's prices,
After other arguments had failed. she
bears had recourse to rllmors that a strike
Of the employees OF the Western roads
vas imminent. and it was expected that
the matter would be decided one way or
another within a few days There was /
a manifest disposition on the part of
traders to avoid commitments OF import !
ance until 1t was disposed of once and /
for all. AS result. the dealings fell |
on and the bull leaders displayed no 4
great inclination TO force tive lighting 1
seeing that 1t was something very much !
like waste of effort 10 make movements I
Which very few cared to follow. If the /
bears wanted to operate in their own
way they We're allowed to do 50. the
bulls contenting themselves for the time
being with position OF mastery mac
uvity
Pennsylvania ran counter to the bear
tip from the start, and if it had not been
for the uneasiness over the possibility
OF railroad strike, the stock might have
scored a very handsome advance on the
day. The strike, should one occur. would
aot affect the road directly. but of
course the tie-up of Western trafne
would be felt on the Pennsylvania as it
would on all Eastern systems.
Brokers who took pains to ascertain the
acts regarding the Western railroad labor
outlook for themselves. said there was
practically unanimity of opinion among
he officials of the roads that trouble he
welded. one very important house re-
elYed assurances that some of the largest
Dads had made no preparations 10 meet
strike. believing that reasons for. such
Preparations did not exist, and that everv-
hlng would be settled amicably A good
eal OF stress was laid on the fact fbaf
ne roads had offered TO arbitrate the dif- ,
erences, and that the onus OF reconcfIing }
ne public to Whatever Inconvenience J
night be caused TO the business interests
'ouid rest with the men, who are hardly !
repaired to bear it.
Union Pacific was quoted points down
the list Of prices over in London before \
ne opening market here. as a result of
le selling OF $1,000 shares by Chicago =
perator, who achieved a great deal Of \
otoriety and probably made quite con- j
derable amount Of money in the recent
Ear movement. The latest venture of
us operator however, does not so far g
We much promise Of success, and as far \
the action Of the market during the dav 81
IN be taken as an index to the future g
'urse Of his fortunes. it looks as If he is \
fair way Of being parted from some =
the profits that have apparently pro- 81