The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1907-01-25

feeling to find a market for its issue. IN
regard 10 Pennsylvania financing the
best Informed belief is that nothing will
be done in the matter for a considerable
time.
in some banking quarters the opinion
Is strongly held that a large amount OF
American securities will be sold abroad
this year. This refers not so much TO
existing stocks as to the new issues OF
various kinds that may be created 10 fur
nish capital TO carry on the Improvement
work Of the railroads. In other words, II
means that foreign money may be obtained
In volume TO finance American prosperity.
The probability is the Pennsylvania, for
instance, will raise a large part Of its
new capital abroad, just as II did last
summer, going again to Paris for its
money. The experiment made last year
has resulted In all respects satisfactorily
as not only did the company get its
money on favorable terms, but the effect
produced in the minds of the French
investors through this first important
venture in American securities has been
such as to make him anxious to get more
OF the same kind. The change from the
class OF investments that he has favored
heretofore viii be no less wholesome for
himself than helpful to American inter-
ests.
Wall street felt relieved when il heard
that the plan to merge 8. number Of the
lake copper concerns had fallen through
The streets principal interests in the
matter was in the probability that the
combination might ultimately be taken
over by the Amalgamated Copper Com
pany through a large issue OF new stock
New issues Of stock do not bull argu-
ments nowadays. and the traders felt
satisfied in a piece of news which is re-
garded as equivalent 10 an assurance
that they will not be handed another
lem0nd. Amalgamated, by selling close
above l15 ex-dividends. made winners Of
some traders who had bets that the stock
would recover half of its dividend on the
day on which the books closed
The traders heard with a good deal OF
interest a forecast OF what Harrlmans
testimony would be when ne took the
witness chair in the interstate commerce
investigation. the gist of the story being
that MIR. Hartman would illustrate IN
vivid way the great progress that had
been made by Union Pacific and Southern
Pacific in the past years. They were
rather inclined to smile. however. at the
apparent disregard OF the TACT that TIE
investigation is not wholly bent in bring
ing out information of an entirely favor
able kind, and there was curiosity as 90
the extent 10 which Mr.. Hartman might
be drawn away from the smooth track
that he apparently mapped out for him
self. What / would like 10 know" said
one trader. is how much more Mr.. Har-
rtman Will tell than he thinks ne will
Rumors were heard in some quarters
that the Minnesota legislature would at
once proceed TO enact measure to pro
hibit railroads in the State from selling
stock, except at q price fixed by the State
railroad commission. in the same way
that the price railroads in Massachusetts
may issue new stock. which is fixed
by the railroad commissioners Of the
State. This story. however, received very
little credeuCe, and all Well-informed par
lies expressed the belief that the right
OF Great Northern 70 its new issue would
be decided on its merits in accordance
with existing laws. The fact that the at
torney general of the State had CO.
operated with counsel for the company in
eNpediung matters SO that the case will
come before the Supreme Court of the
State on February g seemed 10 confirm
the latter view. The confidence OF the
Hil interests in the final outcome was
shown by the strength In Great Northern
and Northern Pacific.