The Washington times., 1907-04-21

and selling below par would be I'M
warranted.
The International Mercantile Marine
has made application to list on the
New York Stock Exchange $75.5OO,o00 "a
per cent bonds, $50, 100000 preferred
stock; SIS, $4,000 common stock; and thc
international Navigation Company 8
per cent bonds amounting to Sls,S2l 000.
All the funds Of the Chicago Terminal
Transfer Railroad Company, amounting
to $17,OOO,O00, will be paid off at par and
interest by the United States Trust
Company, on May 3. The Baltimore and
Ohio Railroad Company will furnish
the money.
United States is coming annually about
$500. 100000 in gold; Great Britain. nearly
SEQ, 600 600. Australia, little more than
Great Britain: France about $4,000 900;
Germany, about $3.50 600; and Japan.
more than 100000.
Ninety-hve railroads in the United
States show gross earnings Of sl,o92, 2l5,-
107 for the eight months ended February
Is. an increase Of Sc. 230.67I, OF 9.66 per
cent. In the same time the net earnings
aggregated $353. O2S,S43. an increase OF
81, 7l3,SO4, or SIS per cent.
According TO the best private authority
a conservative estimate Of the AmeTi-
can capital brought into Mexico since
1902 and invested In mining and smelt-
ing ventures amounts TO about Sl25 000,-
600 gold. This figure may materially in
crease the general estimate OF Ameri-
can investment IN Mexico, estimated
some little time ago at 500, 900 gold
value.
Deliveries of coffee in the principal
ports of Europe have been somewhat
larger for the first nine months OF this
year than for earlier years. There has
been a steady growth Of totals for the
last three seasons. as shown In compare
tive figures. Deliveries in the United
States cover only two seasons and ike
wise show some increase.
Continuing their policy of conceHng
by degrees the issue of 1 per cent gold
bonds Of the American Tobacco Com
pany. the directors Of that corporation
purchased an additional block OF $4,000
the Morton Trust Company, the tobacco
company's trustee, which is charged
with the retirement Of the issue.
Although the Southern Pacific Is IN a
position to obtain all the cash it may
need for a year or so from banks and
individuals without making any stir
in the money market. il is the opinion
in Wall Street that if conditions change
for the better it viii be in the market
for 50,O00. 600 or So This represents cap
itaI requirements in sight.
More than 10000 new shareholders
were enrolled on the books of the United
States Steel Corporation in Jersey City.
when these records were reopened after
having been closed so that a list of
those entitled to the common dividend
and to vote at the annual meeting
could be obtained. The addition Of these
new shareholders swells the number
now on the companys books TO 10000.
The panic of the last month stIll is
showing its effects. one Of which is the
curtailment OF the buying power Of
Wall Street. Many Of the stocks in
the list are regarded as exceedingly
cheap, but there is no money with which
to purchase them. Before the panic
money was forthcoming when stocks
fell to a figure regarded as cheap, but
this IS not the case now. II was a rich
mans panic, and when the big men
suffered they had no cash to come into
the market and help prices along.
When attempts were made to bun
Reading it invariably turns out that
there is plenty Of the stock for sale. and
this rather is discouraging. There is no
doubt, in the opinion of the Street, that
certain large interests for some time
past have been accommodating the stock
for control. but at the same time some
Of these have been obliged to let their
holdings go in order to protect stocks
that were not so ready Of sale. Where
the control Of the system eventually
may lodge is one Of the mysteries of the
Street.
II was said during the troublous times
in the stock market that the reason
there were no failures reported was that
stock houses, as a rule, had quit specu-
Iating on their own account. and salts
fed themselves with doing a safe and
conservative commission business. Ac-
cording TO reports in circulation in Wall
Street. however, many houses have not
kept clear of the market, the conse-
quence being that sometimes when Gus
toners have applied for their profits the
latter have not been forthcoming. they
having been added to the losses Of the
brokers.
The individual operator mentioned
most prominently in connection with the
late historic slump in stocks is Brant
Walker, OF Chicago, who is credited
with having made 81 .00G, 900 or so on the
short side He began selling stocks
many months ago, but covered his hold |
lngs. He represents a certain class of |
traders. and this, IL is asserted, is bear
ish to a degree, having its bearishness !
on the grounds Of a disturbed state of
public confidence. the absence of the |
public from the market, and the severe |
losses sustained by those usually de- |
pended upon to support prices when this |