The Washington herald., 1907-09-19
WALL STREET NOTES
Northern Pacific Goes Up 20
Points in Five Weeks.
SELLING OF STEEL WATCHED
Traders Profess to Regard sales Hs
Full of Signihcance-COppe Out
look Not Improving, but at Is
Cents IA Pound Syndicate Stands
Ready to Take Large Quantity.

New York. Sept. 1S,-Five weeks ago. on
August Is. Northern Pacific sold at 1l3.
To-day the price rose as high as lS4 IA.
A gain Of more than twenty points In lit
tie more than a months time would have
70 be considered a large advance in any
condition Of the market, but when it oc-
CURED at a time when the almost COM
plete absence Of a buying demand for
stocks in general displayed a decided
lack Of confidence. ii was indeed remark
able
Just what caused it is still a mystery.
There have been all sorts Of rumors, the
latest being that the directors would de-
clare an extra dividend Of 10 per cent
in addition 10 the regular distribution
next month. The rUmor OF a large extra
dividend is based on the sUpposition that
the Great Northern viii soon take over
the Northern PaCific's equity In the
Burlington, and that the price received
therefor will be distributed by the seller
IA cash 90 its stockholders. There Is lit
tie doubt that this viii occur sooner or
later. but no one competent TO speak on
the subject holds out any promise that il
viii happen within the next few weeks.
The traders professed 10 regard some Of
the selling Of Steel common as very Sig
nihcant This was especially the case in
the heavy sales made by a house In
which the private secretary Of a former
official Of the Steel Corporation is a spe-
cial partner. Obviously. however. It might
be very wrong 10 assume that there was
any connection between the former Of
fetal Of the corporation-who. by the way.
is understood 10 feel confidence in the
outlook for the steel trade-and the heavy
sales by the house In question. fer bear
interests. seeking 10 produce the greatest
effect from their manipUlative trans
actions, would be apt TO place selling
orders through brokers supposed 20 rep
resent well-infoTmed interests. The prob
ability IS that If the party suspected Of
having given the selling orders really
wanted 20 liquidate, he would have done
50 through some other channels.
One Of the most logical Of the reports
regarding the probability Of a falling on
In the steel trade was that consumers
OF finished materials were refusing to
place orders based bn the present high
prices of arrogant and inefficient labor
The steel manufacturers are paying the
highest rates of wages ever paid IN the
trade, but the unit of efficiency OF the
working forces IS probably lower than
at any previous time in the past.
That THO arrogance Of the men is
/ beyond anything ever known heretofore
is testified TO in every quarter. and an
instance is furnished by the fact that
! recently one Of the largest plants in the
Pittsburg district was crippled for a day
because its nlolders chose TO 20 up the
river on a picnic and did not think it
necessary to inform their superiors OF
their intention.
They just went. end returned TO work
the next day as II nothing had happened.
1 The heads Of the works could do moth
ing about It. and they too. treated the
| matter as If Ii had never occurred. All
/ trouble could have been avoided had the
J managers OF the plant known what 10
expect. for In that case men could have
! been borrowed from other plants. AS
/ II was. serious trouble vas caused on
one Of the busiest days Of the season.
Copper interests say the outlook for
the metal resolves itself into the pros
[ pect Of electrical companies being able
to obtain the money 10 carry out
I projects that had to be temporarily
/ abandoned, primarily because it was i'm
! possible 10 sioat the bonds. and. sec
ondly, because copper and other materi-
ais were too high.
! The story that a syndicate stood ready
10 take over an enormous amount OF
copper at 10 cents pound or there
/ ahouts received little eredence in trade
quarters. although it was said 10 be
/ quite likely that at about that figure
1 there would be quite a little buying fy
| heavy consumers Of the metal.
The Westinghouse Electric and Manu-
| featuring Company has arranged for the
sale to bankers in Paris for 100000, ten
/ years, per cent collateral loan notes
and action was taken yesterday for the
listing Of the notes on the Pittsbure
Steel Exchange.
This was done because Of a rule IN
Paris requiring the listing Of foreign Sc
curities In some other exchange before
they can be put on the Bourse. The
notes, it was said at the Office of the
! company. are TO furnish funds for the de-
/ velopment of the company's business in