The Washington herald., 1907-01-24
WALL STREET NOTES
Traders Bullish on Reading
and Stock Is Active.
GREAT NORTHERN WORK HALTs
Restraining Order by State Judge In
MInnesota Delays stock Issue and
Thereby improvements Planned
for the RORd-Northern Pacific Ex-
ira Cash Dividend Probable.

for the R0Ed-Northern Pacific Ex-
ira Cash Dividend Probable.
New York, Jan 23-Two things wers
fairly evident in the trading in Reading
one that the traders We're bullish; the
other that they were supplied with the
stock OF real news there was none, but
the professionals argued that as Reading
had recovered quickly from former breaks,
| it was likely to do So at least to q par
tial extent. again. They said that large
interests had taken up a considerable
amount both in the open market and at
private sale, and were. therefore, con
! cerned in making the stock active, so as
to dispose OF their new purchases. Ac-
/ tivity, It was contended, would mean ad-
vancing prices. but there was no indica-
ton that anything Of real consequence
was under way in the stock Il may well
be that large interests have increased
/ their lines, bat II they would appear TO be
more disposed 10 allow the market to
steady itself than to pursue tactics that
might lead TO further unsettlement.
/ Those who have kept track Of the con-
tinued absorption of marlborough Metro
( politan in the past few months are not
surprised at the present movement in the
stocks. The rise has brought out a ru-
NOR of coming changes in the operating
forces.
The restraining order issued by a State
4 Judge viii compel Great Northern to
await approval Of the railroad and ware
house commission of the State of Mime
/ sofa for its issue Of new stock. unless ar
engagements can be made to take the mat
/ ter up TO the Supreme Court. which in
/ the last event Will be appealed 10 il the
commission withhOlds approval The rail-
road commission has been complaining Of
/ the alleged failure OF the railroads TO fur
nish adequate facilities for the handling
I Of the countrys enormous business, and
\ il now remains to be seen whether ii will
aid or impede the efforts of Great North
ern TO relieve the situation.
In some quarters the granting of an in
junction 10 restrain the issue Of Great
/ Northern's new stock was regarded as
/ bull argument on the Hartman issues.
/ on the ground that as Great Northern
and Union Pacific are endeayoring TO in
! crease their facilities so as 10 obtain a
| relative advantage in transcontinentai
I business, any obstacle placed in the way
/ Of one meant relatively. gain for the
other The argument, OF course is sound
/ enough, but its application TO the present
! case seems TO be lost Of the fact that the
/ restraining order against Great Northern
/ IS only temporary. The road will prob
ably win ultimately
/ Rumor that a large extra dividend in
/ cash-probabIy as high as % per cent and
/ possibly as much as 3 per cent-may
/ soon be paid on Northern Pacific are
| again in circulation, and receive credence
/ in not few places. Close associates Of
/ Mr. Hill express the opinion in unqualified
terms that Northern Pacific is CHEAP al
] present prices, their only apprehension
{ being IN regard 10 the attitude which IS
maintained on the certain political cir
( cles toward the railroads. II is believed
/ however, that as the first instaIlment has
> been paid on account Of Northern Pa
I cihcs new stock, this road cannot be sub
Jected to such restraining order as has
/ been issued against Great Northern.
knickerbocker Ice, which has been the
D
past dropped ten points to-day. and very
+ few people took the trouble to even ask
I the reason why. Until the control Of the
/ company changed hands the stock was
/ never much Of a vehicle for stock market
/ speculation.
! Increased confidence in the probability
! Of an advance in the Southern Paci6c
/ dividend at the time OF the declaration
/ next August has been inspired bv the
/ report that the company will dispose OF
/ us lands next summer as in this way. IL
/ Is contended, the road will obtain the
/ FUNDS Tor all requirements OF the year
ana De relieved Of the necessity of max
/ ing important appropriations from earn
! lngs or raising new capital through the
/ sale Of securities.
Anticipations Of the showing in the
/ United States Steel Corporations state
ment for the quarter ended December
/ 81 last run as high as 100000 to ST.
10000 OF ne. earnings, and Il Is said that
/ the amount OF untitled orders on the
/ books VIII far sG-pass all previous rec
oTds, being in the Eeighborh0od of $500 00O
/ tons, as compared with 100000 at the
end OF the summer quarter.
In some well-informed circles il is in
/ timated that the estimates of earnings
/ FOR the past quarter are too high. as. on
/ account Of the difficulty of obtaining sup
plies, 1t was necessary to suspend opera
/ tons at some OF the mills for a time. so
/ that in spite Of all efforts to meet the
urgent demands of buyers for quick deliv
cry, the subsidiary concerns. for reasons
entirely beyond their control. were pre-
vented from making as good returns as
were anticipated at the beginning of the
quarter
/ One Of the most prominent banking
! firms In this country recently turned in
a block of Albany and Susquehanna
bonds for conversion into Delaware and
/ Hudson stock. Delaware and Hudson
regards this fact as an Endorsement of
/ the management Of their company I'm its
/ attitude toward the leased line, and con
/ hdenCe is expressed that the controversy
/ regarding the treatment Of Albany and
/ Susquehanna VIII ultimately enc in favor
/ Of the lessee company. The decline In
! Delaware and Hudson at the end of last
/ week was not the result Of anything In
/ the company's affairs, for any change
| that may have occurred has been in the
direction of further Improvement. What
! really caused the break was the closing
/ out Of a speculative line by traders who
/ had been hurt by the decline In the HiII
stocks and could find no better way TO
protect their own interests than by the
/ sale Of a stock that at the lowest prices
touched brought in over 81 900 for each
! 100 shares sold.