The Washington herald., 1907-04-02


be allowed to interfere with The plans o.
the directors TO place the stock on
per cent basis al their meeting thi'
month. It has long been pretty we'll un.
derstOod that the action last fall in rails
ing the rate to 5 per cent was a com
promise with the understanding that
should earnings keep up in the half yeai
following. a 8 per cent rate should be
adopted in April. provided the outlook foi
business was then satisfactory. That the
earnings nave since kept up has beer
made clear by the monthly statements
and as for the future outlook, it is re-
garded with entire composure.
Traders Interpreted the action OF Brook
lyn Rapid Transit as an indication that
the public utilities bill would have to
travel a pretty difficult rnad before il
reached the hand OF the governor for
signsture-if Il ever got thers-anc
iaoghed at what they called attempts to
disguise the real significance OF the move
ment with decidedly premature predie-
tions regarding the smaller traffic 20 the
seaside resorts.
That the short interest has not beer
covered in Pennsylvania was very fair
inference from the fact that this stock
loaned under the prevailing rate being
being In demand at 2lk per cent. while the
general rate was 81 per cent Some
brokers who helped TO supply the demand
said they could have made the rate as low
as 2 per cent, so that the scarcity was
perhaps even greater than the actual
loaning rate indicated This is one OF
r. irr fa
said 70 have covered recently Is supposed
TO have been short OF. Il will be In order
now for other bears 70 claim a like Inn
munity from any trouble thaS rise might
cause.
Whether Paris Is indebted TO a New
York banker now abroad or 10 some inter
est still on this side. for the timely bullish
Information which il had on Union Pacific
and 81. Paul. Il Is not improbable that a
Few such opportunities TO get IN on the
ground floor would go a long way toward
Inducing the French TO take an interest
IN our stocks which they have consplcu-
ously avoided heretofore Both Of those
stocks showed strength during the day,
and proht-Laking sales were freely alb
sorbed while if tie short interest was
reduced, the supply Of stock available n
The loan crowd was correspOndingly di-
minished so that the borrowing demand
could be no more easily satisfied than
at the end OF last week
While the inspired statement regarding
the attitude Of the President toward rail-
roads did not appear on the news tickers
until after the market had closed. its gen
eral import was known to many brokers
early In the day. and all knew that
something Of the kind was coming. Some
traders, knowing Of nothing else to at
tribute the great strength Of the market
TO, came 90 the conclusion that the docu-
ment would 0e OF favorable kind But
the actual publication Of the statement
after O'Clock that there was no change
IN the attitude Of the executive. and thar
Mr Roosevelt still chung TO the views
which be had freely expressed IN the past
couple Of weeks 10 various Wall street
These interests were. there
fore, neither gratified nor disappointed by
the statement which appeared at the end
of the day, and asserted their belief that
Il had nos been and could not be factor
to influence the market one way or the
other
With the talk Of increased dividends for
Atohison and Smelters came the falntest
kind oe a suggestion that the steel corpo-
ration might furnish something in tie
same line, and whatever might be tho
particular reason underlying the buying
Of this stock It appears TO be OF very
good quality