The Washington herald., 1907-12-20
WALL STREET NOTES
LackawannaShOwsB igEarn-
ings on Capital Stock.
CALL LOANS FORCED HIGHER
Market Is Dull as Result of Advance
in Money Rates, Although There Is
Firm Observation-Disclosures Recently
Active on bull Side of Reading Be-
come Sellers of the stock.

New York. Dec. 19.-Before setting aside
extraordinary appropriations for better
merits Lackawanna earned in the ten
months ending October 81 the equivalent
of 50 per cent on its capital stock With
two months yet 20 be heard from, il is
evident that the full years figures will
show that the % per cent dividend on
the stock has been more than three times
over
Here is one case where company II
obliged to segregate its coal lands from
its railroad properties could pay hand
some dividends on stocks representing
each. Jersey Central is another. The
latter road earned last year about 20 pei
cent on its stock without taking account
of the dividend equity in the Lehigh and
WilIesbarTe Coal Company. This coal
company has $4,000 stock outstanding
OF which all but about 100000 is owned
by Jersey Central
Reading. the greatest coal company OF
ali, is permanently prohibited from max
ing a distribution OF stock TO represent
its coal properties as might be done by
Lackawanna. Jersey Central. and other
anthracite roads. The Reading company
which owns all the stock OF the Phlla-
delphia and Reading Railroad and the
Reading Coal and Iron Company. has
placed these in trust 10 secure its gen
eral mortgage bonds. and Il is stated a
trust agreement stipulates that only as
last resort can the holding company
dispose OF the coal lands o. any part OF
them.
Calling Of loans by a number Of in
stitutions forced the rate on call loans
up from Slk per cent, at which renewals
we're arranged TO 70 per cent in the after.
noon. 1t was not much Of an advance
but as IL was a reversal OF the usual
movemeut-rates having shaded OF as the
session wore on for several DAYS past
it attracted more attention than Il might
otherwise have received.
on the advance in call money the mar
ket became duh and quiet. gradually shad-
ing Off. although maintaining on the
whole a firm undertOne. That the hard
ening Of money was regarded as a pass
ing circumstance was shown by the fact
that those who were long Of stocks die
not consider II a reason for realizing ant
the bears We're not encouraged 10 a re-
newal of aggressive operations on The
side Of decline.
Speculative interest in Great Northern
was heightened by the active borrowing
demand for the stock which arose IN tine
loan crowd. and il was rumored that q
single house which has beer operating
on the bear side Of the market for some
time past, was short OF this issue 70 the
extent Of 1900 shares
Brokers who had been among the most
active bulls on Reading on Wednesday
became sellers Of the stock to-day. OF
fraction Of the enormous business in the
stock, and the mystery Of the eXtraOrdi.
nary activity in this issue remained un-
solved.
The selling Of American Smelling and
Refining looked better than the buying
1t was not all good. but a considerable
portion appeared 10 be so. and the fac
| impressed the traders so strongly thai
quite few OF them ventured 20 put out
short lines There was no explanation OF
the selling Amalgamated Copper gain
ed strength as the other prominent mem
bers OF the metal group declined, and the
| traders endedvored To explain the &c
ton In the two stocks on the ground that
AmalCamated was help up TO facilitate
| realizing In Shelters. or that possibly
some large professional operators we-,
using the one as a hedge against the
other.