The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1908-01-30
WALL STREET NOTES
Much Interest Centers in the
Traction Group.
B. R. T. ASSISTS THE OTHERS
Advance in IuteFbOrOugh-M Metro
pOlitan Closely Follows Rise In
First StOck-President Is Expected
10 send Message 80 Congress Tn
favorable 20 the street.

New York. Jan. 29-Interest in the mar
ket to-day centered TO very large ex-
tent in the local traction group The
Interborough-A Metropolitan stocks and
bonds and the Brooklyn Rapid transit
issues as regards strength were in a class
by themselves. as tney at all times con-
stitute a class separate and distinct from
the steam railroad issues and the securi-
ties Of industrial companies
Brooklyn Rapid Transit stock and PER
cent convertible bonds sold Up to a new
high level for the present movement TIE
pool appeared TO be BUSY on the side OF
advance, but close scrutiny Of the selling
by the traders detected something tina,
looked like unloading BY the leading bull
interest.
In April, the bulls on Brooklyn Rapid
Transit say, the company viii declare the
initial dividend on its stock. The rate
according u rumor viii be per cent
but very few people expect as much as
that.
The advance in Interborough-M etropoll-
tan issues was to some extent aided by
the strength in Brooklyn Rapid Transit
and not without reason for both COM
panies have been exceptionally favored
By weather conditions which so far this
winter have afforded them an opportunity
TO operate without serious inconvenience
or the expense usually incurred at this
F0r
Of the subway to Brooklyn has also beer
a considerable factor in improving the
act earnings OF Interborough. especially
as the opening OF this part Of the line
has not added anything TO the company's
interest charges, the cost Of the enter
prise having for a year pad been covered
In the capital charges reported in the
quarterly statements
From the opening the market had to
contend against rumors 70 the effect that
the President would send a special mes
sage to Congress on Friday which Wal
street would be very likely 10 regard as
decidedly unfavorabIe The story scenes
TO come from everywhere at once. Every
trader IN the room had il. IL was all over
the street. and the wire houses received
il from out-of-town points.
All the copper stocks were strong in the
first hour, but even at that period there
was a suspicion that some Of the selling
OF Amalgamated was Of very good char
acter.
Although Reading was pushed up soon
after the opening 70 s higher point than
II had before reached since It last sold be
low par. the market for IL was quite arti-
fetal and entirely unequal TO any large
volume OF realizing sales.
A spectator whose plunging operations
have recently been the subject Of much
comment was said 70 be short OF S0.09
shares Of United States Steel
Union Pacific was active and weak and
Southern Pacific suffered a rather heavy
decline on a small volume Of business
The selling OF either did not appear 70 b.
especially ignihcant-merely the. sort oil
realizing that was seen in Reading and
elsewhere through the list-but the bears
affected 10 see in it increased apprehen-
sion as TO the outcome OF the suit for g
dissolution Of the Hartman merger which
the government JIG expected 70 file at Sal
Lake City in the very near future.
The selling Of Reading increased toward
the close Of the market. which became
known that on account Of the slow de-
mand for anthracite and other shutdown
Of the mines would have to be resorted
10. The days transactions in the stock
amounted 10 more than 209, 900 shares OF
more than a third Of the business in al
Issues.