The Washington herald., 1908-01-09
WALL STREET NOTES
Brokers Are Not Looking for
Extra Z. 2. Dividend.
BEARS ATTACK ERIE NOTES
RumOrs UnfOunded and Little Trad
ing Results Increased Railroad
Earnings Expected for the Current
M0nfh-PubIicIty to he Given Amer
lean Sugar Gratifies Brokers.

New York, Jan. &-Had the Northern
Pacific meeting been held on Tuesday the
declaration Of only the regular dividend
on the stock would have been at vari-
ance with the expectations entertained
| in Wall street Coming to-day, the an
nOuncement caused no surprise. 1t is, in
deed. doubtful if the declaration of a
/ large extra dividend at this time would
/ have been beneficial to the market. Only
/ the hopes of a few spectators were
blghted by the action taken by the di-
rectors of Northtrn Pacific. The legiti-
mate stockholders werewolf satisfied with
the course pursued
Unfounded rumors of the offerings of
| Erie Railroad notes at a large decline
from recent quotations were utilized by
/ the bears for an attack on the Erie
| securities. and both preferred issues and
/ the common stock suffered declines Of
over a point. each without, however
showing signs of any liquidation 10 speak
Of The volume of trading in all the
stocks was very small. and while some
of the traders had great deal 10 say of
a bearish nature they exercised consid-
cradle care when operating against values
TO avoid putting out large lines on the
short side. Their exertiOns in Erie Were
really designed to affect the list In gem
erai, but were not very successful
Railroad officials are hopeful that earn
ings for the current month will show
considerable Improvement as compared
with those for December. The improve
ment in the money situation has caused
revival Of business which. although per
haps only temporarily, has already pro-
duced an increase in the volume Of rail-
road traffic, and unless all signs fail, the
present tendency viii become more mark
ed within the next week or two.
Although the railroads have not yet
come 10 the question of reducing the
rate of wages paid to the different
classes of labor In their employment,
there Is little doubt that the matter viii
be taken in hand later in the year. To
attempt 20 enforce a reduction at this
time would be. in the opinion Of some
prominent railroad men. unWise for many
reasOns-it would be more or less unpOpu-
lar with the general public. would af-
ford demagogues an opportunity for an
other attack on corporate interests, and
might fail besides.
The promise of the Inauguration Of
policy Of publicity made at the annual
meeting Of the American Sugar Refining
Company gave general satisfaction I'm
Wall street for whatever justification
there might have been originally for the
attitude taken by the late II. o. Have
meyer years ago. and consistently main
tanned by him until his death, there mas
recently been only one opinion as to the
policy Of secrecy-that is, that it was un-
progressive and that the sooner IL was
put aside either by the voluntary action
of the management or by COmpulsiOn ex-
crCised from some quarter the better il
would be for the holders Of the stock
The new MANAGEMENT, in deciding TO
make the change, has done the right
thing.
3 No surprise was caused by the an
.nouneement that the Chicago, Great
Western had been placed in the hands Of
receivers. The news has been fairly We'll
discounted BY the decline IN the stock.
and such difficulty had been encountered
IN providing for maturing obligations
that for weeks past the course just
adopted had been regarded as inevitable.
The stocks are, TO a great extent, con
Centrated in a few hands