The Washington times., 1909-10-19

NEW YORK, Oct. I9.-The stock mar
ket opened at fractionaIly lower prices,
ranging from one-eighth to a full point,
and in the early trading sold lower, due
TO a drive by local bears who thought
the situation ripe for the success OF
their operations American stocks had
been weak in London all the morning,
and the market here seemed to respond
To pressure
After an hours effort 10 drive down
prices, however, the effort was suspend
cd as il soon became evident mat the
support of the market was suhclenl 70
head OF a successful break IN prices
St Paul. Union Pacific, ana the Steels
showed considerable buoyancy even IN
Tie early trading, all of them rallyinS
slowly This specially dishearteHed me
bears and effectualty stopped the lay iIlB
out of long lines OF stocks for q ran,
Notable drmneSs was displayed oS
Rock Island in response 10 the an
nouncement of the placing with foreign
bankers of another block of St LOUIS
and san Francisco bonds, TINS 9elil5
taken as an Indication OF the conIluellCe
of conservative interests IN a property
looked upon until very recently as tie
weak link IN the Rock Island cnalH'
The selling in Steel appeared 70 De
largely for bear account. an4 70 40 ~ I, :
for its object the catching of stop oI-
de-s alleged 10 exist below 20.
Rock Island Holds Firm.
All the express companies showed
great strength. Wells Fargo adding =
points TO its gain Of nearly 100 points
made on Monday, while United states
Express and American Express also
showed large advances Southern Rall-
way showed more activity and strength
than for q long time past. ana II was
said that the outlook for earnings was
so good as TO warrant a resumption OF
dividends on the preferred stock in the
they could see evidence that some OF
the profits realized in Steel were Golne
into the Southern railroad issues New
York Central acted well and appeared
To be we'll bought in anticipation 81
rights of substantial value, but notwith'
standing that the story OF Naiua ptt
rights on Northwest was Senerall.
credited the latter stock appeared Il
be entirely neglected
Interest in Pennsy Stock.
Considerable interest centers in thu
forthcoming announcement Of the Penn
sylvauia Railroad Company with ref
erence 10 lis proposed issue OF stock
The directors OF the company are on
on the annual tour of observation an'
upon their return. when the NOVembe
dividend is taken up, it Is likely that thu
announcement regarding the increase. u
the capital stock viii be made public
As generally understood the PROPOSE
lion consists OF a new issue OF stool
amounting 20 $50 090,00 or more, pro
ceeds Of the sale of which VIII be use
TO retire S68,00.000 Of the 3 per cen
notes which mature next March, an,
$100000n of 8 per cent bonds, whic
mature i'm July next year. The questlo
OF greater interest is whether the issu
Of ais stock viii be in the nature Of
melon cutting TO the stockholders. o
wucther the company viii, as i'm time
past take advantage Of the higher pric
1T Iuc stock and take aN the proceed
lor rIe uSc ot the corporation
The Pennsylvania Company for man
sedI~ mas never cIt a melon Dur1u
flfa T,eFiod o. it's greatest expansion AN
in tic subsequent time Of comDletin
its Immense improvements thrOuShoJ
thc system the company has held TO IN
policy OF getting every dollar possi5
ont OF Increased capitalization snd Jh
sale of notes and bonds The stocH
holders have never been given ODpOi
tuuity t. take the Increase of stock 9
IaT and realize SNUG sums upon On
difference between the par and the sci
ING price OF the sharrs ga the open maj
Eet IJ is believed mere that the stOcl
holders Of the company VIII now q
given this privilege. which i'm the cas-
Of Pennsylvania common viii be emo
mCuzly valuable 10 the holders OF Oh
stock when the issue IS made.