The Washington herald., 1909-01-09
STOCKS ARE FITFUL
HeaVinesS in Some Quarters
and Strength in Others.
TWO STORIES ARE RESPONSIBLE
Chesapeake and Ohio and Western
Railroad Stocks Show to the Best
AdvRntaEe-Afairs of the Rock
Island Have Improved So Much
that Rise Is Justified.

New York jar Stocks moved to
day IN ftful, not 10 say feverish. man
ner. heaviness in certain quarters being
offset by decided strength in others, with
the list as q whole closing somewhat be
low the highest prices OF the day. and
with advances and declines very irregu-
larlv distributed Pressure upon the Erie
issues was one Of the features OF the
forenoon's business. explanation for this
decline assuming the form of two stories,
one 10 the effect that the upstate public
service commission was making ObjeC-
tons 10 the Erie's proposed issue Of
collateral trust bonds. and the other that
the present president OF the Erie was 10
leave his place and devote his energies
10 the work Of upbuilding another rail-
way company.
To the tale last named was due also
a rise IN Missouri Pacific stock. this be
ing the railroad with whose future man
agement the name Of President Under
wood, OF the Erie, is now connected in
Wall street gossip. As application 70
the public service commission in the
Erie bond case has only been made In
the course OF the present week. with no
date even set for a hearing upon the
application. Il Is highly improbable that
any obstacle = the grant OF the desired
permission 10 the railway company has
arisen.
Neither have there been any limitations
Of an official character that Ny. Under
wood was 10 leave his post IN the Erie's
employ. Strong stocks in the market
were the Chesapeake and Ohio, Colorado
and Southern. Missouri. Kansas and
Texas, Kansas City Southern common
and preferred. and, more particularly
than any others, the Rock Island common
and preferred stocks Even hostile crit
ics admitted that the affairs oF the Rock
Island Company had changed 50 much
for the better IN the last SIX months that
there was ground for an advance in the
price Of the company's securities.
Not only has the Rock Island been re-
lieved OF heavy responsibilities arising
out OF its relations 10 the St Louis and
San Francisco Railroad, 50 that the
Rock Island earnings proper are now
available in full for the requirements
OF the eompany's own property. but
these earnings themselves have lately
shown an extraordinary increase.
The upward movement to-day. there
LOEca very naturally embraced not merely
the Rock Island common and the pre-
fsrred shares, but all the various bond
issues Of the company. and Il is quite
plain. under prevailing circumstances,
that despite whatever guarded disclaim-
ers may be made. a resumption OF the
dividends upon Rock Island preferred
stock may not be very far away There
are reasons, likewise, FOR believing that
tbs steady rise IN all the securities OF
the Kansas City Southern Company IN
recent weeks refers 10 the entrance Of
the company IN the near future upon far
more favorable traffic relations with one
Of the great Southwestern railway lines
than Il has heretofore enjoyed
The only actual development OF
financial interest to-day was the engage
neRt OF s2,o0o,000 n gold for export 70
Europe, this being IN addition 20 the
$780, 900 taken yesterday for shipment 20
Buenos AyTes. through q triangular
operation IN exchange for the account
OF London