Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-09-16
ACTIVITY KEEPS UP
New York Stock Market
Shows More Strength.
OPENING IRREGULAR AGAIN
Gossip About Telephone and Tele-
graph Companies.
A MERGER IS NOT EXPECTED
American Railroad Stocks Are
Buoyant on the London Ex-
change Today.
gsecjal Dispatch to The Star.

srecial Dispatch to The Star.
NEW YORK. September 16.-Today's
.tock market was practically contlnu-
alton of Yesterdays. Its most notaoie
characteristics were activity, WIFI
breadth and strength At times some ap-
pearance of irregularity was impaired
as a result of profit-taking sales by trad
ers. but in general price movements were
uniform throughout the day.
Union Pacific and Southern Pacihc.
while firm, were not leaders. and Union
Pacific preferred was again barely
steady. The influential dealings We're In
United States Steel. which made a new
high record price; Pennsylvania. which
sold at the highest price since the panic;
ST. Paul. Reading and a group of the in
dustrials headed by the railroad equip
ment issues. and American Smelling.
The opening was slightly irregular, but
obviously inclined to strength and a
broad and rather buoyant speculative
session was inaugurated in the early deal
ings. but still without the evidence of a
very extensive increase in public partlcl-
day to be scored by an active stock was
made in Mackay companies, which rose
four points in the forenoon. :.
The movement apparently rehecteo the
recent interesting dealings IN American
Telephone and Telegraph and Western
Union.
In respect to the two stocks last, named
the statement may be vouchsafed that the
Developments which they have been re-
f1ecting probably do not relate 10 any
thing like a merger of the two companies
or an absorption of one by the other, but
probably do relate to the consolidation OF
telephone interests and concentration OF
operating control which has been going
n the fptpnhOn6 field
The new stock issue of the New YORK
Telephone Company announced yesterday
is a step in the process
Pennsylvania Rumors.
Accompanying the advance in Pennsyl-
yania were rumors about the prospect for
rights in connection with the company's
new financing The move in Delaware
and Hudson was regarded as a reflection
of the activity and strength elsewhere an
the anthracite groups The sharp gam
made by Chicago and Alton was supposed
to be an effort to mark it's price up to
more logical approximation to the quo
tations for Chesapeake and Ohio.
For the first time this year it was sug-
gested that there might be developments
in st. Paul of beneficial interest for the
stockholders
Speaking generally, it may be said that
a good many of the active stocks In To-
days market owed their activity and
strength 10 expectation llldt lIliS ldl WI
record dividend increases, the declaration
of dividends where dividends have been
suspended for some time and the pro]ec-
ton of capital plans of considerable con-
sequence.
The Public Service Corporation Of New
Jersey by its declaration of a quarterly
dividend at the rate OF peg cent instead
of per cent year and the announce
ment of new capital issues aggregatins
s1o 1000, was today added to the list
of corporations which have already fur
nished some warrant for the expecta-
tions referred to. There is no excuse,
however, for some of the wild exaggera-
tions of speculative fancy which are now
filling Wall street in the shape of rumors
about mergers and deals.
News Without Effect.
The actual news developments of the
day apparently bear about as much re-
lation to the price movements on the
stock exchange as the latest pronun-
camento Of science that there can be no
life on Mars. Nevertheless, the facts
furnished for the attention Of investors
and spectators testified to the strength
of conditions which give value to Sc
curities.
Among the reports of earnings sub
mitted was a statement by the Ameri-
can Telephone and Telegraph Company,
showing an increase in gross earnings
TOT August OF S54ooo ana pdldhce lor
dividends increased by $406.OOO while
gross earnings from January l to Au-
gust 80 increased 81 $4,000, and the
balance for dividends increased s., POI 600.
The Baltimore and Ohio reported an
other long increase in gross earnings in
its August exhibit. but, as in the case of
the July increase. this was practically
all absorbed by the more liberal expendi-
lures out of earnings which all our rail-
roads are now making. The amount Of
money which the banks have lost to the
subtreasury since las Friday was in
creased to SO. 642 600. but while the money
market was firm there was no activity in
the time loan market, and the bulk of the
days call money accommodations was
furnished at per cent.