Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1910-05-22
ME OMAHA SUNDAY BEE. NM %. 191O.
NEW YORK STOCESANO BONDS
President Harahan Little Uneasy
Over the Outlook.
MANUFACTURERS ARE OPTIMISTIC
Western Railroad situation Now
said to BE Clear of All Diff
cuItIes and Extremely
Bright.


Bright.
NEW YORK, May 2L-(special Telegram.)
When President Harahan Of the Illinois
Central railroad sailed for Europe this
week he left behind him a statement in
which he expressed some slight uneasiness
over the industrial and financial outlook
Mr. Harahan, who is student Of affairs at
large, believes that political conditions
in the United States have fostered a feel
ing Of caution and backwardness among in
Vestors, which will not be dispelled for
some little time. Following this the mem
bers of the American Manufacturers as
ISOLATION, who gathered in this city in con-
vention, declared individually and collec-
lively that the outlook could not be
brighter. They scout the view OF Mr.. Har-
ahan their words are Of the ultra opt-
mistic tenor.
SO far as the stock market Is concerned
this was a dull week. with little trading and
occasional upward shoots which tended to
keep up prices pretty generally, even though
the latitude of trading was not great The
market indicated strength just as it did the
week before, and there was not even the
shadow of a break to justify alarm
There was another good bank statement
today. On the weeks currency movements
New York banks experienced heavy gain.
proximately t10500,0Oo. On transfer opera
lions with the interior banks have received
$6325,OOO and this gain has been enlarged
| by about s., 900 received from the United
states subtreasury. The money market is
now approaching the time of year in which
1t Is least calculated to develop anything
| dent, the market should be easy for the
next month or so. Both time and call
money showed firmness, and the general
indications are suspicious.
settlement of WnEe Scale,
One development Of Importance is the
settlement Of new wage scale by the Erie
This was the last serious obstacle to har-
mony among the eastern railroads, and
20 /,
way, the horizon looks much brighter. The
| settlement of the Erie scale will mean a
STANDARDIZATION of wages east of Chicago,
which will dispose of that difficulty for
some time to come.
The details of the disposal of the st. Paul
! issue OF debentures abroad will likely be
made known next week. Bond men have re-
ceiVed with considerable. elaton the an
nouncement of the placing of these sureties
IN IN Paris and also of the placing of $1,000
wv worth OF Big Four bonds abroad 1t is
| likely that no official detailed statement of
| the price of the Big Four debentures will
pc forthcoming for some time. With bond
| movement harmonizing with the stock mar
| ket' investors look for broadening and
Strengthening features
The directors of the Chesapeake & Ohio
railroad, one of the Hawley links, decided
! yesterday to increase the dividend from 4
| TO o per cent Following so closely upon
similar action by the United States Steel
! corporation this shows concusively the
! confidence with which the big men of Wall
street regard the future. Incidentally, Mr.
HaWley has acquired a new railroad, ac-
/ cordlng to an announcement yesterday with
confirmation today. Mr.. Hawley has pur-
chased the Texas Central railway, extend
ing Isl miles north from Waco, which he
! VIII combine with the Missouri Kansas e
| IeXas. This new road extends into a rich
Texas territory hitherto untouched by the
lines OF the Hawley- Yoakum syndicate
Western Outlook Bright.
The western railroad situation has cleared
OF It's present or looked-for labor difficult
ties through the standa rdzation of wages.
announcements of the week show that the
o Union Pacific traffic has grown which
and the resultant effects of the retrench-
nent policy which was in effect two years
IoHoWng 1907 Union Pacific however, is
not included in the compiled list of railroad
lines which show extraordinary increase in
gross earnings in the present fiscal year
Among those in that last are Canadian Pa
ctfic, Burlington, Great Northern, Southern
Railway Louisville & Nashville Chesa-
peake & Ohio, Missouri Pacific, Seaboard
Line, Pennsylvania and New York Cen
trail The Chesapeake & Ohio leads
In the case of Kansas City Southern, April
earnings will show an increase of u per
cent over those of April of last year
Western Pacific might have shown up to
better advantage but for the heavy rainfall
west Of the Rockies, which washed out
much OF the new roadbed.
Anaconda Copper should easily earn div
ldends in the current fiscal year. The pro
auction has been increased, with a lower
and fire, estimates made now are very
bright. The copper situation ought to be
improving. The domestic consumption OF
the metal has Increased over 30 per cent ir
the last year and a half, but despite trade
conditions financial interests have tended
10 retard stock recovery of the metal com
panies.
IndustriaIs Are steady.
Among the industrials. United States
Steel still presents its steady front. The
trust is leading in dividends, although the
trade is apparently good for both the corn
Dne and the indPnRndentq
show TO the contrary, that of twenty-five
issues of the thirteen companies only clever
are paying dividends. The Steel corporation
reports an overflow of orders; so many, ir
fact that a number of them have beer
shifted from the Gary plant to the Pitts.
burg district for filling
Standard Oil showed up with the quarterly
dividend of 50 per share this week the pre-.
vious quarterly dividend March 10 be-
ing SIS per share.
International Harvester remains a fea.
ture in the Industrial field. So heavy are
the orders. of this corporation that a new
81 100000 plant is to be built at Chicago
factory in Canada.
The Days Deal.
The railroad/ shares set the pace in
strength at the opening of the stock mar
ket today, and the industrials trailed be-
hind, scarcely less strong. The market
opened rather active with the strength thai
has characterized it during the week
Union Pacific opened Is higher, and Balti-
close of Friday. Reading and Southern
Pacific also opened strong.
Ontario & Western developed strength
on the rumor that it would soon be &C.
quired by the Canadian Pacific. st. Pau
maintained firmness through the expecta.
ton that a detailed announcement would
be made son covering the. completion OF
the French negotiations for the placing OF
debentures abroad.
United states Steel started off 4 up, and
continued strong through the short session
although this figure was not bettered.
The entire first hour was marked by a
strong undertone and while the TRADING
was not large broad developments al
tended to assist the market Crop ad.
vices were big factor.
| Pennsylvania was somewhat dull ano
closed Il off, a fact due to professional
manipulation, SO the traders said
Reading continued a leader on the bull
side in the second hour and closed 9.
higher. Forty-eight thousand shares OF
Reading were traded in during the brei
| session.
The market closed slightly reactionary
Total sales, $4,000 shares The sterling
market was up points.
| Call money was nominally ga. Londor
bar silver was unchanged.
Number of sales and leading quotations
| on bonds were as follows:
Sales, High. Low. Close
Am. '..',.. islo0 73i in 7$A
/ Arrfs uIff