The Washington herald., 1910-11-02
WALL STREET NEWS
Market "Opens Weak, but
Closes at Net Advances.
COPPER SHARES ARE STRONG
General Merger of the Leading
Mines StiI1 Observation-Disclosures
Roads show Gross Increases, but
Pennsy and Rock Island Have
Net pecrehses-Money Hard TO Get.

New York. Nov 1.-The bare record Of
transactions IN stocks to-day of $500
shares in the first hour 5000 shares in
the second, 1900 In the third 1900 in
The fourth, and $4,000 in the NTH testihes
with sufficient plainness TO the character
OF the days dealings
II was even more professional than on
the day before and less interesting. But
there was to-day this difference as COM
pared with Monday that the general I'M
dertone OF the market seemed little
nrmer. II was heavy and almost weak
at first, but recovered later with the
greater number Of stocks closing al net
advances which. however, We're In most
cases tnconsiderable.
Still business was so duh as to give 10
the trading no other significance than
that which attaches 10 the operations of
small speculative operators The shares
OF the copper mining companies were per-
haps as strong feature as any during
the day owing TO the publication of the
fortnightiy report OF copper stocks held
abroad showing a comparatively large
decrease.
Merger Is Diseased.
Joined with this. however, was a recur-
renee OF rumors that sooner OF. later the
plans for general merger Of the leading
copper mines IN this country which were
on foot some morths ago might again
be taken up il the decision IN the anti
trust cases in the Supreme Court were OF
satisfactory nature
on the other hand the New York Cen
tral and one or two other prominent
railway stocks sold off rather sharply.
possibly fOreshadowing the exceedingly
poor statements OF railway earnings for
the month Of September that were made
public later in the day. The New York
Central lines for the month made an in
crease in gross earnings Of 1882 600.
while net earnings OF the companies de-
creased S963,0O0
The Pennsylvania gross for the entire
system in September increased d.l20CO0.
but It's net decreased S46S. 500 Similarly
the gross of the Rock Island lines in
creased $4,000, and net decreased S2l1 600.
Nevertheless, when these reports ap-
peared they did not seem TO AFFECT the
stock market much. and ii IS obviously
strongly held theory in the financial
district at the moment that these figures
represent an effort on the part of rail-
road managers 10 make the present state
VI bAcllCoo VIII lNem look as pad as
possible for effect upon the members Of
the Interstate Commerce Commission be-
fore whom an application for increased
freight rates IS now pending
Case of Forgery.
The unreasonableness Of such a notion
IS, of course, apparent 10 every sensible
person II means nothing more or less
than that the countrys railway inter
ests are engaged just now In a system of
wholesale forgery. Ii Is unquestionably
a fact that the expense OF conducting our
railroads in increasing so rapidly that
IL is far cutrunning any enlargement In
railway gross revenues.
Al a later date Wall street may be IN a
mood TO consider more, perhaps than il
does at present. the complications made in
this situation by the difficulty which the
railway companies are now experiencing
IN borrowing for immediate use except
upon the most stringent terms.