The Washington herald., 1911-03-17
WALL STREET NEWS
American Stock Listed on
BOurSe for First Time.
MARKET SEEMS REACTIoNARY
professional Traders and Many
Bankers Anxious Over Mexican
Weakness, but All Stock Promptly
Taken-ArOused Over Carnegie.
By THOMAS c. sHoTwELL.

By THOMAS G. SHOTWELL.
New York, March I6-Announcement of
the listing in Paris of stock Of the
Philadelphia Company was made to-day.
This is the first American stock ever
listed on the Paris Bourse. A stock can
be SO listed only after the government
vouChes for the value of the security. In
effect it makes the stock an investment
for the most humble citizen of France.
To say that the Philadelphia Company,
which operates the street car and light
ing system of Pittsburg, besides other
traction and Illuminating companies is
the only American security that is safe
would be absurd, and it must follow that
the French government has adopted
new policy and will permit the listing of
other American stocks. The AtchisOn
Railroad is one Of the companies nego-
tiating for listing, and it may be &C
cepted as a fact that a large number
OF American stocks will be placed with
French investors through the official eN-
change this summer.
This taken in connection with the fact
that business fundamentals in America
are sound explains much of the conf
0ence in the stock market that is enter
tanned by the important people.
Occasional weakness, like that of to-
day, Is not important.
The market To-day was reactionary
= and there was evidence that the outfit
of plungers that has been trying to
break the market for weeks was at work
again These pIungers are under leader
snip OF one Of the strongest and most
reckless market operators in the world
1t IS not John ". Gates, however for
Mr. Gates is a constructive fnancier
these days, and believes that the coun-
Try IS safe and the market is always
going to do better.
Seems TO Need a Rest.
Canadian Pacific reacted a trifIe in prep
aEauon for another upheavaL The
whole market seemed to need a rest for
IL has been very active the last few
days compared with the recent past.
Professional traders and a great many
bankers are sincerely anxious about the
McAlCan situation. They hope that il
VIII not develop that one or the other uG
the Oil companies cOntending for control
in Mexico is responsible for the rebellion.
Any change in Mexico will be for the
better. and if the mines are not per
mittcd to work thousands of miners
Will join the rCVoluIIOnISLS for lack Of
something better to do
Wall street has been fooled by the
Gould family so many times that it has
decided that the Kuhn Loeb Roc kefeller
OUTFIT has lost in tho contest for Mis-
souri, Pacific. The Frank could episode
looks like the work Of the legal depart
ment OF the Missouri Pacific. II has
gained for the GOulds one additional di-
rector, but he has secured at d stag
gering price. for the confidence in Gould
stocks that has been growing for the
last month has been utterly destroyed.
From IN -
these stocks or bonds. except those per
sOEs who are anxious TO buy into fight
Stock Quickly Taken.
II was observed to-day that although
Missouri Pacinc showed weakness some
body seized all the stock that was thrown
overheard and at tho low prices there
was a splendid market for it. Bankers
identiied with the new interests in the
property are confident that before long it
Will not he a matter OF any Importance
whether the Gould estate is willing to sell
its stock or not. 1t is pretty certain that
options that were recently given on the
estates holdings will never he exercised,
for the RockefcIcr-K Kuhn Loeb people
have taken the position that the Goulds
broke faith In the absence of certain
knowledge Of what the agreement was
Wall street is ready to vote against the
GouIds
And yet, in considering the Missouri
PacIhc affair, the fact must not he over
looked that the Goulds recently disposed
OF their Western Union stocks and should
have in the neiEhborhood OF So 600 900 in
cash on hand. That much money can
make trouble even for the Rockefeller
outnt as long as it is in the shane of
MONEY The real cause Of the dispute
Is d desire Of allies of the Union Pacific
which CCmpeteS with the Central Pacirlc
into san Francisco. The Union Pacific
cannot participate in the fight, as that
would be illegal, but il has friends who
can fight for it and it is written" that
tic GUIidS must 20.
The retirement of Vice President Dick
SON. of the Steel Corporation. was an
nounced in polite language at headouar-
ters. and there is no doubt that the
Morgan management or the Steel Corpo-
ration does regret sincerely to lose "a
! most efficient and loyal officer" But MT.
Dickson has the fatal defect Of being a
Carnegie man.
Aroused Over Carnegie.
Ever since Carnegie took $300.GOO.O 90 Of
bonds for his steel properties. he has act
cd as though he hoped that the corpora-
ton would he unable to pay the interest
on these bonds, and thus enable him TO
get the properties back. He has reversed
publicly all his former opinions of the
steel business, and the Morgan people
are determined that no friend Of Car
neCl" shall have any part in the wonder
ful prosperity that the trust is enjoying
The elimination of Carnegie men is be
ing accomplished as rapidly as possible
without attracting too much public at
tcntion. ant 1t is with sincere regret that
some or them are let go. Other explana-
uons will be given of Dicksons retire
ment but this is the true one.
Brokers received word from Berlin to-
day that the American and German gov
ernments are in accord in the mater Of
the potash dispute, both agreeing that il
should be settled privately and not by
the governments As announced here q
couple OF weeks ago, the interested par
ties have agreed on a settlement private
ly, but they held up official announcement
awaiting final withdrawal of the two
governments Official announcement of
settlement should be forthcoming in a
few days, and it will account for the
recent strength OF the chemical stocks on
the exchange.