The Washington herald., 1915-09-19
LOAN PROSPECTS
CAUSE Big SALES
Much Progress Is Made by
Commission, Banker
Says.
MERCER RUMOR DENIED
j. J. Hill Mails" Story that Colorado
Fuel and Great Northern Ore
Will Join Forces.
MERCER RUMOR DENIED

New York, Sept 1S.."More prog
ress was made today in the loan nego-
tiations than was expected, ana IL
should BE- consummated Monday morn
ing said a banker after the close OF
the stock market TODAY
Tbs explained the urgent hemard
for stocks at higher prices and the
establishment of several new high
records Even the railroad shares
which have been dull and lifeless for
many weeks. came to the front, and'
under the leadership of Union Pacific,
advanced from l to points. The
participation of the rails in the up
ward movement made Il very favor
able impression on the trading fra
ternity.
Foreign exchange was lower. but
this was due to early reports that
there had been a hitch in the loan
negotiations.
Low priced industrials led by Cen
tral Leather. Colorado Fuel, and Great
Northern Ore certificates monopollzed
attention in the first hour, but the
rails were brought to the front in the
second hour and continued favorites
I'D to the close of trading. While
the railroads were occupying atten-
ton profit-taking in the lndustrlals
resulted in slight recessions from the
best The undertone at the close was
healthy and indicated betterment
Monday.
Merger Rumor Denied.
Vigorous dealings in Colorado Fuel
and Iron and Great Northern ore GER
tificates resulted from rumors that the
two properties were to be merged.
Great Northern ore rose to As, the
highest price reached this year but
Colorado Fuel failed to surpass its
high of the previous session. The cam
paigners in Colorado Fuel were
trife premature in letting go their
ammunition. II was common gossip
in the Street that James J. Hill. who
is one of The voting trustees of the
Great Northern. would leave for the
West Friday night. Figuring that
M Hill would be ell route to St Paul
and would not he able 10 deny the
rumors the campaigners circulated the
merger story. But Mr.. Hill was still
in this city today when the rumors
,'o- 70 his ears and when asked re-
rarding their truthfulne*s. said;
utterly ridiculous. I have never
seen the Colorado Fuel property. Ac-
Cordirg to their location they are able
10 Law down ore al a fair price. We
ran do the same. If they took our ore
IL would mean a haul of 100 miles
through a rough country and would
increase the cost by Sc to 81 a ton. anc
The campaigners. however. were not
to be outwitted for they Immediately
circulated a story that the much talked
Of combination of several of the steel
companies would purchase its ore from
ti'1 Great Northern.
Leather stocks were active and
higher. Central Leather common
reaching the new high -or ms yea.
OF ~ which was one point above the
previous top recorded the day the
Ara bic was sunk. This stock has been
accumulated for more than two months
owing to increased business and eN
pe.tation that the dividend will be
enlarged.
short on VI. n. & T.
Brokers report substantial short
interest in Missouri. Kansas. and TEX
a.. which yesterday loaned flat to l-6;
premium. Those people who have gone
short of Katy" at these low prices !
with the idea that the property is IN
as bad shape Frisco and the Chi |
cago. Rock Island. and Pacific may
have a rude awakening. according to
insiders.
Those traders. who upon learning |
that the International Mercantile re- |
organizers had decided to eliminate the |
assessment rushed in and purchased |
the common stock. are disgruntled at
the failure of the common to advance. |
although the preferred has gone up |
nearly three points since announce |
ment of the change The reason for |
the failure of the common to partici- !
pate in the upward movement came to |
the surface today when il was learned |
that the Dutch stockholders have taken |
advantage of the flip to market a good !
block of their holdings. In the last |
three days approximately 10000 !
shares of common and preferred have |
change. hands The. disappointment of |
a trader who has selected the right |
company but purchased the wrong is |
sue of stock is profound.