THE CLOSING IEEEGULAB
Advance in St Paul anil a Break
iii Amalgamated Copper
STTowln aiiwlr lir Htc Unnli Slnte
mrnt ot in Kccplmr Willi Ihe
rorccnuts Tlic Monetary Mtuntion
tlll n Cnuae of Much Uncerlnliitjl
NEW YORK Oct 2C The security
markets have made an exceedingly sood
showing this week It Is very gratifying
in view of the apprehension that still ex
ists regarding the monetary situation and
the entire absence of leadership The
street generally describes the market as
chiefly professional apparently ignoring
the fact that there is a steady demand
for investment stocks and especially
those of the highest grade and also for
bonds including many Issues that are
not considered strictly first class
The heaviest dealings in stocks namely
In Union Pacific and St Paul indicate
that a transaction of more than usual
Importance Is under consideration affect
inc the two companies named The sales
of Union Pacific common this week aggre
gate nearly CG40Q0 shares while those in
St Paul are In excess of COCQO shares
The last named closed nearly 5i points
higher than last Saturday and nearly one
fifth of this improvement took place In
the two hours trading this morning
Other stocks in which there has been
exceptionally heavy trading are Amal
gamated Copper which was conspicuous
ly weak today and sustained a net loss
or VA points on reports that the price
of copper is to be reduced early next
month Chicago Great Western common
which advanced on reports from the
West that the company is to be taken
over by two or three of the larger rail
way systems and Its lines partitioned
among them Peoples Gas the market
for which has been adversely affected by
the franchise tax decision of the Su
preme Court of Illinois Reading common
which with tho other anthracite stocks
has been bought on the improvement in
the hard coal industry and Southern Pa
cific
The total dealings have averaged about
CMKjO shares a day and they have been
exceedingly well distributed As a rule
hisher prices have been made throughout
the list with net advances ranging from
10 to M points In such issues as North
western Omaha Nashville etc The
dealings in bond3 averaged over 3000000
par value a day and the advance in them
has been more general and moro uniform
than in stocks Notwithstanding the
fears of uncomfortable activity in money
which fears to an extent have restrict
ed opt rations on the stock exchange dur
ing the last two or three months the
supply of funds at all Important com
mercial centres has been ample for the
requirements of steadily increasing busi
ness
Within a few weeks money will begin
to return to this centre from the grain
producing regions of the West and from
the cotton fields of the South In the
meantime the United States is constnntlv
reduclng its indebtedness abroad by pay
ing oft accommodations secured la the
foreign exchange market and by purchas
ing becurities sold tor Kuropran account
It is believed the obligations first men
tioned have been marly paid off and at
the same time provisions have been
made for making the final remittance
to London on account of the portion of
the last British war loan taken here
The strength of foreign exchange at the
end of the wcel resulting from tho
causes set forth above and which is most
unusual at tills season of the year may
be the culmination of the upward move i
ment in that maket for from this time
forth cotton bills arc likely to come to
hand in larger volume than heretofore
because of the freer cutwarJ movement
of the Southern staple London would un-
questionably like to transfer to this cen
tre a part of the demands that Trance is
making upon it far specie but a little
patience on the pert of the remitters
whose needs are not urgent together
with the Increasing exports of cotton
rpajr prevent English bankers from real
izing their desires
Todays statement of averages of the
associated banks shows that conjectures
regarding it oaseu upon the Known move
ments of money for the week were futile
The figures showed an actual loss in cash
04 uptraru 01 ivfjwt ne uanK state
ment on the contrary shows an increase
lp lawful money cf t 532001 The large In
crease in loans was expected and Is due
in part to the financing of the Pocahontas
coal purchase and also to the transfer Of
Hccommodatlons from the foreign ex
change market to the banks The change
in tho deposits is inconsistent with the
increase in cash and loans the increase In
that item bing too s - hv nearly
The decrease of J7320 in the surplus
reserve can hardly be regarded as Impor
tant In view of the magnitude of the
chances In loans and deposits
Todays stock market was fairly active
but decidedly irregular During the first
hour fluctuations were narrow and the
tone variable Toward the clofce SL Paul
was bought nggresrlvcly and rallied 2
points from the lowest Missouri Pacific
was taken In hand apparently for the
purpose of crowding the short Interest
In it ana at the same time the Chicago
operators began to close a part of their
extensive contracts for short account in
Peoples Gas
Simultaneously with these advances a
fresh selling movement started in Amal
gamated Copper and broke the price 2
points This development was Ignored in
the main by the remainder of the list
still It contributed to an Irregular closing
In the outside market there was a fur
ther adx ance in Dominion securities to
5 on fairly large transactions
Neiv York Stock Excli
IHsli -
t
Amalgamated Copper SJU
Am JUcyclt pfd 11
Am Car F 3H
Am a F pfd Wi
Am Cotton Oil
Am Dut Tel S7
Axrerican I t 27
American Lc orcotire 2ii
Am Malting Cli
Am Smelting 43
Am Smelt pfd 97
Am Sugar 119
Am Suar pfd 11
Am Woolen 17
I Anaconda 33
Atchison 7U
Atchlaon pfd wi
Halt k Ohio 10H
llroolc Rap Trac CI
Can South 63
Can Pacific 110
Cent cf N J 10CH
Cho A Ohio ii
Cht k Alton W4
CM k Alton pld T
Chi Ot Wert Sti
C 0 W pfd A
C C W pfd B 0
Chi Ind k Lo 1
Ctl Ind k lo pfd 72
CM t St 1 lJltt
O M It S P pfd lWtl
j Co Korth Z11H
Chi B I Js Pac 113
Chi Ter Tr pfd 27S
CoL F k I Co S3U
OoL Bo lat pfd M
O H CI H4
Consolidated Caa 215
Cruc Steel pfd 63
Dtl k Hud 17Hi
Eta k Rio Grande 4114
Dm M Ft 1
D 8 S Ic A pfd 1SK
Eri 41
Erie M pfd 00
r Erie Ed pfd S3
Oin Electric Co 203
T Clucou Sugar 41 4
Ct Northern pfd 1K14
Hooking Valley pfd 76V4
IlllnoU Central JtH
Inter Paper Co 014
Int Paper Co pfd 7c
Inter Power W
Inter Pump
Iowa Central 4I
Lvulavtlle k XuhriUc 1W4
Manhattan Con llJ4
r Met Bt Ry 1S0
i Uaxlcan Central 4
I Mexican Kat tr 1JH
I M St P k S S M 27
Mo Kan Texas Mi
Us ItT pfd 60K
ThaLfaulcf
gmyfemty
innge Oct 20
Low- Ket
eat inj chffa
fVi Wt S
11 11
25K 234 -U
60S
H
88 37 1
27 27
25H 25 H
OH Wi U
4SJS 43V4
97 07
1WVI Hf H
11CH 1
1C 17 2
2Mi sm
77 76U
lC4 9CM lj
Itf 105 V4
0 C05i
11014 HOVi
1C6V4 IGOVi
45U 45 H
38li 3H Vs
77u rm
25 2i
w h3M 4
M tWi
0H 40H
72 72V U
164H 17074
1S2 192
210 211H 1
13 1 -
37S 27H -V
S3 05 M
61 6114
ll4 HVJ
214 ilh
84 61i - K
ioh 171 4
444 41
42Vi 42 Vi
1854 IMi - 4
41 414
03 U9T4 H
M 66
2M 218 1
3 H S9i -114
193 133
7C 76 14
147 147
15 lt
70 74
SO
45K 15
41 41S H
30J4 104
113 119
755 15 1
22 22 i
13 13
27 17
26 26
60 S0
rresi S Cir
Pr Steel a rid
Reading
Kesdnr 1 t pfd
Reading 2d pfju
Republic Steel
Rubber Good
St J C J
PROAilNENT BUSINESS MEN IX
1 ii in 11 II 11 - lrHBtinJ ii jwtyw I MW
StaS tssswKsaasfasK
M IJ TV VW ttti
st VsK -41
jt u ttr xf tfi v
St U ft t
St IjHiisolhera pfd 7
Swutbern Pacific 10
Southern Railway Xfi
Southern lUilwir pfd 8754
Trn c urirtAi
Teias IJCific 39
Union lacigc 101
Union Pofic pfd S3
U S tealber 12
V S Steel 4J
U S Steel pfd 91
Uabash 20
WabaiJi pfd 3
W k L K 1st pfd 49
Wisconsin Central 21
Total Mies of itock 15550
Low
est
95
19
75
US
115
33
36
05
104
10X
62
146
103
40
Si
44-
77
53
15
0614
27
11
Jiii
41
67
50
59
3JH
67
3S
100
It
4W
91H
19
36
43
21
shares
Government llonaii
U S 2a R 1900 a J J
U S 2s C 1900 30 J
U S 3aIt JXe Q F
U S 3a R It ft C
UJS 4s liOGQ
U S 4 1907 Q J
U S 4a I 1925
U S 4a C 1925
U S 5a R 1904
Net
ing chga
97 2
39
75 30
15SV
115
31
56
95
102
10
a
147
101
40
S2
42
77
51
15
66
27
11
12 j
41
77
67
S6A
00
22
87
00
39
101
o3
12
42
91
20
36
49
21
14
J4
1
1
14
-1
-
I
1
-
H
-
-
U
Rid Asked
1CBK 103
10K 109
10734 10SK
1WSH 1094
Ill 112
1IIX 1I2H
128 133
13J 14J
ios mn
U S 5a C 1601 Q F 107M MK
The unexpected that so frequently oc
curs In Wall Street has been occurring
with some regularity during the past
week A week ago the entire street was
full of bearish opinions and predictions
ranging all the way from the expectation
that there would be a break of magnitude
before the week was over to the belief
that there would be a dull market sim
ply trlth very little net change in prices
Instead there has been a stronger and
broader market than at any time for sev
eral weeks with Important gains In
prices In the railway list especially A
week ago It was said that the business
situation was likely to develop new bad
features and a more positive showing of
the receding of the prosperity wave In
stead the trade reviews tell the same
story of full factories and mills heavy
trade heavy transportation of freight and
passengers record breaking bank ex
changeH and small business failures It
Is reported In many sections that the
railways have not sufficient cars to han
dle their business especially in coal iron
ore and Meel but also in lumber and
many either commodities The coal and
Iron industries aro not only very pros
perous but more so than at any time
heretofore and this is the best possible
indication that general business is goud
and the outlook better When concerns
buy coal they expect to use It In manu
facturing goods When they buy Iron
ore they exict to manufacture steel
Toward the latter part of the week It
was said by the experts that the banks
of New York had been losing cash heav
ily by exports to the interior and by pay
ments to the Sub Treasury Jt was also
said that there would he a heavy Increase
in in sniil that as a result the bank
statement would probably thow a very i
large decrease in surplus rescne in
stead the banks made a very good gain
in cash not explained but not the less
welcome and although the loans Increas
ed also the decrease In surplus reserve
nab less than a million dollars
These are the simple facts The con
clusions drawn from them and likely to
be drawn from them this week will of
course still vary according to individual
viows It Is certain however that the
developments of the week have nothing
In them to discourage Tho liears that
continue bearlfeh wilt do so despite de
velopments and not because of them The
fact that the Iron and ateel and tho coal
trades are more prosperous than at any
time before cannot possibly bo construed
ns an unfavorable sign Neither can the
fact that the bank statement Is better
than expected and that tho banks have
more money and more reserve now than
they usually have at this period of the
year Neither can tho fact that the mar
bet has been broadening end the public
showing a larger Interest In speculation
Perhaps the most conservative view to
take of the stock market is that the out-
S0Z0D0NT
SAVES
TEETH
LiquidPowcfer I
veryMgit
JftgW SIZE LIQUID 254 POWDER 25 PJ2HM
JR BY MAIL I
Y CITY I
HIE TIMES WASlllXroN SUNDAY OCTOBER 27 1DU1
Ss
i w 1 - i mj ji -- zvs asa
- Sffr si
AQAmmvm m mm
Swfefes v
i JT 1 Z Tan 321 TiJi VI w
titeri
JOHN TAYIORAKMS
President rotomac Insurance Company President Real Estate Title Insurance Company Di
rector National Metropolitan Rank member Washington Stock Exchange member Hoard ot
Trade senior partner in firm of Arms b Drury
John Taylor Arms was born in Lansing
burgh N Y In 1S15 Ha began his busi
ness life at tho early age of fifteen in the
wholesale dry goods importing department
of A T Stewart Co and later was
with S B Chittenden Co New York
City
Not caring for that line of business he
went into banking In New York City Be
cause of failing health he left New York
in 1S72 and came to Washington When
he had recovered his health he secured
a clerkship In the Treasury under the first
civil service rules He resigned in 1874 to
go into the business of real estate Invest
ments In Washington
llr Arms joined the Washington Stock
Exchange in 1SSG and has since been one
of its most active members He was
chosen President of the Exchange in 1S37
He joined in the organization of the
Lincoln Fire Insurance Company in 1S90
and became Its President in 1S31 In 1S93
llr Arms was instrumental in bringing
about he consolidation of the Lincoln
with liie Patomac Insurance Company of
pcorgetown taTeing the presidency of the
consolidated company for the purpose of
High
est
Ukuri Pacific 03
Kat Lead 19
X C tc St L 75
New Yirk Central 158
N V t A S Ij 1st pf 115
K O k W 31
Norfolk k Western 5i
North Am Co 95
Northern Pacific pfd 1C
Ont Silver Mine 10
Pac C Co v62
PennsylranU 147
Peo C of Cb ICi
WSJ
S2
42
77
iJS
15
60
2H
II
doing business throughout the United
States
Mr Arms feels that It would be for the
interests of the stockholders if not only
the fire Insurance companies but the title
insurance companies and the smaller
banks of the District were to consoli
date For several years he has endeav
ored to bring about such a union of the
title insurance companies on the theory
that the combination would enable them
to reduce expanses largely without im
pairing their efficiency in any way It Is
also a part of his plan that such a com
bined company would be able to enter the
bonding business without extra expense
He accepted the presidency of the Real
Estate Title Insurance Company a short
time ago for the purpose of furthering
such a combination
llr Arms Is an advocate of all meas
ures for the promotion and advancement
of local enterprises being one of the men
who believe the citv should occupy a
much more Important position than It
does in the financial and commercial
world
llr Arms Is a director In tho National
Metropolitan Bank a member of the
Board of Trade partner in the firm of
Arms Drury and Interested in the
banking house of W B Illbbs Co
look Is very good for a higher range of
prices this winter but that no disap
pointment should bo felt if the present
advance does not continue at this time
It is still the opinion of many careful peo
ple that the insiders arc not ready for
a boom These people believe that the
recent advance has been made by the
professional element almost entirely to
discount future developments If this Is
the correct theory there may be realiz
ing fcy these professional elements at any
time because- developments do not come
as soon as expected or because the ad
vance tempts holders of long stock in
too great numbers to sell out or because
the large inside interests exert pressure
to stem the upward movement If the ad
vance continues it will be the unexpected
again Such an advance might be the
result of greater activity on the part of
the public or of a change of heart on the
part of the insiders in favor of an imme
diate campaign In any event there is
nothing In the situation to cause disap
pointment or anxiety on the part of In
vestors In gc od securities or speculators
looking for a bull market during the com
ing winter These people can afford not
to care greatly what occurs this week
or next though of course even a pro
fessional advance is more cheerful than
a decline
Aside from the news developments re
garding the business situation It must
not be forgotten that the great plans of
the Inside lntere sts regarding the rail
ways of the country are to be reckoned
witli as a matter of the utmost Import
ance Some pe ople believe that the out
come of these plans Is of mure Import
ance to the stock market for the present
even than business conditions They sug
gest that tho big prosperity of tire coun
try has been to a large extent discounted
but that the consolidation of the Western
railways practically into one system has
not These people say -hat if there is to
be such a consummation in the ner fu
ture it may galvanize the stock market
into a boom quite as large and Important
as any that has gone before The outlook
is fairly good for something of tills kind
to occur It is evident that the large
Interests are at work and there have
been hints in usually well Informed quar
ters that progress Is being made llr
Morgan will be in Wall Ftreet this week
after a trip in fBe West He may get
the Harrlman and other iaterests together
in his little oflice on any day and work
out the problem Immediately Another
deal that may be carried forward nearer
to completion 1h that for a rearrangement
of the Vanderbilt properties to which un
doubtedly there has been given much con
sideration recently It is not Impossible
either that the Southwestern railway sit
uation may witness some change
Henry Clews has been bearish lately
In his letter this week he is inclined to
hedge the steady advance of prices
having been a surprise to him as much
as to anyone else He says regarding
the railway situation In the West and the
possibility that the community of inter
est plans may be worked out
Outside affairs have been about dis
counted and railroad stocks are still
chiefly dominated by the progress or
delay In the community of Interest plans
The hitch which developed out of the
rivalry of two big interests to secure
Burlington Quincy was chiefly respon
sible for the abrupt termination of the
bull market last spring It Is quite ap
parent now that the spectacular demon
strations In Northern Pacific ln t sum
mer had probably more to do with recent
declines than the corn crop failure Presi
dent McKlnley s death or fears of strin
gent money It follows then that the
market is still largely Influenced by this
transaction and that any solution of the
present tangle will afford a very decided
ellef and stimulate icnewed manipula
tion for higher prices The indications
are that as soon a this question Is settled
the movement toward centralization of
railroad management will leeeive a fresh
Impetus and the effect of this upon
values It is too early to determine There
is no gainsaying the advantages of this
movement so far not merely to the own
ers of secvrUlts but to shippers and pas
sengers alike who receive the lieneflts
of uniform rates and belter and quicker
service So long as rates are not pushed
too high It seems likely that the railroads
will not meet with any severe public
criticism One step in consolidation
forces another and the movement Is not
likely to cense until all the large systems
have control of the territory tlify arc
best fitted to serve While negotiations of
such -vastness and Intricacy are under
way wc may expect all sorts of rumors
favorable and unfavorable and when
completed these plana will undoubttdly
add to the stability and value of good
railroad properties but In the Interim
we may experience wide fluctuations and
more or less friction as rival lnurests
play for position This may tend to in
creased activity in the market and re
newed speculation It Is well known that
big men are carrying large amounts of
stocks which they are unwilling to part
with at present prices and their interests
lie In the direction of higher prices The
money market Is almost past Ihe danger
line as in a few weeks funds withdrawn
for crop purposes will begin to return
Tho steady increase In the bank ex
changes is a matter of the utmost Im
portance as an Indication of the ncflvlty
of business The bank exchanges during
the past rfeek were tho largest ever re
potted in tho same week of October and
ilACIAl
j 1
FINAXCIAl
proportionately heavier compared with
earlier weeks in October than last year
or in 1K9 both active years Total ex
chances this week at all leading cities in
the Inited States are JlK3m 67 a eain
of IS per cent over last year and 113
per cent over 1SW No one city makes un
usual Gain thouch San Francisco ex
changes are above tho average At all
cities exchanges are very heavy The aver
age dally figures show- tho month to be
nell In the lead Average dally bank ex
changes for the year to date are com
pared below for three years
1901 1900 1S99
Oct J30327S000 JSSHlOOO J303063000
Sept ffiO885000 212537000 277401000
Aug 2734M00O 192C22000 23S426000
Julv 333S36000 228432000 26180000
2d Quar 43O012O0il 237933000 291625000
1st Quar 308137000 26C306000 307499000
The bank statement has been mentioned
The figures of the statement were as fol
lows
Reervta decreased J 732000
Loans Increased 9C30GOO
Specie increased 1000900
Legals Increased D92000
Deposits Increased 93S2000
Circulation Increaced 3S66M
It will be seen that the gain in cash
was more than Jl000000 The experts
had predicted that there would be a loss
of at least this amount so that they were
J3W0O00 or more out of their calculations
No one has offered a satisfactory expla
nation ot ths The loan account Is about
as expected The financing of tho pur
chase of the Flat Top Coal Company for
the Pocahontas Company In Philadelphia
during tho week alono necessitated tho
borrowing of a sum ulmost as large as
the J9000i00 Increase In loans shown It
seems evident that lite In thu week a
large deposit of cash was made This
may liavo been for manipulative purposes
It muy have been connected in soino -ay
with the coal deal transaction As - re
sult of tho Urge Increase in deposits the
necessary reserve was increased more
than J2000 The increase In cash was
only J1COO000 so that there was a de
crease In tha surplus reserve of J7B0O00
There remains In the banks a surplus re
serve of more than J14000WO which is
the best snowing ior ims st uaun u ut
The outlook
year recently made monetary
look In New Vork Is in all respects satis
factory
Gross earnings of all railroads in the
United Slates reporting to Duns ior the
llrst half of Octobrr are J1975S132 a gain
of 06 per cent over last jear and 164
per cent over ZiffX The llgures show a
remarkably uniform percentage r fln
on nil classes cf roads compared with last
year nnd a heavy Increase compared with
130 except on sninsir road whero u
trilling loss appears The movement of
grain in the Jail of 1K9 was very heavy
and earnings wcro correspondingly large
The increase in the earnings of granger
roadi this year compared with last Is due
to a Urgtr moement of other and bet
ter paying classes of freight Northern
Pacific tlie only PaciMr rond now report
ing shows a very large gain in earnings
compared Willi iin years iMnncuau
alto reports n lirgi r Increase but
Mexican reads repri umy a inning gain
Vnmini nf roads pportlne bv sections
or chief classes of freisht are glen be
low compartu wun ia i year
Per
October 1931 Cent
Trunk 7Mi i Gain JlfAiTO 62
Cent Western 25TGB Gain lsrli EO
Granger jHsXiJ al 5 1
Kinthmn aUJ liuin ZLttlN iZ
Southwestern 47I7r3 Gain its3ii 11
Pacific 19RCS3 Gain TMCCT 21 7 J
PS Kiuiils J1973815J G ili JI2J077 0 C
Canadian lM wo iain 32S000 2dA
Mexican JjZMI Gain 1 ra j
Total
JiiaM3 Giin JUJ3r 7 5
iMi misi Imor riant mnvim nts nf tirl
in the stock market during thu week have
riNAXCIAX
RECORD
IRELESS TELEGRAPHY STOCK will soon be difficult to secure
at any reasonable figure
Your Opportunity Is Now
3S
Vn advance in price will take effect Friday November 1st We are now tabulating orders as received for the indications are
this stock will be oversubscribed thousands of shares If you should happen to be too late for this allotment subscribe at once for
the next allotment as it is likely to be taken up very quickly The demand for this stock has been so overwheloing thatjt is Bim
ply impossible to guarantee the price of shares for any length of time
Lvil Lo
4k
a Share
Until November 1
It is Predicted by Eminent and Well informed Financiers
that Stock in the
FEDERAL
WIRELESS
TELEP
COMPA
TELORAPH
Will Advance in Price to Several Dollars a Share Within the Next Few Months
THE ONLY QUESTION FOR YOU TO DECIDE
Would you prefer to pay 50 cents a share for this stock or
would you prefer to pay 50 or more a share Some important
news will soon be given out to the public and you will then wish
you had improved this opportunity Many had just such a chance
jp
when Bell Telephone stock was offered at 50 cents a share Those
that improved the opportunity are independently wealthy the
stock now being worth several thousand dollars a share Is there
any object lesson in this for you If so dont hesitate
The Cream of the Whole Territory in the United States Is Absolutely controlled by the
FEDERAL WIRELESS TELEPHONE AND TELEGRAPH COMPANY
No other company receives one dollar from the Immense
earning capacity of this company The Federal Company has
already absorbed two of the sub companies and will in a short
time probably take over the remaining companies ensuring for
this company a clear field from the Atlantic to the Pacific This
company already possesses the great commercial centres of the
United States with a population of over 30000000 and seaport
business many times greater than all the rest of the country
combined
PIKE
Does any one doubt the great commercial success of Wire
less Telegraphy If so let him read for the past few months
such good authority as the
New York World Philadelphia North American
New York Journal Boston Herald
New York Herald Boston Globe
Brooklyn Basle Chicago Tribune
Philadelphia Press Chicago American
Philadelphia Inquirer Chicago Record Horald
And Many Others of tha Influential Press of This Company
The Whole World is Talking About Wireless Telegraphy
The inventor of this system in an interview printed in the
New York Journal August 20th states that he has no more
doubfctliat he will in a short time be sending Wireless Messages
across the Atlantic Ocean than he has that cars run up Broad
way J
A Most Marvelous Invention
The Philadelphia North American September 20th states
that the first wireless message ever received in Philadelphia was
sent to that paper penetrating brick walls buildings river
craft and other obstacles Nothing could stop it
Dont Delay
Have you read in the New York papers how ocean steamers
150 miles apart communicated with each other through a dense
fog Do you suppose there will be a single steamer in 12 months
time without Wireless Telegraphy Do you realize how many
lives will be saved through this wonderful invention It not
only prevents accidents but when a steamer is in distress she
will be able to call for assistance
Do you realize that the Federal Company absolutely con
trols the great Gateway of Commerce on this side of the Atlan
tic and that the revenues from this source alone should be enor
mous
The Opportunity is Yours
Will You Grasp It
For Prospectus and order uianx Address at once p c
m h a A a h a m - 5 H
BanKers9 Rooms 4D4 4Q5 Evening Star Building1
Washington D C
NEW YORK HARTFORD SPRINGFIELD PHILADELPHIA BOSTON CHICAGO CINCINNATI
been a sharp decline in Peoples Gas and
a number of excellent advances chief
among them being those in St Paul
Union Paciflc Baltimore and Ohio and
Chicago Great Western Of secondary im
portance have been declines in tha steel
und copper securities and in tho New
York tractions and gains in the coal
stocks In general and in some of the
Oould stocks It will be seen that the
entire trend of prices has been such as
to support the theory that the railway
securities are more favorably situated for
an advance and more suited for success
ful speculation by the public than are the
industrials There have been no gains of
Importance Jn the industrials and there
have been somo sharp losses On the
other hand there have been no sharp
declines in tho railway list and many
sharp advances It is not to be doubted
that if the stock market Is to have a
boom the industrial securities generally
will follow tho railways but there aro
many reasons that lead careful people to
suppose that these stocks are to con
tinue on a lower level than the railways
This will bo probable as long as the rail
ways publish statements of earnings and
Industrial companies do not even though
the industrial concerns may bo prosper
ous
Thcro was a tangible and apparently a
very good reason for the decline in
Gas The decision ot the Illinois
Sles
uprcme Court that the tax on Illinois
corporations is legal means that the gas
company in all probability will be forced
to pay a hoavy tribute to tho State in
the future What the slzo of the tax
will be for tho gas company does not
seem to bi vory well understood but
there are grave fears that it will be suffi
cient to make the continuance of the pres
ent dividend rate difficult The earnings
of the company have been good though
the statement made during the week is
not quite up to what has been expected
There Is nothing in this statement to
cause any bearishness on gas tock There
was a sharp recovery In the stock yester
day half of the recent decline being re
covered It heems probable that the ad
vance may extend further If It does
there are many careful people that ad
vise realizing on long stock The de
cline in the New Tork traction securities
may be attributed probably to sympathy
with Peoples Gas or the theory that
the Ford iruncnifie tax mw is buiwuicu
by the Illinois decision
The great buoyancy of St Paul and
Union lacillc may lw ascribed safely to
tho expectation that the developments in
the Western railway situation in tho
near future will be of a nature favorable
to thebo companies The buying of the
stocks has been of so important a nature
moreover that it Is difficult to believe
that it has been due entirely or even
largely to the profetsioral manipulators
There was buying of some of these West-
1 1 1 a f ntna I
ern securities jast spring uj una
clique that was on a scale qulto as large
as this has been but there la no other
Instance on nconl where any mere spec
ulator for a turn in the market has had
the hardihood to plunge in hundreds of
thousands of hhares in this way Mr
Gat s and his friends are not believed to
be the buyers in this instance The more
probable theur Is that the buying is for
Inside intertsts and this naturally lead3
to the supposition that some party if
not all parties in the Western contro
vers expect a satisfactory conclusion In
the near future
The coal securities have been among
the leadeis of the marknt showing
strength at all time and buoyancy ncca
Ionnlly The reasons for their good show
ing ldivo been dlscupsed In this column
and It miv be tald tint It has not been
nnexpctfl bl an cor ervatlve Interest
The production of anthracite coal this
veir illl probibl eveced tint of last
venr hv nt least Sift r 10on00y0 tons
The tolnl production Is likely to lie from
iw0j to EuCuuitU tens On this entire
Continued on Third lage
ONLY 3 DAYS LEFT
To Purchase
LOUISIANA
CONSOLIDATED
OIL STOCK
AT
Cents Per Share
Full Paid NonAssessabIe
Well on Spindle Top down 800 feet
Gusher expected any day
This stock is to be advanced 100 Oct 30
Within 60 days you will be unable to purchase this stock
except at a 400 advance
Pres Robert Legier Recorder of Mortgages
New Orleans La
Telegrams ordering stock may be sent at our expense
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