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The Washington times. (Washington [D.C.]) 1901-1902, November 03, 1901, Second Part, Image 14

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Persistent link: http://chroniclingamerica.loc.gov/lccn/sn87062245/1901-11-03/ed-1/seq-14/

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The Advance in Union Pacific Pro
duces Good Results
Eelllnar of People Cnn Ilrcnlts tlic
Mnsrnntloii of tin Forenoon 1m
iireiveel MnrUet for Isertiritlos Hie
llnnk Mntciiieiit
NEW YORK Nov 2 In tlie Item of re
serve the statement of averages
of the associated hanks conformed more
nearl to the Known movements of monej
than did the shovinff of last week It Is
possible that the loss in lawful monei
which is about 1300000 larger than v s
terdaj s compilation of the kno vn move
ments results from a n ctilie ition
through the sjstem of averages of the
unexpected increase of nearlv 1 ijOOmW in
that item last Saturday
An increase of ov cr JTOPOtf 001 in the loans
is not surprising in view of the steadj
transfer of accommodations from the for
eign exchange to the local money market
The Increase in the loan account less the
loss in cash is reflected rather more ae
curalelj than usual in the deposits the
discrepanc being onlj about JjOOOW The
reserve requirements ognint the larger
deposits together with the loss in cash
have brought the surplus reserve down to
a little less than 10MOOOO Still It is
nearly twice as large as a jear ago while
two vears ago the banks as a whole
were slightly below legal requirements
The stock market was dull the greater
cart of the forenoon and was really
naved from stagnation by renewed selling
of Peoples Gas which left that stock
l1 per cent low cr than j esterday and by
heavy bu ing of Union Pacific particular
ly in the late dealings lhat lifted it near
ly 2 points This last movement had a
stimulating effect on tho whole list While
satisfactory progress is according to an
accounts being mide In the direction In
dicated it will apparently take some days
j et to arrange the details of a settlement
In the meantime the market for securi
ties constantly shows a disposition io re
spond to fcuch a favorable development
Stocks other than Union Pacific tint
advanced sharplv this morning were Il
linois Central rjvansvillc and Terre
Haute and St Louis and San Francisco
common and second preferred The deal
ings in Londs were unusuallj heavy for
a Saturda and the market for them
was sirong
The outside market was largelj given
over to the making of election bets
There was howeer further liquidation
in American Can issues and an advance
in Dominion securities to the highest
price jet recorded for that stock Ihere
was a revival of the demand for New
Tork Transportation -and for White Knob
Copper The closing in all branches of
the securities market was strong
Aeti York Mock IIxclimiKO Acn U
High Low- Net
est est injr clig
xmal Cop S S6H V4
xAm C F fou sg ii i
itnCSI pf 61 61 SI
Am Cot Oil 2Si 2sli 2v
xKm lee J73 27k 27 VI
xvm Ice pf 3Vs 3H a lVe
lin Loco 2iV2 2SVfe 25H a H
XAm Lo pf 46V 46H iW M
lAm Smelt 4l l 41 H
xAm Sugar lles 118 llSi j
Am Tel k Tel U H lfcs lMs
xta Woolen 16 16 16 5
xvnacoada 35 35 35
Ann Arbor pf 56 So 56 1
At T 4 S f 79 7 78 U
At T k S F pf 87 96 07 M
Bait k Oiiio 109 lOSVi 10a1 4
Halt k Ohio pf SH D4 84 H
xltklyn Rp T 3Vi 2i 63Vi
Brunswick 10 VSU 10i
Buff It 4 IltU 100 ltrt lirt
Can South HS S1V SH t
Cinad Pac 111 111V4 11H U
Cent of N J 1744 174Vi 1741 14
Cbeaa k Ohio 474 474 7 VI
Clue A Alton 36 36 36
Chi Ct - 25V 245 23 V
ChL toi A It 42 41Vi ti M
CbL IudiL pf IS 71 71i 4
ChL M k St P 170- IBS ICI A
C JI t St P pr 1W 1SD ISO Vi
Clue k X H 21014 210H 210i H
Chic K I P lHVi 113 113 H
Chi Tran Ni 2014 vt Vi
CSu Ter Tran pf 37V4 S7 37
C C C A St L Sir1 Wi SUV H
CCftfltLp 1I1 121 121 i
CoL South 124 13S 13 U
Col A South lat pf St 51 51 Vi
CoL k 1L C k I 15 IS 15 Vt
Cossol Ca 21V 2HV 2HV i
CmcSbe St pf SIS H Hx 4
i A Hudwn 174 173 173
ln k Rio G 45 41 45 - 4
Den A R C ft ir SC Vt
xDist of Am 64 S 6V4 H
xDut vt A pi 30 StfVA 30 J l
XU S S A A 12 1I II VS
S S k A pf 21 V 20 H
Lrf ll 41V4 4
TS 1st pf 70H 70 7o
Lranii A T II SV4 57 MH 2
Ot orth pf lSSii 191 1354 H
lioek Valley 57 64 5
Ilhnou Cent 140Vi I Wi 140 41
111 Cent rU 7 TV 7 H
Iowa Central 41U 40VJ 41
Iowa Qnitral pf 76 7s T
louii A asll 101V4 1it 101 Vi
SianliaU EitT 124 ia 123
xUet St Iy IWi 135 155
M S P k S S AL 3SV4 32 ti 1
m a r k s s 31 pf a at tt 1
II0KT pf SIVi 50 31Vi 1
Missouri Pacific tti StV 35
at Lead 214 3uVz 20V4 V
X V C t SL L MS 52S SfU H
1 St L 2d pf Xi DlVi 91H 4H
x y O k V 34 3414 31V
XorL A West 56 5614 M
Xor lac J05V4 KMi 105V
lenn H It 14tS 145 14b
Teo Caa k C 103 101 101 1V4
Pressed S Car 13 42 43
lleadltut 434 43 43Vi
Heading 1st pf 77 774 77V 4
Heading 2d pf 51 51 51
xKub CooJa 27 27H 27
Hot B R pf 102 S9V4 WV4 4
ht L k S F 43 424 434 1
St h J S K 2d pf C6V4 67V4 -14 1V4
Ft U S VV pf S6 5CS S5
South Pac 60 65
Boothwn Ily 3 33 33
6011th Rr pf t SSVi bS S
Union Pacific 103V1 101 103 1
Union Pc pf M Si
1 S StMl 424 41 42V4 H
U S Steel pf 2 01 92
Wabash pi 37Vi 36 36 V4
Mt Un TeL Sl 91V4 91
M u Central 21 20 20 14
flncrrajiP Decrease xUnlisteo
ToUl sales 352u0 shares
Uotcrnineut lloudH
Bil Asked
V S 2a R 1900 30 Q J lus
U S 2a C IW0 30 i J 1U3H
U S 3a It 1W3 Q F 1 S
U S Ss It 190S IU C IUS
C S 4s 1I q J 1I2M
U S 4a 1807 Q J
V B 4a 11 18
U S 4a C 1W5
U S 5s R 11
U S ti C J504 Q
1 S
13 I
The news developments of the past
week hae been faiorabie almost witli
out exception The Iennslvanla Itail
way people among the nost conservaine
In the railwaj world hate declared an
extra dividend of 1 per cent in oiling a
departure from a long establlrhed rate
and the outlay of ZwiW and this can
not be considtrtd in any other way than
as a most positive evidence of confidence
on the part of the management In the
future prosperity- of the company The
PennsjlvanU Is one of the greatest rail
way systems in the world and Its of
fleers are amply supplied with data from
Us business on which to form conclusions
The American Car and Foundry Com
pany makes a report for foar months thit
is a ijraltful relief from the poor rrnorv
of lnfiiitrlal concerns during the past
two months It sliows earnings inr ir
excess of the dividend requirements o
tho company and it shows nn oxrellcnt
cash surplus This report with that of
the United States Steel Company should
le a sufficient Index of the condition of
the aUel business of the country The
reports of the railways for Htptpmbtr
have been almost without exception of
an excellent nature With rallna earn
ings Immense and showing moreover
a steady Increase and with the iron
and steel business more prosuerous than
ever before the bad tffect that mlgnt b
produced on confidence by the poor show
ings ot some of the industrials will lie
entirely overshadowed The anthracite
coal business continues very htavj and
the anthracite rallwnja hive made ex-
celUnt reports during the week The bi
tuminous coal trade is in the simc pros
perous condition It is reported from all
the railways In both the coal regions that
it Is lrrpotslblc to haul all the coal or
dered because of the lack of cars which
despite tho heavy purchases of rolling
stock during tho past few years is now
more acute than at any time before The
coal hutirtxslikelho steel business and
the railway business is an exclknt
barometer of general trade
Of the NoisrtfrYi Pnvvflc matter It need
only be said truUithflrfrUiatlon is reported
by insiders to be entirely satisfactory A
settlement that all will be willing to
agree to is likely to be arranged ut any
time in the near future There was much
rumor during the week of an immediate
announcement regarding the settlement
but the failure of such an announcement
has not produced any disappointment In
conservative quarters liecauso the tory
was not credited when put out Other
railway deals of importance are under
consideration and may be announced at
any time The Chesapeake and Ohio Hall
way will go Into the coal business in a
large way if the facts have been reported
correctly It is arranging to buy up a
large block of coal lands along its line
and will lie In a condition to control coal
prices and freight prices and to Increase
output heavily and with much proilt
There is still talk and based on good in
formation too that there will lie a deal
among the Vanderbilt properties In the
near future Some people expect to hear
its announcement as soon as W IC Van
derbilt returns to New York
Financial conditions are somewhat un
usual and somewhat complicated but
careful people are not disposed to consider
them at -all alarmlig on this bide
of the Atlantic at least The Bank ot
England has Incrased Its discount rate
to 1 per cent a Jump of 1 per cent w here
only V5 per cent advance had been
The price ot British consols Is
lower than It has been at any time before
In the past twenty seven years or since
1S74 and there is no certainty that It will
not go lower The lack of confidence
shown by these facts emphasizes the bid
condition of things in Germany and
France The need of od In the lattir
two countries and the unwillingness of
Great Britain to part with the precious
metal Is one reason why there should
be a strong demand on this country
The fact that the exports of cotton
and com this Jear have bten far less
than expected by the financial world with
the plenty of gold on this side and the
ease of money rates accounts vvrj sat
isfactorily for the exports of gold that
have taken place and for the probable
continuance of this outflow during the
coming week But tho export of gold
need not be considered a vt ry serious
matter surely when it is based on a
superabundance on this side and when
It Is known that it will bo stopped at any
time as soon as money rates are ad
vanced a lack of mono As a in itter
of fact nlthough cotton shipments have
been delaved they will be heavy from
now on without doubt and this fart alone
is likely to stop the gold shipments
On this side tvo developments of great
Importance have occurred during tin
week In vhe Ilnancial world The return
flov of money from the West and South
has begun and the lanks gained from the
Interior during the week for the first
time in more thin two months It is
expected that the rectlpts will be heavy
from this on The Secretary of the Treas
ury 1ms again made his offer to purchnse
Government bonds and airead it has
been responded to bv considerable offers
wlileil have born accepted by him This
apparently ensures gains for the banks
from the Sub Treasury as well as from
the Interior If these conclusions of the
financial experts are conect It will be
seen that yesterdays bink statement will
probably be the last one to show poorly
this autumn and winter The purchases
of bonds on Friday and yesterday did not
show In the bank statement of course
The statement figures were poor but not
as bad as some of the experts had ex
pected They wue as follows
Itestrve decreased 4250375
Ioans increased S
Specie decreased 4473101
Legal tenders Incre ased 1H0JU0
Deposits increased sriS222
Circulation increased 112 00
With business conditions good nnd
vlth the promise of unsy money In tho
near future It is cot surprising that the
JJLAJvwl B teeth tvery rtiijfjr
the estate of the late Senator Sherman
having been appointed by him to act
without bond
He Is a member of the Washington
Board of Trade and was the first Presi
dent of that association hav Ing served in
that capacity for four years He Is also
a member of the Washington Stock Ex-
Mr Parker Is a trustee of tho Provi
dence Hospital a trustee of Columbian
University a trustee of the Columbia
Hospital for Women a trustee of the
Washington Hospital for Foundlings and
1 trustee of the Washington Training
ijchool for Nurses He Is secretary of the
Washington Memorial Association
Mr Parker was one of the Commission
ers of the District of Columbia appointed
by President Harrison in 1KB He Is at
present a member of the National Repub
lican Committee
stock market during the past week has
been strong To be sure the public buy
ing of stocks has not been large though
it has been persistent In some securities
and to be sure the market has not bee n
broad It would seem however that the
time has passed in which It reasonably
may be supposed that the professionals
are at the bottom of the advance In
prices If the professionals were the only
buvers they would have become sellers
before now and there would have been
a break yesterday Instead of a continu
ance of the advance Some of the most
careful people In Wall Street believe
that there has been steady accumulation
of stocks by important people and that
this accumulation will be followed In the
not very far distant future by big an
nouncements regarding the pending deals
and then by a sharp and important boom
in the market Perhaps this boom will
come Immediately after the elections If
the insiders have such a plan for the near
future they are not likely to allow much
of a recession early this week The mar
kets tomorrow and Tuesday therefore
will be watched with much interest
The September net earnings stntements
have been commented on Tralllc earn
ings of all railroads in the I nlteel States
reporting to Duns for the three weeks
of October arc rs3702GO a sain of 7 2 per
cent over last jear and 16 9 per cent over
1K0 A heavy movement of merchandise
continues in all directions Earnings of
all classes of roads are greater than ever
before except grangers which are slight
ly below 1K99 owing to a lighter grain traf
fic this jear Trunk lines report consider
able Increase In earnings as do Southern
and Southwestern roads The Increase on
Northern Pacific the only Pacific -road re
porting Is very largo and about the same
In comparison with both preceding jears
Earnings of roads reporting by sections
or chief classes of freight are given below
compared with last ear
October 1301
J3K0 217 Gain
Cent West
U S Itoads
3813 013 Gain
3XM 580 Gain
735492 Gain
635737 Gain
2977101 Gain
20G015 62
132B23 3 6
235291 64
40873 nr
377S21 SS
5S392C 21C
I289702CO Gain Jl944344
2W000 Gain 639 000
luCGC Loss 3190
J324aC Gain 2480154 8i
It is not realized perhaps by the ordi
nary speculator and investor UiU the
railways and industrial concerns of the
country nro paying out In dividends and
interest at this time more than double
what thev were four vears ajo Tho
statistics of disbursements every month
will show this to be the fact however
It is said by the people thit take a pcski
mlatlc view of the outlook for the marki t
that the present level of prices Is far loo
high that pries much more than repre
sent values Values aie determined by
earning capacity and by Interest and divi
dend disbursements it Is true thit the
advance In the price of securities his
been lnndome since 130 but It Is eouall
true that dividend and Interest pavments
to the holders of slocks and bonds have
Increased even more rapidly The figures
of llieye diburcemtnts for November are
nt hand ami they are very Interesting
In the jear 1137 the total payments to
the holders of scenritlch wer 2GflO0UO
For this month I hey were 57000000 an
Increase of 31000000 or 120 per cent 1 he
greater portion of this Increase was In
dividends of course and It Is f ilrlv sife
to estimate that dividends hive increased
in volume from 150 to 200 per cent In four
v cars
He nry Clews after pointing out some
of the unfavorable conditions in tho
situation abroad and suggesting tint
they are lllely to react on this ceiuntry in
time has this to so of the immediate
future of the market
On the favorable side of Hie market
we have the expected end of the Northern
Pacific deadlock which has proved hutli
an Insuperable obstacle to all speculative
operations since last summer Very likely
its Immediate effect will be fully discount
ed when the formal announcement ap
pears still the ge neral market will be
dlstlnrtly relieved by the removal of 1
very threatening element Another en
couraging feature Is the satisfactory con
dition of general business There are no
signs et ef reactlen and the principal
lines of trade are i njovlng another season
of unexamphd prosperity This Is true
of the entire country except In theilrought
district where corn and cutton were bad
ly Injured The agricultural interests of
the country as a whole are prosperous
Iron has alwavs been ceiiislderesl a good
birometer of trade and If this b true
conditions must be satisfactory for the
great Iron mills of the country ore run
nlng to their fullest capacity with orders
three and six months ahead nt present
hlih yrlc piirnud srulnas are ex-
Speaks Volumes for the Shares of This Great Company Which Is Now
Reasons Why Easiern Consol
idated Has Distanced AH
Its Competitors
Iiocause it is i wideawake
Bushing aggressive oil com
Iteranse it is following
closely in the footsteps of the
greatest oil company in the
world the Standard Oil Com
pany which has made for
tunes fdr its stockholders
JSccause this company be
lieves in giving its stockhold
ers a chance to realize big re
turns on their investment
Consequently you only pay 25
cents instead of HO cents to L
a share for your stock and
thereby June the advantage
of seeing your stock double in
value within thirty days
iSecause aside from the
Standard Oil Company theie
is no company offering its
stock to the public today that
lias as much property as
good property and as big
piospccLs for becoming one
of the greatest oil companies
in the United States as the
Eastern- Consolidated Oil
Company with Eastern brains
Eastermcajtital and Eastern
Because management is ev
erything Iany a good enter
prise hasibeen ruined bytbud
management Eastern Con
solidated will not suffer in
this particular Its directors
ire ineiuofjiational reputa
tion men riiom any
banking or large finan
cial institution might feel
proud to have in charge of its
affairs men uho are not fig
uiehcads but fake an active
inteiest in its affairs The
President Hon Ernest Cady
was a candidate for Govern
or of Connecticut and presid
ed as Lieutenant Governor
over the State Senate Hon
Charles J Noyes of Boston
was Speaker of the Jlassa
husetth Legislatuie having
been re elected several terms
and according- to the press
tv as one of the best Speakers
Massachusetts ever had Lew
is A Coibin is a man of very
high standing and one of the
laigest niaiiufactuiers in
New England
BUSINESS AEN X IAVC1 u nixciAi EiiJEiii fwciai
I t I
11 K 8p3UuU U 11 J v Ev3 1 ITI
Frequent AlaAi Hankini and Safe Deposit Corapanj Nome Alaska Vice President Columbia
lire Inmiancc Compun Director vational Metropolitan Dank Director American ecunty
and Tiut Companj Director Columbia Tit le Company member V ajJungton lloard of Trade
member Waington Stock Exchange
Mjron M Parker has been identified
In an important way with the business In
terests and tne growth of the District of
Columbia during his entire business ca
reer He Is at the head of many financial
and commercial institutions and is di
rector In many others and is considered
an important factor in them all He has
beer conspicuous in the governmental af
fairs of the District and has had much
influence in its relations with Congress
He has not confined his interests to the
District business enterprises either or to
District politics being connected with
manv concerns in other parts of the coun
try and a man of influence In the Itepub
llcan party He Is a man of command
ing personality of magnetism and charm
of manner He is eloquet and forcible
and an advocate of much reputation An
other side of his character is his generos
ity his keen Interest in all charitable and
philanthropic Institutions and undertak
Mr- Parker was born In Vermont Ho
came to Washington In 1SG3 and has been
a resident here since that time He en
gaged In the real estate business in 1SS2
and was from the outset a prominent fac
tor in the realty world doing a very large
business In 18M he withdrew from activ e
connection with real estate affairs and
since that time has devoted his energies
largely to financial commercial and man
ufacturing corporations
He is President of the Alaska Banking
and Safe Deposit Company of Xome
Alaska which was established in the
spring of 1300 a few months after gold
was discovered at Nome In the autumn
of 1SS9 The company does a very large
business in handling Nome gold and is
a prosperous and profitable concern He
Is President of the Grant Manufacturing
Company which manufactures 10000000
seals for freight cars annually He Is
President of the Washington Fertilizer
Conroanv which has the contract for live
J ears to collect nnd dispose of the gar
bage 01 mis city uiner concerns 01
which he is President are tho Union
Building Company the Atlantic Building
Company and the Glover Building Com
He is Vice President ot the Columbia
Fire Insurance Company and a director
in the National Metropolitan Bank the
American Security and Trust Company
the Columbia Fire Insurance Company
nml lh Columbia Tltl Insurance Com
pany He Is Treasurer of the Columbia
Pulverizer Company He Is executor of
Payable Nov 30 and Monthly Thereafter at the Rate of
0 Quarterly 24 Annually
Kstttinal Salt n
Wash Loan ano Trust
Imellcan Securilj mo Trist
Wathugton Safe 1 posit
Lioon Trust and Storage
wash Savings hank
On the Investment at
v Lo
74 a
Bank o Wellington
Farmers and Me lianics
West Villi
Capital Traction I
City i Suburban
Nitional Lnion
Real I tale Title M
tolumbia Title J
ilashimrton Tille -
Uisllitt Title
100 Advance in Price of Shares Will Soon Take Place
NEARLY 20000 ACRES with those of any other company and
then decide which stock you had rather have
MONTHLY with every probability of it being more than donbled
within a few months with the PROSPECTS of dividends offered
by some other companies
shares of other companies asking HO cents to 100 a share for
their stock and tell us -which vou had rather have
Some Valuable Information
From Kerr s Reports the Oil Rating Agency of the Pacific Coast
showing how oil stocks hav advanced in price
Par Value Sold at
San Jacinto Oil Co 50 cts S12C0
New York Oil Co 50 cts 20300
Thirfy Three Oil Co 500 1350
Hanford OH Co 1000 SI2200
Union Oil Co 10000 150000
Home Oil Co 10000 499500
All of the above stock sold at less than their par value only a
few months ago
Investors desiring to share in this months 2 per cent divi
dends will be obliged to maLe application before the books close
Friday fOvember 15 -
Ve believe for a safe investment that will return large divi
dends for years to come as well as affording great profits from
the advance in the price of shares there is nothing that will
equal t
Consolidated Oil Co
Before the Shares Advance in Price
Send for Prospectus and Order Blank
Cheaapeake k Potomac tiit
Washington Gaj 631
Georgetown Cas
Mergenthaler Linotype 17S
Lanaton Monotype 12S
American Graphophone 4V
American Graphophone pM 3
Pneumatic Gun Carriage Oj
Washington Market It
Norfolk Washington 17j
1x -dividend
When Opens 1 enlc Hut
Mronjc un Hull
CHICAOO Nov 2 A heat openeel weak
nnd closed strong today Somo of the
bull news which aG taken so Indiffer
ently esterday was given more consid
eration today Prices early showed a
loss of t4c they rallied and closed 8yiic
over Frieliy Tile elay starteel as if It
were to be a dull one but the market
later was stirred by the -strength in
coarse grains and by the development of
a good doal that was bullish Shipping
sties were 30o0 bushels
Corn lost c during the first few min
utes of the trad and then advanced a
cent and closed VfiatC over Friday The
e vtreme North show eel temperatures un
eler zero and there are to be rains all
over the AVest ard snow in the North
The pastures plentiful so far will bo
cndeel With that kind of weather re
ceipts for 11 time will show evon a fur
ther decrease
Vlts follow exl other grains off a trifle
fi lit tlosed kic higher than yes-
Ii ehV receipts have not lwcn large
with the
sort of weathcr
Chlcnco Grain - MarSet
Corrected dallr fy W p k c
Mrs ol Die New Wk Stock -S jJVj y
Open llih Loir
Derrl - 7HV 7i 701J
Via 7 3
snl Wtr SV 37 M 57
a1 -ii w co h
jjT a K M4 s x
irr 11 UK 14 SI
T 1195 HOi II a H90
s 57 8 en 8 57 sm
s 877 8 SI
January J6 t IS 76a
jtj 7s 775
Some Important Facts That
Every Investor Has a
Right to Know
What do you purpose to do
with the money you raise
from the sale of stock
The Eastern Consolidated
Oil Company believes in ex
pansion They believe with
the Standard Oil Company
that t herever is found an ex
tra fine oil property secure it
if money will do it
Has the Eastern Consoli
dated accomplished anything
along these lines If so what
has been done and how does
this stock compare with that
of other companies
In answ er to the first ques
tion will state that the East
ern Consolidated has over 19
000 acres of very valuable
property in California This
alone is nearly three times as
much property as is held by
any other company now of
fering its stock to the public
but in addition they have
lately secured a very valua
ble property in Ohio with IS
producing wells pipe lines
from Standard Oil laid direct
to the tanks and all our oil
sold at good prices Our
agent is scouring the country
for other choice properties
and one which we are now
considering is a property at
Spindle Top Texas right in
the midst of the Big Gushers
We will answer the second
question by asking another
If you had a beautiful 14
carat diamond offered you at
a very low figure and another
party offered you an imita
tion at double the price asked
for the genuine
Which Would You Rather
404 Evening Star Building Washington D C
New York Chicago St Louis Cincinnati Philadelphia Pittsburg Boston Springfield Hartford and London Eng
The firm of L E PIKE CO has been established II years and our best recommendation for square and honorable dealing
is the fact that our customers of II years ago are our customers today
collent The percentages of ffain aro
not quite so lurce as last viar but this Is
not to be expected anil certainly cannot
be construed as a bearish featuic
The future of the market- seems some
what confused It Is brlRht in spots and
clouded in others and stems likely to
continue lrresular with no pronounced
chanscs in either direction until the lead
ers in the various deals who have stocks
to sell cet riady to give prices another
lift There will be plenty of money to in
vest this winter and good securities are
exceedingly scarce recent offerings beinj
promntll taken This Is one of the most
encoiiraKlnff features of the entire situa
Tho copper situation seems to be clear
ing up somewhat Senator Clark talks
most hopelully of the outlook ami others
who should bo familiar wllh the copper
business do not express tli slightest
doubt as to Its riiturc The SUimlitra oil
people are iioMInK ij the price of copper
nersisttntlj and As tliej are shrtnd
men perhaps It Is safer to trut their
JudKment than that pf the space w lteri
for the New York linanclal bear newa
Amalgamated Copper stock seei3
iteadier and It Is not V nllkly that t 1 is
rachd its low- price though careful peo
ple caution against Its purchase oir gen
eral principles
it senns likelv lint sugar stock will be
more active during the coming winter
than for wmo time Vist There will be
a strong attempt t have Cuban and Tor
to Itican raw supar put on the free list
undoubtedly On the other hand the beet
sugar people will light tho attempt on
the ground that 3t will hurt the r uusl
nrss and will bcnellt no one luv the
Siigur Trust The street wjll be v uch
interisud in thlj fight and it will he
almost ns much Interested in watching
tt development of the plans ot the trust
for the xpenditure of the money r allied
from the ncnt large Increase in sugar
The Inlteil States Sttel securities have
not advanced with the remilndtr of the
m irke t recentlj and this fact ha at
tracted much attention and caused m ich
comment because It his not scemeel to
be 111 hunnonv with conditions in the
steel Inile In general and with the line
reiiorts of the earnings of the steel Tiust
It Is said b mi authorltj that the earn
in s for the month of Oelolwr were the
best in the histoo of the compinj and
lint when the teport lor the month Is
made it will 1 win that Hit net earn
ings wen at leas MlKa0 J0 The tim
pani has orders fi r several months
ahe ad mid It Is now proposing to advance
the priet of str 1 rnlls to CO a ton Til
th orv eif the bulls is that the selling of
the stock Ins bi tn yhort Isrgflv
WGNliliiKton Sten I luvcliRltcc
Sales Capital Traction Vr Jl GMJiliT
United States lIeclrlc Light Certlticate
J iMOTdOl Washington lxian and Trust
Companj 8170 Union Trust and Storage
Company 10H107 Capital Traction G
m Washington Gas 10063i lOOSras
75S6T5i Mergenthaler Llnotvpe 3til75H
2a17C 51175 After call Capital Trac
tion Ss KWS107 United States Electric
Ught Certificate 2 000 if 104
Funding currency 3 GS 125
CapIUl Traction It It 4
Wash Trac k Elcc Cbll V
wash Trac k Flee Ilcceipta
Met It H 5a 1025
Met It It Cert Indebtedness A
Met 11 II Cert Indebtedness D
Columbia R H tVa 1611
Columbia It II 2d mort 5 a
Ktii 10714
-loaf io3ij
104 100
City k Suburban It It
Anacostia Potomac it
lvaih fias Co cr A Vt lW s 107
Wash Gas Co Per II Bn 1901--23 107
s Elec LiEht Deb Imp Ij07 I0J
U S hlec Light Tert Indt bt 103
dies 4 Pot Tel Con 5s 185S
American Security k Trut 4s IM
Wash Market Co 1st 0 1SJ2
1911 7000 retired annuallj 110
Waih Mkt Co Imp aa 1912 27 112H
a jut jo Jt tTs lU14 27 lliU
Hall Assn 5s C 1 09 11
Amen- rjpUOIl0nc Deb BV 6j
Comment In K Street tin the Ilecent
Grniihaiiheme Circular
The recent acute desire to get out of
the Graphophone securities seems to
have ceased but no anxiety to buy the
stock has replaced It and as a result
they have been extremely dull for a day
or two Yesterday the bid and asking
price on both the common and the pre
ferred were a long way apart No one
was wlllins to part with the common for
less than 5 and there were no bids of
more than IU The preferred was offered
at S3i ex dlv idend and there was no bid
of better than S The street hears a great
many rumors regarding the company and
its business and the intention of its man
agement with regard to future dividend
pollcj There is much criticism of the de
velopmcnts of the past few weeks some
of it entirely friendly but some of it ex
ceedingly bitter also It is noted that
two or three weeks ago President Iiiston
made the statement -very positively that
there was nothing to warrant the tumble
In the prices of Its securities This was
an oillclal statement and liael much
weight with holders of the securities un
doubtedly A week after this statement
was made the circular appeared announc
ing the cut In the preferred dividend and
the extreme uncertainty ov er the common
stoek dividend which must be cut to 7
per cent and will be Tit to 5 or 6 per
cent to a certainty and very likely will
be passed entirelj This circular also
stated that the companj s earnings dur
ng the past jear have falen off
It is suggested that these tvo ut
terances are verj much at variance no
matter in what light thej are consldereel
and that thej are not likelj to i icreaso
confidence In the management of the
csmpa nv It ma be addetl to this tttft
mam p street people hive predicted de
velopments verj similar to those an
nounced In the circular for several months
These people have chargeel the
iuigement with being extravagant in
nnJtreme One maj now decide for
chSr Twhether these predictions that
ernvagancc and these unfor
timM 1
cl enfe de ment are merely a coin
view of hL that The hopeful
ir is ilftSrrr f tue company Is thit
ioing a prosperous business
and has a bn fjt ts recent
decrease In ekHo us lae girnpiy tu
temporary trade c7mons and thattllvl
dtnds are onl being tt create
a surplus for the futifi niarCement of
the concern
There Is 1 persistent dims nil Mer
gcnthaltr Iinotjpe stock and th orja

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