The Washington times., 1901-10-27

been a sharp decline in Peoples Gas, and
a number of excellent advances, chief
among them being those in 81, Paul.
Union Pacific, Baltimore and Ohio, ana
Chicago Great Western. OF secondary i'm
portance have been declines in the steel
and copper securities and in the New
York fractions, and gains in the coal
stocks in general and in some of the
Gould stocks. 1t will be seen that the
entire trend of prices has been such as
to support the theory that the railway
securities are more fayorably situated for
an advance, and more suited for success
full speculation by the public. than are the
industrials. There have been no gains of
Importance in the industrials, and there
have been some sharp losses. On the
other hand. there have been no sharp
declines in the railway list. and many
sharp advances. 1t is not to be doubted
that If the stock market is to have
boom, the industrial securities generally
will follow the railways, but there are
many reasons that lead careful people to
suppose that these stocks are to con-
tinue on a lower level than the railways.
This will be probable as long as the rail-
ways publish statementG of earnings and
Industrial companies do not, even though
the Industrial concerns may be prosper
Gus.
There was a tangible and apparently q
very good reason for the decline in Peo-
ple's Gas. The decision of the Illinois
Supreme Court that the tax, on Illinois
cOTEoTdIlOuS
company in all PROBABILITY will be forced
to pay heavy tribute to the State in
the future. What the size of the tax
will be for the gas company DOGS not
seem to be very well understood, but
there are grave fears that 1t will be suffi-
Client TO make the continuance Of the pres
cnt 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 bearshneBs on gas stock. Ihere
was a sharp recovery in the stock yester-
day, half Of the recent decline being re-
covered 1t seems probable that the ad-
vance may extend further If 1t does,
there are many careful people that ad-
wise realizing on long stock. The de-
cline in the New York traction securities
may be attributed probably TO sympathy
with Peoples Gas, or the theory that
the Ford franchise tax law Is sustained
by the Illinois decision.
The great buoyancy OF st. Paul and
Union Pacific may be ascribed safely TO
the expectation that the developments IN
the Western railway situation in the
near future will be OF nature favorable
to these companies. The buying of the
stocks has been of 50 important nature,
moreover, that II Is dlfhcult 10 Delleve
that 1t has been due entirely or even
largely to the professional manipulatOrs
There was buying of some of these West
ern securities last spring by the Gates
Cituup that was on Il Sthit aulLt DIS
as this has been. but there Is no other
Instance on record where any mere spec
ulator for a turn in the market. has mad
the hardihOod to plunge in hundreds or
thousands of shares in this way. Mr..
Gates and his friends are not believed to
lac The buyers in this instance. The more
probable theory is that the buying Is for
inside interests and this naturally leads
to the suppostion that some party. If
not all parties. in the Western contro-
versy expect a satisfactory conclusion In
the near future.
The coal securities have been among
the leaders of the market. showing
81 trenrth at al time and buoyancy occa-
slorallv. The reasons for their coed show
ing have been discussed in this column.
ana il may be said that it has not been
UneXpe cted by any cor servative interest.
The production OF anthracite coal this
wear viii probably exceed that of last
wear bv AT least $4,000 or l0VD.0D tons
The total production is likely to be from
-. .Gl9.0 .0l0 10 55.eoO.00J tons. On TINS ehuFe
Continued on Third Pase)