The Washington times., 1901-09-21

|
| market is being held up by main force
and that it is sure to have break In
| the near future, while others say that
| with conditions SO good and the insiders
in control it Is highly improbable that
| there will be an important break and fair
| ly certain that there will be an advance
| of moment before the end of the present
year. The stronger arguments seem TO be
| with the latter people, however
The only real argument in favor OF a
break at this time is that there Is no ap-
| parent reason why there should be a
| break. The unexpected sometimes hap
| pens in the stock market as well as else
/; where The business situation, the finan-
| cial conditions railway earnings. the end
of the steel strike. the utterances OF
| President Roosevelt regarding his future
| policy, are all most important reasons
| why the prices of securities should ad-
| vance. The fact that the large interests
are at u esent the holders of vast blocks
| of stocks that they do not wish to hold
is another. At present the tendency OF
prices is upward. During the past week
| the believers in the market have had the
| best of the argument. TEis OF itself is
much. A week ago there was bear ar
gument of great possible Importance;
That the course of prices has been upward
| almost hourly during every market day
since the death of President Mckinney
| certainly means that some very welgnty
people- are willing to buy stocks. These
people may be buying for manipulative
purposes. but it is manipulation that
makes every market
The bank statement today IN all prob
ability will be an excellent one. The
banks have gained heavily from, the Sub
| Treasury and although they have lost
somewhat in other directions i. is certain
that a good increase in casn VIII De
shown The loan item Is in doubt. but II
is not believed that In such market "a as
haS hcpn
portant increase in loans. An increase
in the surplus reserve is therefore prop-
able There is talk of the PROFANITY
that there Will be imports OF goid next
week.
The market matter of Importance yes
tertiay was the meeting of the directors
of the Amalgamated Copper Company.
The meeting was not held until late In
the afternoon, and nothing certain was
known as to the dividend to be declared
on the stock during the session. There
was much gossip, however, ana tne stock'
and to certain extent the entire nst,
fiuctuated in accordance with tne cnanEes 1s,e.s
of sentiment regarding the matter Inc
stock was extremely weak earlier In tne
week. but yesterday. when the cruclai
day came. 1t was stronger and closed with
q net gain. The regular divldend was ue-
clared IL per cent. and the extra divl-
dend that has been paid recently was
cut out The inference generally drawn
from this fact is that the recent orsah ear
in the price of the stock has fully DIS
counted the cut in the dividend. IN the
estimation of the important people
The stock is a dangerous one to specu-
late in, more so than most industrials
on account of the rankness of its
manipulation. 1t may be that the insiders
are reducing the dividend and putting
down the price of the stock in order to
buy 1t in. bat on the other hand It is
quite as probable, If not more So thst
the dividend was cut because the com
pany does believe II should pay 1t. ana
that the stock was sold down because the
insiders knew the dividend would be cut
should have little effect on the general
market.
Plans for the practical consolidation of
the direction of the entire Vanderbilt sys-
TEN of railways are in course of prepara-
ton. So much is known beyond any rea-
sonabie doubt The exact nature of the
plans is perhaps not known as yet to any
except the people Immediately Interested
There seems to be good reason ior neiiex ..,,,
be formed 20 take charge of the securities
OF the Vanderbilt lines. Some doubt is
expressed as to whether only the Junior
Vanderbilts Will be included or the New
York Central as well. 1t is probable that
the new company will be financial In its
nature entirely, and have nothing to do
with the operation OF tne dlHerent lines.
The Vanderbilt stocks were strong yestcr-
day morning, and although they went off
somewhat before the close their record
for the day was most satisfactory.
With New York Central, a per cent
stock. selling at its present price there is
much comment on the fact that Pennsyl-
vania, a 6 per cent stock, should be SELL
ing so much lower. 1t seems to be largely
a case Of manipulation. Central may be
h &c mt vaTtn Ind mr. nhslt h 10
but IL 1t Is Pennsylvania is worth quite
as much.
There was an advance in the price of
corn yesterday. owing to the continued
talk OF damage from frost, but the gran
ger securities held their own with great
persistency nevertheless. The reason for
this may lie in difference of opinion be-
tween the East and the West as to the
extent of the disaster to the crop, the
East taking the more hopeful view. Some
people, however. believe that the price of
corn might be advanced and the-price
of the grangers, too, with much reason
abeness. The corn crop will be short
and there will be big demand for every
bushel that is raised. On the other hand
that the granger lines will earn quite as
much this year as they did last, owing
to the general prosperity which <annot be
destroyed, they say, by the shoNZige of
one crop for one year. Paul Morton. Vice
President of the Atclison, and one Of the
best posted men In the business, takes
this view of the situation. 1t may be
noted that Price Current says the
frests in the corn belt have done the
crop little damage.
The earnings of the Chesapeake and
Ohio and of the Norfolk and Western for
the second week OF September were the
largest on record. The former road earn
ed S3i5, ,g99 in the week. an increase OF
81, 600. There is good buying of both these
securities all the time. and ii seems en-
tirely likely that they will have good
advance if the market continues strong.
The Southern Railway earnings are also
large. and In the case of this system 1t
is understood that other favorable mat
ters of importance are likely soon TO be
disclosed. The Southern securities were
among the features yesterday forenoon
and although they did not close at the
top il is probable that their friends were
entirely satisfied with their record The
preferred got as high 40 at one time,
and the common went above IS.
Sugar opened at l35 and sold off poin;
before the close. 1t is not unlikely that
the stock Will be advanced in the near
future. however. The company offers one
every holder OF five shares OF stock The
right is worth when Sugar sells at
1885, And although some people seem TO
consider the issue of stock in itself a bad
thing n Is said by people that ought to
know that the SIS. 100000 realized is to be
expended, or has been expected, to ex-
cellent advantage. One thing that the