The Washington times., 1901-08-05

1
| Wabash pfd. d.............-....-..... 10 ~
The fall in prices on these thirty stocks
has ranged between points on Chicago
and Great Western and 40 points on
Union Pacific. Taking the changes on the
whole group we ind the declines to nave
averaged 17.3 points.
Henry Clews, in his weekly letter, says
of the stock market outlook:
AT the moment the market is in n
waiting attitude and chiefly under the
control of the trading element. So long
as the big dealers are absent no pro-
nounced movement in either direction can
be expected. There is sufficient diversity
of opinion. however. to provide a good
trading market until more settled ten
denotes are developed. in buying much
discrimination is needed; for there are n
number of properties selling much be
yond their intrinsic merit. Prices of these
have been quoted up in anticipation of
various deals, and eXorbitant prices paid
for relatively small proportions of stock
to secure control. Needless to say, operat-
ing in such stocks is dangerous work
for ordinary speculation. On the other
hand, selling the market might easily be
an Improbable venture. as many OF the
unfavorable conditions have been well
discounted on the recent decline, and the
country as a whole has not received
any important check to its general pros
perity.
| ''Conceding the disaster to the corn
crop, ii will be more local than national,
and will be largely offset by satisfactory
crops and conditions in other sections.
Should the weather prove favorable dur
ing the remainder of the season, may
look for some compensation for the corn
crop. Speculative sentiment has received
! severe shock from the effects of the
| drought; yet we see nothing on which
| to base peSSimistic view of the far
! future outside of the serious damage to
the corn crop. August is generally a
lIpf RIO he ctr rlyaf md in
| the absence of support lower prices are
likely TO be made for the Corner Road
| stocks. A good deal depends upon the
| steel strike, which at present dominates
| the market to a considerable extent.
THE stock of gold in the United States
| Treasury is now the largest in the his
tory of the Government, being $50. .354 ,291.
| an increase since July l a year ago of
| SSl. 600. This is in strong contrast with
| the condition of the Treasury only about
| seven years ago, when il was about at
| the vanishing point. As a matter of fact,
at this critical moment number of sub
| treasures were hastily called upon to re-
| NIT by express what gold they had TO
New York, resulting in l2,eO00 600 being
| forwarded. II any considerable part of
this amount had miscarried or been de-
| layed twenty-four hours the Government
would have been compelled to have de-
| faulted In its demand gold payments for
| the time being at least.
Present estimates place the volume of
this years corn crop at barely 1,50O.UOO 900
DuSnels ana may De tt IS. COttOn as well
has suffered from excessive heat and
drought. The crop has been in a backward
condition and below the average from the
start. In the Southwest. especially in
portions of Texas, the prolonged dry spell
is believed to have caused considerable
damage. but the news from that par
ticular quarter within the past few days
has been more encouraging. Against these
| factors We may set a fiattering European
trade balance and wonderfully strong
| Treasury position; but while uncertainty
exists as regards our great crops. we can
only expect traders market.
The showing made by the Brooklyn
Rapid Transit Company in its report for
| the fiscal year is more or less interesting,
though it is not given in such detail or
clearness as to be of much value. The
gross earnings were s12, ,1Oi, 1877, an increase
of s3i9.612 The net earnings were s4.150, 563,
an increase of s372,l 1874. Taxes and fixed
charges are not given by the report, but
II may be supposed that they are about
the same in the last annual report
S7J7,00 and 3,l0l, 600. respectively. This
would give "A surplus for the year Of
S1.n6.eo0. which is nearly 21z per cent on
the s45, o0.e01 capital stock. The company
is making gradual increase in it's gross
business and in its net earnings from
year to year. The prediction of conserva-
tive people two years ago that in five
years the concern would be in a position
to pay dividends seems likely to be full
filled by. 1901. but unless the unexpected
happens 1t would seem that not much
better than that should be expected. The
price of the stock is high on any basis
of earning capacity or dividend prospects.
The story that the Iowa Central is TO
be sold to the Minneapolis and St Louis
| is fatty denied by officers of the former
company. 1t is stated that the present
management is perfectly satisfied to con-
tinue in control, and that the outlook for
the coming year Is good.
Reports TO r. G. Dun & Co show COM
mercial failures in the United States dur
ing July 697, with an aggregate indebt-
edness of s7.0s5, ,s33. Compared with the
| same month last year there appears most
gratifying Improvement, as failures were
then 1913 in number and 50 III, ,175 in
amount. The decrease occurred princi-
pally in the manufacturing class where
last month S insolvencies numbered 155 for
SO. .240,12S. against 1S3 last year owing S.
III. .6S2. Trading failures decreased in
number from $50 to 5CS, but in amount the
total was So 353. .914 against 50. .324 1866 year
ago. In the third class, including brok-
ors, transporters. etc, there were "a fall
ures for s4i1,Sg1, against 50 In July, 1900,
for 81 .269. 727. Banking defaults We're $685.
90. against 500 900 year ago.
Liabilities of commercial failures each
| month this year, compared with last, are
given below:
january ............... sIl, ,22o.sl1 so. .SOs i6i
February ....--........... H,2Sa2n 9,93l,0is
March .................... 9l95.46i l2,Is7,o6l
ApriI -----.-..--...--..-. 55H,2Z2 9,I6l,h6s
June ...................-. TO- $50 s,l9I, $50
July NEUTRALITY-SUSPICIOUS.. 1895. 1888 9,77l, 775
Mcintyre 6 Marshall say in their weekly
| seasons crop has met with difficulties
which have made II the most hac of