The Washington times. (Washington [D.C.]) 1901-1902, 1901-08-17

lures went on 1t cannot be SAID, now
ever, that much weakness was shown, ana
even the '.Softest of the STOCKS Mt the
close was high compared with The prices
of few days ago. Others Were near the
top level reached on this movement. rhe
cause of the decline was partly tcchni-
cal one. and partly due to the bad news
of the strike. The advance had extended
for nearly n week. with no weak spo',
and the gains had hsen large and import
ant In many securities. reaction was
due on strictly technical grounds The
professionals that began the upward
movement anG helped it all the week were
ready to take their Profits. 1h.s sInniiar
commission house buyers have the same
idea. Nhcn the 7n'Ns CANE that the
strikers had made imnortant gat's,
good reason for The professionals 10
change front was presented and 'hey
took advantage of IL. H ~ rf
The future of the market win depend
somewhat on the news developments.
Further news of gains by the strikers
would cause break today. and next week
in all probability. On the other hand
decisive victory for the trust in any quar-
ter would be likely to cause a continu-
ance Of the boom of the present week.
Earring any decisive news, II may be
expected that the market Will be profes-
sional to large extent. with narrow iiuc-
tuations back and forth, and with ten
dency for few days to get back to the
level of week ago. Purchases of stocks
are not advisedsfsy careful people on the
be good buying by the element that best
understands traders markets.
The news was not important except in
the strike developments. London was
strong, but this was apparently due
largely. If not wholly, to manipulation
ing the opening in New York. Exchange
is easy, however and the London finan-
eial conditions much better and for this
reason 1t is believed that there need be
her n
present. On the other hand. receipts OF
gold from Australia and the klondike con-
tinue, and the American supply will in
crease. Money should be easy for some
weeks. or until the West and South be-
gin to make their heavy calls for the
movement of the crops. The bank state
ment is likely to show some increase in
cash. and If the loans are not again dis
tended it is probable that the statement
will be 4 fairly good one, though not i'm
portant. The crop news is of more
hopeful character, though none of the
kilograms from the West yesterday threw
any new light on the corn crop outlook.
The strike developments are, perhaps.
such as should have been expected. Many
careful people believed that the strike
would be bigger before 1t would be
smaller; 1t is possible that there may be
still other important additions to the
strikers during the coming week. The
faith of the friends of the trust and OF
the trust securities is based on the idea
WHAT tne ueNti-
opments may be the trouble is likely to
come to an end before very long, either
in compromise or in the giving way of
the strikers. The trust could easily give
up a years dividends, of say S6O,OV0oO0
but the strikers could i'll afford to lose
years wages, if indeed they could exist
for that length of time without them
The securities of the trust continue
steady, and are now higher in price than
they were after the second strike order
of President Shaffer was announced They
are eXcellently supported by the heene
clique which has unlimited funds and In
addition has the assurance that in the
end it will make money out of the manlp.
ulation of the stocks. 1t Is not beleved
that the clique intends to allow the stocks
to go off much, and there are many care
full investors that consider. them fairly
good purchases on the reactions around
the present. level 1f-i.i-. H. 81
The activity of st. Paul recently is at
tracing much attention. The stock was
advanced II or Il points in two or three
days, and yesterday showed its first weak
ness, declining nearly points to lbi IL
is still very much higher than II was
week ago. The boom in the stock is the
work of a powerful CLIQUE, without doubt,
but there are excellent reasons for believ-
ing that the clique is basing its opera
ton on the good. OUTLOOK. Tor the STOCK.
The St. Paul during the year just ended
earned something like IL per cent on both
the preferred and the common stocks.
The prospect is that during the present
year the showing will be considerably bet
ter Ii is not unreasonable to estimate
that Is per cent on both classes of socuri-
ties will be shown. The wheat crop will
be very large. and the St. Paul Is a wheat
road The Northwest is prosperous as it
never was before. Better than these mat
ters almost, the ST Paul mana cement
has expended much during the past
few years in betterment Of both rolling
stock and roadbed that with minimum
of expenditure for operation II will be
able to make the best Kind of showing.
All of this makes the dividends on these
stocks well nigh certain. The St. Paul
stockholders have less reason to fear Ia I'd
times than those OF almost any other
line in the country. On the other hand,
an increase in the dividend rate is almost
assured for next year. 1t is not probable
that the rate on the common will be in
creased to Z per cent in September. but it
is very probable that next March will
see the advance.
The showing of this line. in comparison
with the Burlington. is especially inter-
esting 1t is estimated that the st. Paul
earns at least one-third more than the
Burlington for its stockholders. The Bur
lington stock is selling near 300 and divi-
dend of per cent has been guaranteed on
1t by the Northern Pacific and the Great
Northern, in the shape of 1 per cent
bonds On this basis. If the Burlington is
worth per cent. the ST. Paul should be
worth at least 10 per cent on both classes
of its securities. and the common stock
should sell in the neighborhood of Us to
30 1t is not worth any such price. Of
course; but the present price does not look