The Washington times. (Washington [D.C.]) 1901-1902, 1901-08-22

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U. S. SIS H. l9oI.................. lUls lCsS
U. S. SIS. c. 1904, Q. F............ lV'a iosS
The stock market was strong again for
the most part yesterday, but toward the
end of the day business became very dull
and it seemed probable that the immedi-
ate upward movement had come to an
end, for time at least. Prices have been
advancing with very little reaction for a
week or more and the gains have been
important in many cases. In market
largely professional, such an advance Is
usually followed by reaction quite or
nearly equal to the advance. This Is be
cause the public is not in the market TO
any great extent and the room traders DO
not care to carry a movement very far
ordinarily. At the same time it must be
noted that there has been some invest
ment buying during the past week. and
some good clique buying in number OF
groups, in addition to the professional
! business. also there is little disposition to
sell. For this reason some people believe
that there is not likely to be al important
reaction at this time. They think 1t en-
tirely likely that some of the recent gain
| ma.y be kept, and that when the next
professional reaction is over the next adj
| vance will be begun from a better level
| than the last was. There has bt en- this
| distinct new feature in the market dur
| ing the present week and even for sew
eral days before. II suggests that the end
of the summer dizziness may be near at
| hand The cliques undoubtedly hope to
get the prices of their securities up ma
terially and then to get the public inter
| osted enough to purchase. The investors,
while not caring particularly for the sur
| face fluctuations, usually hope that there
| is to be Il movement soon after they buy
| Purchases are advised on the reactions
/ by conservative people generally, as they
! consider underlying conditions favorable
| to higher prices during the autumn and
| winter. no matter what may occur in the
! immediate fluctuations.
| The news yesterday, as distinguished
! from the gossip, was not particularly I'M
rortant. London, while it advanced prices
on American securities, was a seller on
balance, another good evidence that Lon
Don is manipulated from this side in favor
Of the professionals. who wish to sell out
as much recently purchased stock rs they
can on the bulge. The strike news was
not important either way, but it is GER
tainly not correct to say that the trust
is any better off from day to day. On the
other hand, a number of earnings state
ments were good and the Western crop
news generally was satisfactory. De-
spatches from the South regarding cotton
are not so pleasant, and cotton was strong
yesterday There Is much hopeful tax
of the July net earnings statements.
which will be issued this week and next
1t is believed that they Will make n phe-
nomenalIy good showing, even better than
the gross earnings statements have BEEN
The possibility of gold imports during the
coming month is also under discussion.
1t is the hope of some of the optimists
that the immense shipments of wheat to
Europe, already begun. and to continue |
indefinitely will call enough money from |
the other side to ease the financial condi- |
lions in New York While the West is cali |
ing for funds to move the crops.
The interest In the Southern securities |
generally In the hard and soft coalers !
and in two or three of the grangers. con-
tinued yesterday. The Gould securities |
were also strong. Pools are operating in |
all of these securities and they succeeded |
in making new high prices for them dur
ing the day. In the afternoon there was
sufficient selling by the professionals TO |
carry the level back to that OF Tuesday /
for the most part, and it is not unlikely |
that a further decline may occur today. |
In this event there will be many careful |
people that will be inclined to buy num-
Der of the stocks.
The Southern Railway stocks. both COM
mon and preferred, were among the most
buoyaat the common selling as high as
33A and the preferred as high as ~
Neither went off much during the after
noon. The arguments in favor OF these
stocks are especially worthy of consider
alton 1t is pointed out with regard to
the common, especially, that 1t Is selllns
there is no such wide difference in price
between the common and preferred stocks
of any other important railway. Ihere
is no good reason why TINS shouid pe SO.
for the common stock by the last report |
of the company. There was, however,
per cent earned for the preferred and the
outlook is for good surplus over during !
the present year.
The common stock of the Erie may be
compared with Southern common in this
regard though, of course, the conditions
surrounding the two securities are very
different. In both cases the companies
during the past year showed earnings |
about sufficient to pay dividends on the
securities ahead of the common stocks, |
but nothing earned for the common.
~ II
ing only q points below Erie first pre-
ferred, while Southern common Is selling |
double that below Southern preferred
with no stock issue between them? And
why should Erie common, on which there
is nothing earned at present, be selling
points above Southern common?
As for the outlook fer the Southern
Railway 1t should be pointed out that the
company will operate at a less ratio on
the gross earnings in the future in all
The road has been practical
" rebuilt during the past few years. Il
will not have TO be rebuilt in the next
three or four years On the other hand,
earnings will increase heavily. The
South is in the high tide of prosperity,
and there is no sign of decline The
pect and they will sell it at good prices.
Moreover, they will sell 1t TO Southern
manufacturers instead OF TO the North,
as was the case a few years ago. THIS
will give the South two profits instead of
one.
The Atchison securities were strong,
making new high prices for the present
movement. They lost some of their gains
during the afternoon. but closed with net
advances. Much bullish gossip is heard
regarding the Atchison and both of its
securities. II was stated yesterday on
very good authority that the monthly re-
port OF the company will show increase
of 81. 200 600 in gross and very large in
crease in net. The report will be much |
the best ever issued by the company The
August business VIII be quite equal TO
that for July. One of the stories regard
ing the recent heavy buying OF the Atchi-
son securities is that ii is largely for an
important pool, which is also buying
Company stock in Berlin. II has been
noted that this stock has had rapid
advance on the Berlin Bourse recently. |
while the general market has not been
strong The story told in this regard is
that the Pennsylvania is behind this
buying in both cases, although perhaps
not directly the purchaser. II is said that
a plan is being formed to create another |
transportation CONSOLE |
dation, comprising the Pennsylvania and
Atchison railways and the steamship
impossible. II would make an interesting
rival for the Hill-Morgan plan.
Norfolk and Western was strong !
though the pool buying was not so evil |
dent in the stock yesterday as earlier in |
the week. The story told by friends of |
this pool is that there is "a rivalry for |
the control of the line. and that the |
Goulds striving 10 get II out of the |
q cal. 1