The Washington times., 1901-09-26

shown this week. 1t is not unlikely that
the bank statement will be good one
The copper trade situation is found not tc
| be entirely satisfactory. TO say the least
| but the break IN the Copper stocks has
| been large and II would seem probabl
that it has discounted all the bad things
| in the outlook for the companies. Earn
ings of the railways continue excellent
| and cannot be construed in any other way
than as highly favorable to the railway
| securities. General trade conditions, SO
| far as can be judged and so far as they
are reported by the reviews. are prom
| isng. The stories of corn crop damage by
| the frosts continue to come in, but these
| stories also have been pretty thoroughly
| discounted.
| The things that the public does not
know about, but of which 1t continues y, 70
hear hints are the alleged difficulties
| among the big inside interests An un-
| certainty. even a somewhat absurd ruinor'
| as to which there can be no posnive
| knowledge. is oftentimes as bao lor the
market as an actual adverse condltloh
| Therefore, although there may be no frlc-
| tion among the insiders. the talk OF suen
| "A possibility is an excellent hammer Ior
| the bears. And if. as is possible, actuai
| friction does exist it is, of course. I'M
possible to know the extent of the dam
| age il may do may be doing even now
| Between the known and the unknown,
! but chiefly on account of the latter, ap-
parently the market has had a hard tlme
| for the past two days. AS to the outlook
there are, of course. two very well-de-
| fined parties, both strong as FAR as the
| speculative contingent goes. One believes
| that the break has extended far enough
| for the presen. and the other talks OF
nothing but a much lower level.
The bulls make the same arguments that
| they have for some time back. that intrin-
ra al
| enough in comparison with earnings ana
| the outlook. They consider the recent
| break natural one. after the forced ad-
| vance of last week and advise the pur-
| chase of stocks now in the expectation
| Of higher prices later in the year. Ihe
| bears point to the recent poor reports OF
| a number of the industrial concerns as
| an evidence that the trade conditions are
not as good as the reviews would make
| them appear. They say that, despite Tie
aid of the Treasury Department, the con-
tinu,d drain on New Yo'k for money to
| move the crops is likely to create a
stringency before the end of next month
And they spread the hints of difficulties
among the insiders industriously. Per-
haps the conservative view to take OF
the market from speculative point OF
visw is that with these two strong par
ties no movement is likely to extend very
far at this time. Acting on this view,
there are many people that will buy
stocks on this reaction if ii goes any
further
The talk of trouble among the Powers is
interesting at least A few weeks ago the
story was that the PennSylvania-Gould
friction over the entry of the Wabash into
Pittsburg was not being settled as rap
idly as had been hoped. Since that time
the story has grown wonderfully The
next edition of the rumor was that the
Pennsylvania Railway had threatened to
cut off its business with the Western
Union, Gould property. unless the
Goulds would give up their interest in
he. a ha
said that the contract between the Penn
sylvania and the Western Union had ex-
pired and would not be renewed unless
the Goulds sold out of Wabash. Yester-
day morning the Vanderbilts and Mr..
Morgan had Joined forces with the Penn
sylvaDia, as not only the la ter line. but
heen much hurt in the past by Wabash
competition. Yesterday afternoon the
Standard Oil people We're siding with the
lioulds in the fight, IL was said Thus
the billionaire interests in the country ex-
cept the Harrimans. A railway war, the
Interest the country ever saw, was
threatened. The community of interests
plan was smoke The Harrimans would
certainly soon join one camp or the other.
As for evidence of the truth of this big
trouble there was the weakness of the
Copper stocks and of st. Paul, under
Standard Oil selling. and tho weakness
of Missouri Pacific and other Gould stocks
ntaNN lnSlue ne
gan -Vanderbilt-Cassatt coterie had de
manded the Wabash from the Goulds and
threatened to take away their business
from the Western Union. The Standard
Oil-Gouid contingent had retaliated by
breaking the stock market. thing that
the other people were supposed least to
desire of all possible contingencies. One
may take as much or as little of this
elaborate structure of bear talk for fact
as one sees fit The market possibilities
between the truth and the untruth of 1t
are of course large.
st. Paul and Missouri Pacific were also
both weak. ST. Paul went down to 15S and
a fraction, break of I points or SO for
the day. Missouri Pacific went OF from
l0S at the opening to SO and fraction.
Both these securities closed at the bottom
Little news was heard aside from the
gossip of friction that should have affect
ed these stocks badly. The St Paul earn
ings for the third week of September
showed an increase of more than $4,000 |
and the increase since July has been
81 SIS. eco. There was some talk of addi- /
tional damages to the corn crop, but
these stories were not verified. !
During the latter part of the day there
was marked weakness in some of the |
Morgan issues that the bears alluded TO
stocks were among these weak issues. 1t |
was said that there was little support of |
he stocks from the insiders. On the |
other hand. the Steel securities were |
among the strongest on the entire list.
and Il was said that the Keene support |
was quite as strong as ii has been at any |
time. There We're good reports OF the |
earnings of the company TO help support
the stocks.
The Washington Stock Market.
Sales-Washington Loan and Trust Co.
lGNl7i: Union Trust and Storage Co: 5d