The Washington times., 1901-11-07

ularlv affected by the deal. or supposed to
be affected were well above the close on
Tuesday. and the general market. with
few exceptions, was firm. Later i'll the
Gay there was a pes of recession.
which did not, however, carry prices off
more than a fraction, though realizing
Was heavy. Toward the close of the ScS-
sion the boom began again in the North
western securities, and continued uhjh
tho close, which was at the highest prices
attained by these stocks since the May
panic. The remainder Of the list con-
tinued firm but made only fractional net
gains for the day, as rule. 1t Is
Northern Pacific market almost wholly
for the moment. Little was discussed in
the street except the developments IN
this big deal, and nothing else Influenced
prices Such being the case. II is, OF
course, Of the utmost importance to the
public. and to the insiders as Wei, 10
consider what will o-fhc outcome OF Iile
matter on the general market. Ihls De
Teuds largely. OF course. on the terms OF
the deal. but also in an important way
upon the general situation Supposlug
the Northern Pacific settlement TO be OF
the FAR reaching Importance that mas
been suggested, supposing that II settles
thu situation in the Northwest Tor Goou'
ensuriug harmony among the large m
tcTCStS. and consequent prosperity Tor the
railways Of the section. it seems very
clear that if general conditions are good
the market will have "A big advance dur
ing the coming winter
General conditions are good, even su-
perbly so, with one eNception-the financial
situation. he earnings reports OF the ran
ways for the fourth week Of October are
Of the same gratifying nature as those for
the earlier weeks Of the month. The rec
ord Of gross earnings for four months of
the new fiscal year shows an immense IN
crease. The net earnings are nearly all
in for September. and these, IT Is need
less 10 say. make the same favorable
how ri n a
most glowing character especially as TO
coal and iron and steel, the most i'm
poTtanI of the industries after trans
pOTtation The railways despite the i'm
mcnse purchases of rolling stock during
the past five years, are far behind their
orders. and there is actually a car Fam
ire in many sections. The outlook for
the entire coming winter in trade circles
is reported to be excellent The elections
although perhaps not of great Importance
to the market resulted generally to the
satisfaction of the street. and hence must
be considered bull factor.
The financial situation is little changed.
Gold is still going out to Europe, but
there is probability that the movement
is nearly over The cotton movement is
growing. and will soon furnish cotton bills
in large amounts. on this side the bond
purchases of the Secretary of The Treas
TRY, and the ending Of the flow Of money
TO the interior. promise that money will
be easy in New York in the near future.
even if there should be slight tightening
on account Of the gold exports first, which
is not in the least certain. The bank
state mont this week will in all proba-
bility, make good showing.
The Northwestern railway deal may be
considered settled beyond doubt although
there has been no official announcement
of the fact. The details of the agreement
were not given out before the close of
the market, but some Of them were
hinted at in quarters that seemed TO make
hon arrft anTf 10 cfs tod for IN
stance. that there will be a holding COM
pany that will take over all the securi-
ties of every description of the Burling-
ton the Northern Pacific. and the Great
Northern. This company may and may
not be the new Burlington company in
COrpOrated a few days ago. The Union
Pacific will have an equal voice in the
new company with the Northern Pacific
Great Northern interests. 1t is under
stood also that the St. Paul and North
western PEOPLE Will have representatives,
in the board Of directors. Traffic arrange
ments Nill be made dividing the business
of the Northwest among the Interested
parties in a satisfactory manner The
question of the Northern Pacific preferred
stock is still in doubt One story IS that
it will be retired for AZ per cent bond
at 100. and the other is that it will not
be retired. il was said yesterday to be
probable that the details Of the entire
plan Will be given out today or at any
rate before the close of the week.
Union Pacific must be beneficiary OF
the deal in an important way. as this
stock has been the most buuyant during
the entire recent negotiations. and yester-
day was jumped up five points or more 10
above 10S. st. Paul did almost as well,
getting to ia. Northwest was strong and
Northern Pacific preferred did fairly well.
Missouri Pacific was very strong. but per-
haps on manipulation entirely, as ii is
not known that this system will be in the
new deal in any way
Peoples Gas was again weak yesterday,
soon selling below par II went down to
So but recovered before the close. Anal
gamated Copper was weak and went off
to s. Sugar tumbled to 1862 before the
end os the first hour. Nothing new re-
"a .ding any of these properties was heard
in the gossip. The story that the earnings
Of the Peoples Gas Company have not
been a large as reported was repeated
but as far as this is concerned there is
no particular reason to doubt the state
ments Of the company. 1t may be Tointed
out that the new tax law viii not be quite
so bad in its effect as was at first sur
missed II should be remembered that with
all the corporations paying a larger tax
the receipts from taxes Will be greatly
increased, and in all probability the rate
will be cut handsomely. Chicago does not
want much more money than 1t is now re-
ceiving. but simply 10 distribute the taxes
in a more equitable way.
METROPOLITAN was weak. as was ex-
pected, after the Fusion victory in New
York There is much bear talk Of the
stock The other New York traction Sc
curities we're fairly strong.
The report Of the Seaboard Air Line for
the month Of September, and for the first
quarter of the fiscal year, shows in very
convincing manner that the consolidation
plar has done what its promoters prom
iscd increased gross earnings heavily
with no corresponding increase in operat-
KNOWS NO DISTINCTION.
Rich and Poor Alike Suffer From