The Washington times. (Washington [D.C.]) 1901-1902, 1901-08-16
Government bonds.

The tone of the market was better yes
terday. business more active and broader,
and dealings or a larger scale. The level
OF prices was advanced steadily all day
and at the close showed excellent net
gains all over the list hut especially III
inc grauGers and Pacific securities. The
character of the business is stili largely
professional, but the big professionals are
taking hand ana at the same time II
is noticeable that there il r1crc commits
sion bu>ln' IS than at any time recently.
The extent of the advance is greater
than was expected by conservative peo-
pie generally. The opinion seems to be
gaining ground that the insiders have
taken hold of the market to a certain
eNtert, perhaps in the hope OF getting
prices up appreciably and selling out a
portion OF their holdings before the au-
tumn shipments of money away from New
y Ork make bull market difficult The
advance is not one to .Comn.nd itself to
careful spectators, however. and people
who Giu not buy stocks last week and
earlier this week At the lower levels will
not ne inclined to purchase now, when the
upward movement may end at any time.
There are Stili reasons for believing that
! tn IRE will not be much of a boom at this
time. People are away from Wall Street,
/ the strike is still unsettled. and the corn
crop damag &c is unknown in extent. More
! over. the condition of the money market.
while not alarming in any way, is suf-
ticiently uncertain to make big bull mar
ket somewhat risky. On the declines
stocks Will be purchased by careful people.
& inc ultimate course OF the market
seems destined to be upward.
"
The news yesterday was favorable for
the most part, The crop intelligence Is
all Of more hopeful nature. The Price
Current says that the outlook for corn
| is better and that the crop will in all
probability be l,io9,ocoo0o bushels. The
Price Current estimate Of the wheat
crop is for Ills. 900 600 bushels. which would
allow of at least 800 900, go bushels for ex-
tort: This showing is not one to grow
pessimistic over, especially when ii is re
Tnembered that there is some corn left
over from last year. that the farmers will
feed their live stock on turnips and other
fodder which will be equal to good many
the crop, and finally that the price of
both corn and wheat will be higher this
year than for long time past. Corn
prices are now at the record level. There
is nothing new in the strike situation, but
the outlook for quick ending for the
trouble is not any better quite so good
as it was a day or two ago. The strike
is now undoubtedly the worst feature of
the general situation. The banks have
lost very little to the Sub-Treasury and
it is believed that they will gain in cash
this week and show a good bank state
ment Money on call continues easy. One
or two earnings statements were received,
showing the usual increases in both gross
and net.
The afternoon was the most interesting
portion of the session yesterday because
ii showed an increase in general business
and in activity. the tone of the market
changing to this extent from the absolute
dun professionalism of the past few
weeks. The commission buying was fair
ly good and the pool manipulation was
strong and aggressiv Southern Railway
preferred and common were examples of
this change. The common stock was
bought during the entire afternoon in
thousand share lots and made an advance
of more than point, quite remarkable
movement for a stock usually so dull.
There was no gossip regarding the South
ern, but the statement of its business pub
lished day or two ago was pointed out
as particularly gratifying. The company
earned the full dividend on the preferred
stock, and something like l per cent on
the common stock above operating ex-
penses and fixed charges The other
Southern securities. Norfolk and Western
and Chesapeake and Ohio, are also spoken
of as good purchases on the earnings
showings of these companies.
Sugar was given a sharp boom during
the last few minutes of the day and
jumped up to 1Si after selling all day
around 49, Nothing new was told of the
affairs of the company, but il is proba BILE
that the stock has been oyer-sold by the
bears recently and that they considered it
a good time to cover yesterday afternoon
with the general market so strong.
St. Paul. Union Pacific. Rock Island.
Missouri Pacific, the Atchisons, the Wa
| bashes, and, in fact all the grange. and
Pacific securities were doomed yesterday,
st. Paul leading. but the entire group
showing much strength and even buoyan-
cy at times. St Paul was advanced near
~ to l66 and closed at the top. Union Pa
cific was jumped nearly to par, Atchison
common to 76A. Rock Island to 1881.
Missouri Pacific to l02A, and so on
throughout the list, the close in nearly all
cases being at the top level for the day.
Commission buying. based on the better
outlook for corn, aided the clique ma
nipulation in these stocks. The story of
the increase in the dividend on the st.
Paul TO per cent at the meeting of the
directors in September was repeated but
conservative people do not give it much
credit. In the same way they are In
clined to consider the talk of Pennsyl-
vania buying of Atchison apochryphal.
Buying of the group is not advised on this
bulge, though many careful people have
been making purchases on the declines
| for several DAYS past.