The Washington times., 1901-11-20

pronounced than the declines in prices,
which were for the most part only frac-
tional Business became brisker, and
the small losses were recovered at the
close The second day of the week
may thus be considered slightly more
reassuring than the first.
Nothing in the news was of nature
to change the tone Of speculation, ana
it is fair to assume that the late ad-
vance. like the decline of the last day
or two was the result Of professional
operations almost entirely. The pub
lie has deserted the market and the
important people do not at the mo-
ment seem disposed to begin the cam
paian for higher prices that many eX-
pect some time in the future.
Gold Exports Nearly Completed.
The financial experts seem inclined
to the opinion that the gold export
movement is nearly over. Two lots of
gold were engaged yesterday to go out
on tomorrow's steamer, aggregatng
81, ,OO0. 900 Later the engagement of
one lot of $500. 900 was Cancelled, and it
is now extremely probable that only
$500. 600 will be shipped. The total of
the movement this month has been
heavy, much heavier than was at first
expected.
Its effect has been negatived largely,
however, by the purchases of bonds by
the Treasury, also larger than were
predicted. The present little financial
situation may not yet be called a closed
incident. but it would seem that there
is not much reason to worry over it.
Two Prosperity Developments.
Two of the market developments yes
terday and one Of the matters of news
were distinctly reassuring to the peo-
pie that hope for a continuance of the
top -of-the-wave prosperity of the couh-
try The price of grey forge Southern
pig iron was advanced 10 cents a ton
and the price of the other grades of
Southern iron 30 cents. 1t is said that
there is nothing speculative in the ad-
vance, but that it is the result of an
immense demand, ever growing more
insistent
In the stock market there was a con-
tinuance of the advance in Locomotive
stock and a new activity and buoy
ancy in the Car and Foundry issues.
Both of these advances in prices were
ascribed TO the activity of railway
equipment building, which, it is said,
has never been equaled before.
Both these companies are turning
out their products at the top of their
capacity. and the reports, official and
of both are most rosy. This
is good for the companies. but II is also
most significant of the faith of the rail
way managers in the continuance OF
prosperity. The orders, already in for
steel rails to be delivered next year
surpass the entire production of any
year up to the present, and this is an
other indication in the same line.
Business Activity In the South.
The earnings of the Southern rail-
ways continue TO increase, despite the
of the cotton movement with
a steadiness that should be most as
surfing to the holders of their securities,
and for the matter of that, to the en-
tire business interests of the South.
Louisville and Nashville. Norfolk and
Western, and Southern Railway all
made their reports for the second week
Of November yesterday, and all showed
important gains for the week.
New High Prices for The fractions.
New high prices were made by the
New York traction securities yester-
day. and they We're again at the front
of the market, position they have held
for several days, Metropolitan went
above 10 and Manhattan TO 131. The
buying of these securities seems to be
partly manipulative and partly legiti-
mate investment purchases. The earn
ings of the Manhattan and its outlook
seem to make investments in il not uTl-
reasonable but the Metropolitan does
not look so good by comparison. Earn
ings certainly are not 50 reassuring.
Brooklyn Rapid Transit Jagged behind
the other traction stocks yesterday,
The street comment is that the earn
ings statements made to the public APP
pear roster than that made to the
railroad commission.
Hints of Anthracite Deal.
The anthracite coalers were again
strong yesterday. Ontario and West
ern made an especially good showing.
and the Eries and Readings were active
all day In this time of railway com
binations It is at the same time very
easy to say that a deal in any direction
s under way and very difficult to deny
the suggestion. There is a hint now
that a closer alliance Of the anthracite
lines is in progress Of arrangement.
The coal trade generally is more pros
porous than 1t has ever been before, 1t
is said The total amount of anthra-
cite mined this year will be something
like 81 900, 600 tons, probably, or several
of tons more than last year.
Anthracite Is selling at least so cents
higher than it did last year on the aver
age, and the two factors Of high prices
and heavy sales are making all the an
thracite interests prosperous as they
have not been before in many years.
May Delay the Deal.
Except that the threats Of Governor
Van SAINT and the promise of help for
him from the DakOtas and Washing
ton State may cause some delay in
the consummation Of the Northwestern
deal. the street is now disposed to be
lieve that there win be no trouble of a
serious nature in carrying it through.
The comparative weakness Of some of
the securities directly involved in the
deal yesterday s 10 be ascribed appar-
emily to anxiety over the possibility of
delay simply.
An Attack on Missouri Pacific.
The New York Times" recently had
an exceedingly bearish article on Mis-
souri, Pacific stock. The charge is made
that the net earnings of the system
are far too large. compared with the
gross revenues. and that the company
is not putting sufficient money into
new equipment and betterments.
The earnings showing Of the system
is not so good as had been predicted,
and it seems probable that this may
further delay the consummation of the
Southwestern deal. The stock has
been weak for two or three days. II
dropped below par yesterday morning.
An Attack on Missouri Pacific.