The Washington times., 1901-08-31

Bid. Asked.
Y. S. 2's, r, 19oo-9o Q. J......... 1914 IOs,s
L. S. 2's, c. l9OO-3o. q. J......... IU7a Iusls
L. S SIS, r. lsoS Q. F.......... loss 100
L. s SIS, II, 1905, L. c. lOsss iUs
L. s. As, 1906, Q. J............... Ii3 1881
U. 5. as, 1907, q J............... iis Il31s
| L. ). As, II. Observation-Disclosures. 1877 i3s
| L. $. As, c. 1925 ..................l l51 J3S
L. ;. 5's, r. 1905. oi................ iU7x HISS.
L. 5. SIS, c, 1904, Q. F........... IVA los q
The coming OF three days holiday did
not frighten the holders of stocks yester-
day. Neither did the talk of very bad
bank statement. generally heard in the
street In other words. the closing of the
market week was a rather sharp surprise
to the professionals and TO the sriall peo-
pie that did sell out for fear of holding
stocks over until next Tuesday The
steady strength of the most important
| securities during the entire week, after
the first day or two and the close of the
! week at the top prices is rightly consid-
cred an excellent augury for the future
lhe professional talk has all been bearsh
TINS week, and the traders have taken the
short side of the market quite heavily
1t was said that the monetary outlook
was most unfavorable and that the price
level of stocks was too high and that the
corn crop damage was Likely TO be greater
than expected. The fact that this bear
talk and short selling did not cause a
break, and even did not prevent an ad
vance after the early part of the week
seems to indicate that the holders of
stocks intend to keep them, and as these
I people are largely the most important
! people in the financial world, this makes
the outlook excellent.
! The question is whether the insiders
! will be satisfied at present to keen their
/ stocks, pending developments in the
money market, or whether they will wish
/ TO take advantage of the ending of the
/ strike. If 1t comes soon, and of the fine
( july railway statements, and the better
/ crop report that is expected on September
/ lu, and make good advance in prices
now. There are many cogent reasons for
looking for higher prices ultimately, as
i has been pointed out heretofore. The
/ chief of these is railway earnings. The
railways are wonderfully prosperous. On
/ this prosperity are built dividend rates
And new dividends and higher dividends
are a wonderfully potent argument with
the average investor who, in the end de-
termines the market value of securities.
Fifty railways have reported their
gross earnings for the third week of
August. OF this number forty-five report
earnings of the entire fifty lines were
SO, ,S3S. .i9l. The forty-five increases. minus
the few decreases, leave the increase for
the entire group 1864 liz. or 12.l2 per
cent. 1t may be noted that among the
systems that have reported net earnings
] for July there has been only one, and that
I an important one that has shown q de-
crease. Such systems as the AtchiSon, St
Paul, Union Pacific. St. Louis and San
Francisco and Southern Pacific all make
fine reports.
| The one troublesome outlook in the en-
/ tire situation is the possibility of tight
money this autumn. The bank statement
will be poor one in all probability. The
banks are said to have sent to the in
! terror in excess of S6,000,000 during the
; week. If a large decrease in the reserve
is shown it will have the effect of damp
I enlng the ardor of good many people.
1t should be remembered. however, that
one poor bank statement does not mean
a money panic. II Is to be noted that
Z sterling exchange is weak and that as
soon as gold is needed on this side it
Z will probably come from London. The
most pessirnistic money talk yesterday
did not cause even momentary furry in
! call loan rates, which were easy all day.
The railway securities have been by far
| the most prominent in the recent market.
| The Steel stocks are bought and sold by
the clique and there has been some trad
ing in Amalgamated Copper aud Smelters
during the last few days, but the vast
majority of the business Is in the impor-
| tant railway securities. There was little
| business anywhere yesterday except IN a
| few of the grangers led by Atchison COM
| mon, a few of the anthracite coalers led
| by the Eries and a few of the Gould Sc
curities led by Wabash preferred. These
| stocks and groups are among the best in
trinsically at the present time on the list
| ana in addition there are pools of impor-
| tant people working them.
The Eries were the feature yesterday,
| the common getting as high as 4412 ana
| closing practically at the top, and the
| first preferred getting up to 12ss. the clos
/ ing and highest price. The statement OF
| the Erie Will be a wonderful one, IL is
| said showing a very heavy increase IN
| net earnings that will be very encour-
| aging TO holders of the common and sec
/ ond preferred stocks. The insiders are
| buying these securities heavily beyond a
| question No one except insiders could
| have made such important purchases as
| these in a small market like that of yes
terday How much of the inside purchases
! are due to advance knowledge OF the
| statement and how much to Erie deal
| developments likely soon to occur II Is I'M
| possible to say.
The Wabash securities were bought In
| much the same way as the Er1es. The
preferred stock went up to 424s. The buy-
| ing. in this case, is said TO be due TO Two Two
| or three causes There is some inside
| buying and there are clique purchases
| which may, and may not, be for insiders
| one of the stories foated yesterday re
| garding the company vas that there is
| 10 be a reimbursement of the Wabash Sc
| curities in the Gould deal. The talk of
| .he possibility that the Pennsylvania may
| be buying into the company for conf
munity of interest with the Goulds is also
| heard and is not without an appearance
| of rcasona bleness.
The Standard Rope and Twine securi-
| ties are behaving badly. There are whis-
| pers in the street that the statement OF
| The company will be a very poor one,
| showing a heavy deficit and n very large
| floating debt IT Is also said that the in
| terest OH the bonds will not be paid.
| Colorado Fuel and Iron was doomed up
| to par yesterday, and held its gain well.
| The steel and iron trade in the West Is
| sald to be superb. Tennessee Coal and
| Iron did not show any activity or iiuc-
| tuato in d way to attract any attention.
| The grangers are booming on account
| of the earnings statements OF the com
| panies The st. Paul statement for July
| was not such a remarkable one as that
| OF the Atchison, because such a report is
| very seldom seen. but IT was an excellent
| document nevertheless, showing "A sub
| stantial increase in both gross and net
| earnings The Union Pacific also showed
Increases Of importance. Atchison com
mon advanced to S04 yesterday and closed
| AT the top. Union Pacific went UP to
| l04i! and closed at l04 st. Paul almost
| reached 16S and closed near the best price
| of the day.
| Denver preferred stock was strong yes
4 terday ia the expectation of most fav-
| orable annual report.
| Dividend prospects in this group are
| good. The St Paul may not receive an
| extra dividend this year. but an extra If