The Washington times., 1901-10-31
Government bonds.

Bid. Asked.
L. S. 2's R, 1aoo-9o, Q. J......... lOss 1924
/ I. ;. IS, c. 19O0-50, q J......... los,3 l1ga
| L. ;. 3's, r, 1905 Q. F.......... lO'H lOsls
L. S 3's X, 1905, r. C.-........ l0sA ltgh
/ L. S. Is, 1905, Q J...........-... NIX ll2
! L. S. IS, IgO5, q J............... lIIA 1l2b
| L 5. As K, I925-..............-.. l3f4 lSsA
! L. :. As {. l925.................. I3s ! ligsa
! L. ;. SIS. X. laO4................. iOJS lO'l4
L. S SIS, c, l90i, Q. F--....-.-... lo'5f
! -
The swing of the stock market yester-
! day was upward, and at the close the
, level was The best of the day and also
/ the best of the present movement. This
means that the range Of prices in the most
important railway securities is higher
. than it has been at any time during the
past two or three months At the same
time while there is much strength in the
market. it Is evident that il is largely due
to professional operations The insiders
do not seem t be buying stocks TO any
great extent, and with the exception of
scattering purchases of the Coalers and
one two other securities there is little
public interest shown. The future of the
market depends on the Northern Pacific
settlement. If a public announcement Is
made during the next day or two, and II
IL is Of such nature as TO appeal to the
public as important, 1t seems probable
that the advance may be carried several
points further and that the insiders may
consider the outlook pTop:ttous to begin
a large bull campaign in earnest. On the
other hand. If there is no announcement
or if when ii is made there Is nothing
that has not been discounted during the
I,ast two weeks the recent advance is
likely to give way to recession OF
few points.
The general market news aside from
; this matter is all good. The September
statements of the railways have been es-
pecially favorable, and do not snow the
least sign of any diminution in business
or profits. This is better than was eX-
pected. as many conservative people had
looked for some decreases owing to the
shortage of the corn crop and other causes
well known The financial situation is
not by any means a gloomy one There
will be shipments of s2,690000 in gold to-
day. and perhaps more. but this VIII prob
ably end the movement, as exchange Is
easier and shipments of cotton are heav-
ier. on the other hand, the shipment of
cash TO the interior from New York is
apparently about over, and the return
flow may begin at any time.
The rumors in the street yesterday aft
eruoon We're that the MurganHill people
have reached an agreement with the
Union Pacific interests regarding the
Northwestern situation. and that an an
nouncement will be made today or at
least before the end of the week. 1t is
probable that this is the truth of the sit
uation as far as il goes, at least. As to
what the agreement is. however, there is
little knowledge outside of the inner CIR
Gle. Sentiment is optimistic, as was SHOWN
by the action Of the market yesterday
St Paul advanced well. though not TO the
highest price recently attained. IT was
said that the stock was bought In large
blocks By Kuhn. Loeb a. Co, the | mon
Pacific. people and this gave the street
the idea that the announcement Will PROB
ably include some development of nm
portance TO this system Cnlon racine
also was strong There was a sharp ad-
vance in Northern Pacific preferred 10
above I04 and the gain was held very
well The other Pacific and granger Sc
curities generally were strong.
The Atchison securities were both
strong and il was evident that GOOD
portion OF the buying In TINS case ss,. wa az
the company shows gross earnings OF
more than s5.0Oeo 900, compared with only
81 800. .000 year ago. The net earnings tor
the month were $2,209,0 compared with
only 81. .77o0Oc year ago. The net earn
ings for the first quarter Of the year
have been phenomeually heavy, ana
If they were continued to the end OF the
fiscal year would show a surplus for the
common stock Of more than 10 per cent
Il is not to be supposed that TINS VIII
occur. however, and in TACT Il Is pfoDaDle
thai the large increases in earnings over
last wear have now all been recorded
The October statement last year was
handsome one and during the remainder
of he year there was a succession OF me
repnrts This Year on the contrary, the
effect of the small corn crop VIII soon ne
gin To show. But sUpposing the worst
from this. there is every lndIcancn that
the wear will be an entirely satisfactory
one Such being the outlook, II is Ger
tain that the present price OF the pre-
ferred stock is not an exoroitant one.
Many conservative people consider II
much below the real value. The coTnmo on
stock is now on a per cent basis and
Their, seems excellent reason Tor hoping
that this dividend rate can be continued
indefinitely.
The anthracite securities We're all strong
yesterday, the feature OF the group being
Jersey Central. The special gossip re
Earding this stock was to the effect that
am extra dividend is TO be paid, but there
is little reason to believe that there VIII
be any extra until the end of the year
Jersey advanced to 1867. more than
points and it closed above 10 The state
ments OF the Reading and the Erie com
panfes for the month Of September and
the ROSY predictions for October and tne
later months of the present year may be
considered an amply sufficient reason for
the excellent hrmnesS OF the antnraclte
group in general
There was some activity in Sugar, and
fh. Drice advanced fraCtiOnally. The street
is inclined to be hopeful regarding the
stock on the theory that the coming Con-
greSs will do something for the company
I'm the way of reducing or cutting on en-
tireIy the tariff on Cuban and Porto Rican
raw sugar. There will be opposition to
this ny the beet sugar people. but this
opposition may not be effective.
There was no confirmation yesterday Of
the. story that the Copper Trust has OBJ
tained an option on the Calumet and
Hecla Company. but the street seemed In
ciiued 10 credit the story and the stock
was strong all day. 1t is very easy to
see that if the deal is made il VIII be a
good thing for the trust. The Calumet
and Hecla have been underselling the
trust recently, and apparently could con-
tinue to sell under the trusts present
price. ! merger would allow the trust
10 restrict output almost as ii should see
fit and thus prevent any reduction in
price, perhaps.
The talk of n Frick opposition to the
United States Steel Trust is not taken
seriously. The alleged Frick deal takes
in the Republic Iron and Steel COmpany
and one or two others. The Republic