The Washington times., 1901-08-10

| ADVANCE. Decline. NEN-GlNldend.
| Government Bonds.
Bid. Asked
U. e. rs, H, 10000, Q. J......... 1O79 IOsp
U. S. rs, c. lgoO-so. o i'm. I079 ICsl
| U. S. 3's r. 1908. q F........... l0ss 100
| U. S. as, r. 1905, r. c. F........ l0sa I0e
| u. 5. As. 1906. O. J.............. ll3 ll3h
| u. S. As, 1907. Y. J-...-.......... 10 il3h
u :. as X. l9Z3..--.......-...-. i3.n ,o ~
| U. s. As, Z, 1s2j..........-....... Ia. los
| U. S. SIS, r, 1904. IVA lSsS
| u. S. SIS. e. 1904, Q. F.....-...... IVA loss
Af0G half day of much firmness IN
! the stock market yesterday, there was
| swing in the other direction, and before
| the close all the gains of the morning
and of the day before had been lost. The
| close saw prices sill on the decline, with
| the professionals strong on the bear tack
| and the few recent purchasers of the
commission houses getting out as fast as
| possible. The total of business for the
! day was small, only trifie over 5000.
| shares. The morning was extremely dull
and the afternoon also until the last hall
| hour, when some rather important sell
ing occurred. The session was almost
wholly professional and can be construed
to mean nothing detrimental to the UNI
DERIVING strength of the market. The de-
cline, in fact, was as unimportant as the
early advance was-a traders affair sim
ply. The outlook for the market is not
affected by the occurrences of the day.
To spectators careful purchases OF the
better grade of securities on the reactions
are advised, and the caution not to buy
on such advances as that of yesterday
morning is repeated by conservative brok-
ers and traders. Investors who believe
that present prices are in many cases too
low or low enough will not be affected in
their purchases by the temporary surface
movements.
There was nothing new in the develop
ments of the day The strike situation
UNCHANGED "a
The corn crop news and gossip We're on
the whole somewhat more hopeful and
the price of corn declined. Money was
easy and the talk of the bank statement
was hopeful. The indications are that
the banks have gained from the interior
S2,Hr,Vo0 or more and from the Sub-Treas-
ury perhaps enough to make total or
&, SIC. go. The loan account is, OF course,
in doubt, but II is not believed that II
will show the large increase recorded in
each of the past two weeks. As for the
technical market influences, the interests
that have been giving their support TO
various groups during the past week yes
terday sold a large part of the stocks
they have accumulated probably to pre-
vent the advance movement from contin-
-uing the apparent idea being that sus-
tanned advance at this time would do no
good and would secure little support from
the public. The bears. when they saw
this withdrawal of support, apparently
considered it a propitious time to renew
their attack. 1t is not conceivable that
the shorts have made much money out
of the recent market, however.
The most interesting group in the list
yesterday was perhaps the Southwes, ern
Gould securities. especially Missouri Pa
cific and Texas Pacific Both of these Sc
curities had sharp advances in the morn
ing hours and although they went on with
the general list in the afternoon they
both closed the day with good net gains.
too. Missouri Pacific at one time went as
high as 101is, and it closed at 994. Texas
Pacific went up to 425s and closed at u.
There was a mixed demand for these
stocks. but evidently inside buying played
an important part In IL. The story IL
heard in the street that the Gould reor-
ganiZation scheme is almost ready to be
sprung, and these securities will beneht
most largely by IL, though what the de-
tails of the plan are the public has not
yet heard. One story is that the Goulds
have secured control of the Mexican In
ternational for the Missouri Pacific. The
Rockefellers seem to be playing an I'M
portant part in the Gould deal in some
way. The earnings of both these rail-
ways have been excellent during the past
seven months.
The Wabash securities were also strong.
the preferred getting above 10 at one time.
Whether this system should now be cali
ed a Gould system seems to be in doubt
in the street. some people expressing the
view that another interest mas secured
control or a large voice in the affairs of
the line. The fortunes of the Wabash Sc
curities will be watched with keen inter-
est by all students OF railway values. 1t
is very clear proposition from the recent
earnings statements of the road that by
itself 1t Is not doing a profitable business
and not likely to for a long time to come.
On the other hand the outlook for the
Incorporation of the system with some
other In a way that Will be highly profit
able to 1t cannot be overlooked. Investors
that believe in taking some speculative
risk in their operations may be expected
to buy these securities on the declines.
Peoples Gas was the sensation of the
afternoon decline The stock was fairly
strong during the morning, opening at
49, eX dividend Of IL, and advancing to
ll31k II held around the opening price
until the last hour but just before the
close was tumbled rapidly over points
TO 1888. and closed at the bottom. The
cause of the break. or its accompaniment
at least, was a story from Chicago that
proceedings would be begun yesterday
against the company for non-payment of
taxes Several large blocks of the stock
were sold. and there was an evident at
tempt to force the price down as fast and
as far as possible. This break accele-
rated the decline in the general market
The Steel securities were not as heavi-
ly traded in yesterday as they were earli-
or in the week. Some outside buying al
lowed the Keene clique to sell out con-
siderable block of its recent purchases
II was a buyer again, and prevented these
stocks from declining to any extent with
the general market. The keene syndicate
so manipulates these securities from week
TO week. and from month to month, in
fact, that they are the most steady and
apparently conservative on the list, rail-
way and industrial securities all includ-
ed. Their movements are slow, but moS<
convincing. The art Of this kind OF ma
nipulation is of the finest character and
II cannot be doubted that II will help the
Steel stocks with the public when the up
ward movement comes.
The statement is made that there is
good buying of Western Union by the two
large interests which put the stock to
par not long ago. The stock went to IS
Yesterday on heavy purchases and 1t de-
clined only to 81 at the close.
The coaiers, both the anthracites and
the soft coalers, were dull, but fairly
steady. Ontario and Western AZ one time
advanced to 32%. but IL went on in the
afternoon to 32is. The earnings of this
line show about ~ per cent earned on
the stock for the past year. while large
sums were expended for betterments, and
while something like $4,000 was lost on
account of the strike of the miners. The
outlook for the coming year rs good. The
big expenditures for b.tterments will al
low of more economical operation this
year and there Will be no strike to con-
Observation-Disclosures