The Washington times., 1901-12-12

T. :. IS. c. lsoi. g. F............ IOIis
Call money loaned at 9 per cent yester-
day. Practically the entire story of the
day in the stock market is told in these
few words. The advance in money rates
disposed the street to bearshness and
resulted in a weak and sagging market.
The continued losses by the banks to
the Sub-Treasury amounting already this
week to more than 81 600 000 the ship
ments of money to the South, equaling in
amount the receipts from the West, the
engagement of a small amount of gold for
export even although this transaction
was special one. having no real bearing
on the export situation and finally the
probability that there will be 4 gradual
drawing in Of loans from now until the
end Of the year. all contributed to make
money scarce and to make the street
afraid that it will be scarcer.
The cali loan rate was high all day, and
toward the close Of the session got up to
8 per cent, though no great amount of
loans were made at that figure.
4 Block of Bonds Purchased.
The two hopeful features in the financial
situation were not effective in helping
general sentiment The announcement
was made officially regarding the advance
payment Of the Government interest due
January l. This will give New York
something like s5,OOOOOO. and will really
do much to prevent any actual acute
stTingency.
A purchase OF s1ooO.O0O bonds was made
by the Government in the afternoon, and
there was talk OF further offerings being
likely. II is said that the banks are max
ing strenuous efforts 10 locate bonds that
can be sold This. too, of course, is
hopeful matter.
Under the influence Of the depressing
money conditions the stock market
dragged all day, and closed very near
the bottom level, showing fractional net
losses There were no particular fea-
lures in the trading. The professionals
had control. and were bcarish in their
views. There was little or no liquida-
tion by the public but even less buying,
The large interests held aloof. probably
considering the present an inopportune
time for manipulation for an advance.
The 81. Paul Earnings.
St. Paul was one of the weakest stocks
on the list. IT was said that there was
selling by the Standard oil interests in
the stock but possibly they did nothing
further than fell TO support 1t. St. Paul
was probably hurt also by the withdrawal
OF some of the Western spectators from
the stock market TO get into the wheat
and corn speculation.
The only actual news OF the day re-
garding the company was the statement
Of earnings for the first week of Decem-
Der, which was entirely satisfactory. The
gross earnings FOR the week were 500 Sg9
an increase OF S1os.9s2. The gross earn
ings of the company for the fiscal year to
date have been S2l. 900, 600 an increase OF
81 s92651. or about 10 per cent. The
81 owing is an entirely satisfactory one.
Gain Of s5,ooo,ooo.
Another statement of earnings that gave
satisfaction in conservative quarters.
though it had little if any effect in the
bearish market, was that of the Missouri
Pacific for the week and for the calendar
year TO date. The earnings for the week
were S6f9, 900, an increase of S45, 600 For
the year, lacking three weeks. the earn
ings have been S33. .109. 600, an increase OF
81, AS, 600. II is extremely probable that
the increase for the full year will be in
excess OF s.. 600. 900. or nearly II per cent
Missouri Pacific, with the other Gould Sc
curities. has been fairly strong In the
generally sagging market for two or three
days. II went of fractionally yesterday,
but on the whole showed more than the
average strength. The Wabash securities
also held their own well.
Wabnsh Debenture "B" Bonds.
Some Interest lie occasloDed by the buy
ing OF the Wabash debenture 'B" bonds.
which have been feature of the bond
market FOR some time past. Two or three
theories are advanced to account for the
demand for the bonds. One is that the
Gould people wish 10 secure practically
the entire issue in the same way that the
Iron Mountain issue was cornered not
so very long ago. The theory Of a prob
able dividend on the bonds finds few ad-
herents among 1eOple supposed to be well
informed regarding the affairs Of the CON-
pany
The report Of the Union Pacific for
the last fiscal year will be issued shortly.
1t will show in excess OF per cent earned
on the common stock and should be a
bullish argument OF weight with conserya-
tive people This stock is considered by
some market critics TO be one Of the most
promising Of the Western railway Sc
curities.
In addition TO its own earnings there
IS. Of course the 6 per cent that Is being
earned on the Southern Pacific TO be reck-
oned with. FOR, although there is now no
disbursement on Southern Pacific, the
money is being expended in a way that
viii in the end be OF quite as much bone-
fit TO the Union Pacific. As a matter OF
fact a dividend on the former security
Is one OF the not improbable develop
ments of the coming year.
President YoaItum's Views.
President Yoakum Of the ST. Louis and
San Francisco in an interview yesterday