The Washington times., 1901-09-19

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| Again Yesterday there was a strong stock
market, and again the pessimists FOUND
, their prophecies mistaken AT times
| there was hesitation. and even a down
ward tendency. but during the last hour
good buying appeared in a number on
quarters with the result that the close
| was we'll above the close of Tuesday, ana
not far from the highest level of the
week. The Tuesday afternoon decline is
| found to have been simply small re
| action, quite natural after the previous
| advance. 1t is possible that the bears
attempted to break the market, but if
| they did the inside interests came to the
rescue. Yesterday afternoon there was
| covering by the shorts again, evidently on
| the theory that tomorrows market may
| not be to their liking. With the outlook
for the Saturday bank statement so good
| this is entirely probable.
| The immediate outlook for the market
| is not in any way gloomy, and some con-
fdent people go SO far as to call it ex-
| tremely bright. 1t would seem the un-
| avoidable conclusion that the dangers in
| the monetary situation have been avoid
cd, and may be forgotten by the people
| outside of the inner circle. The loss of
| the Sub-1reasury to the New York banks
SO far this week has been over 81 10000.
which seems to promise an excellent bank
! statement. There is also much talk of
the probability of immediate imports of
| gold from Europe. The assurance that
| President Roosevelt has requested the
present Cabinet to remain. not only temp
orarily, but Throughout the present term,
is another matter that is having weight
in keeping the market strong. The re-
sumption of all the steel mills naturally
| is considered important.
Against this array OF good things In the
| situation there are the reports of fur
ther damage to the corn crop by frosts in
| the Northwest. 1t may be said in this
| regard that while there will be loss un-
doubtedly IL is extremely improbabl that
| the total loss of corn this year will be as
large as was expected when the break in
| the granger securities came last July
one DEDUCTION that people are drawing
from this is that the July break was
| sufficient to discount and more the pres
| ent news of frost.
Railway earnings reports continue ex-
| ceptionally good St Paul, Missouri Pa
| cific and other important statements for
\ the second week of September received
yesterday all showing fine increases The
! St Paul has earned over 81 900, 900 more
since July ] than IL did last year in the
same period. The August gross earnings
are now in and the figures are even bet
ter than expected. There was an increase
/ of S,6H,0oO over the August earnings a
year ago, an increase in percentage of
| l2.66. The gross earnings of 123 lines in
August, 1885. were $i0.0O0,000 in round
numbers. There has been an increase
! every year since that time and the total
! Tor the August just past on 1d2 lines was
/ S6S,00,Vo0. The mileage of these 102 lines
was somewhat under the mileage of the
/ LIZ lines five years ago The increase in
the five years, it will be seen. was 20 per
| cent in round numbers.
Rock Island has been jumping up rap
/ idly in price apparently on inside buying.
Two three stories are told to account
for this. One is that the company is
contemplating rapid extension of the
1 line INTO Arizona with the idea of reach
ing the Pacific Coast eventually. 1t is
said that number of the supposedly in
dependent smaller lines west of El Paso
are really controlled by the Rock Island.
st. Paul showed q fair strength yester-
day. though it did not get back to the
high price of Tuesday The same might
be said of the other granger securities
generally, including the Atchison and the
Pacific securities. 1t is said that Kuhn
Loeb & Co have been selling Union Pa
cific stock recently rather heavily, but
this need cause no panic among the hold
ers of the stock The same interests
were heavy buyers few days ago. The
latest story of the Western community
| of interests is that the Union Pacific and
| the Northwestern are arranging to buy
| out the St Paul
I
! terday was one of the market features
| Two or three stories are told with regard
| to this. One is that stockholders will be
| given valuable rights in the near fu-
! ture. Another relates TO the formation of
holding company to take charge of the
| junior Vanderbilt properties after the
manner of the Pennsylvania Company
/ plan.
The weak feature OF the market was
Amalgamated Copper. Two theories are
ard fFa
| decline of this stock. One is that the
! Standard OIL interests are selling large
| blocks of the stock and intend to cut off
| the usual extra dividend at the meeting
I of the directors of the company tomor-
/ row. The reason for the alleged Rookie
feller pessimism is said to be the outlook
/ for poor copper market in the near fu-
! ture. Another party in the street is ever
| flowing with optimism regarding the COM
I pany. 1t is said in this quarter that the
stock is being depressed simply for the
purpose of erowding, out the outsiders as
4 far as possible for the present The peo-
| pie that tell this story say that the stock
| VIII have 1ne advance in the near fu-
ture on the announcement of a fine coup
| by the controlling interests There is lit
tie to choose between the two stories ex-
| cept that both were told some time ago;
! that since then the stock has continued
to decline, which shows the bears in the
best of the argument so far. The people
that bought the stock when 1t was sew
eral points higher probably take the bear
! view very tNOTouSilly AT present.
Western Union has been particularly
strong recently In all kinds of markets.
! The reasons for this may be more than
one, but the earnings Of the company are
| quite sufficient TO account for it. When
| stock has paid l2S consecutive quarterly
| dividends and when for four years its
| earnings have been increasing steadily
| there is much inducement to purchase for
/ the conservative investment, especially
| when ) per cent stock can be purchased
! well under par. In the year 1893 the com
| pany had surplus after dividends of
4 100000. In the year 1890 the surplus was
$4000o In the year just ended 1t had in
creased TO sS50000. The statement for the
first quarter OF the present year shows an
increase compared with the same quarter
of last year of co per cent
| 1t is said that the earnings of the Steel
Trust for the quarter soon to be issued,
will show decrease of g. 600 900 compared
! with the previous quarter. This is not
surprising in view OF the strike The
earnings on this basis would still be am
common stock. The outlook for the trust
is considered very good by the experts.
The business will be heavy II is said
and the prices will continue high beyond
question
There is manipulation in Colorado Fuel
and Iron and some people believe that
Mr. Gates is at the bottom of II. The
stock went up to 1o2, advance of three
| points, at one time yesterday. and then
declined to below par.
The New York Curb Market.