The times. [volume] (Washington [D.C.]) 1897-1901, 1901-01-23


! death of the Que IN and the succession OF
| King Edward VII is yet to be seen. 1t is
/ probable. however. that the New York
| market will suffer little If any. Ihe
great European banking interests are all
| friendly to the new King. As the Crown
| Prince he has been popular with the banK-
ers and they look for good things from
| him as the King. 1t is believed by
sorrc of the best informed banking in
! terests on this side that these European
! interests will wish TO do everything in
| their power to Usher in the new reign
auspiciCusiy in a financial way. They
/ will prevent a panic. They will prevent
| even any furry in the financial situation
| that might je caused by the Queen S
death. And on this side there is no rea-
son for any disturbance il there is none
in Europe. The sentimental effect of the
news of the Queens death has been dis
counted on this side in the break that &C.
Cured on Saturday and Monday.
There is no particular reason to look
for any large move in the market in the
immediate future. When sharp and i'm
portant break occurs in the market, such
as that of the past two weeks. it is usually
followed by slight rally, and after that
there Is a tendency in the market TO fuc-
tuate back and forth for few days be
tween the low prices and those point or
two above. 1t is probable that this will
be the general character of the market
in the immediate future, say until the end
of the present month. Business is smaller
every day. Many of the important people
are going, South Those that remain Will
likely be content to trade in a small way
for the smaller fluctuations. On the de-
clines there is reason to believe that the
market will be a purchase. 1t is under
stood that the insiders will buy stocks
now. The coming two months should see
another important boom if these interests
are right in their diagnosis of the situa-
tion
News yesterday, aside from the fire.
quent bulletins from Cowes, was unimpor-
tant and attracted little attention. One
shipment OF gold has been arranged Tor
tomorrow's steamer, and it is probable
that this amount will be added to today.
At the same time the banks have gained
So Gee. Geo or more in cash and the state
ment this week is likely to be good enc.
Call loans were made yesterday at 2 IA
and IL per cent. The financial situa-
tion is entirely satisfactory.
The interview of John w. Gates, the
chairman of the board OF directors of the
American Steel and Wire Company, pub
lished by one of the financial agencies
yesterday, was perhaps the most interest
ing matter of the day. aside from the
death of the Queen. Mr.. Gates said re-
garding the alleged purchase OF the wire
Company by the Federal Steel concern:
IF there is any move whereby the Fed
! eral Steel Company will get control Of the
American Steel and Wire Company l
know nothing about it. There is nothing
in the story" AS to the steel trade sit
uation, Mr.. Gates said: Orders are re-
ceiyed in such volume that We are behind
in deliveries All the mills are busy, and
there is a healthy tone to the market. In
fact what may be said of the American
Steel and Wire business may be said OF
the whole iron trade. \ year ago when l
investigated the affairs of this company
saw there was an over-production not
only in the steel wire and nail business,
but in all other branches of the industry.
Today the outlook is different. Every
concern is busy and satisfied with condi-
tions. There is no over production and
no false maintenance CT prices. For the
American Steel and Wire Company the
outlook is exceedingly promising. is
earnings are good and the past year has
shown good profits. l don't think Mr..
Carnegie has any intention of making war
On our company or the National Tube
Company. He has realized probably bet
ter than anyone else that ne must have an
outlet for his production and an outlet
will be provided
Mr.. Gates is an exceedingly smoth gen.
tieman CT business. He made himself
intensely disliked by the commission
house buyers of stocks by what many
were pleased to call hold-up year ago
at the time alluded to by him in his inter
view At that time he sold stocks short
and then came out with a ramrautly bear
ish Interview, regarding the outlook for
the steel business. The prices of the steel
securities tumbled tremendously and he is
supposed to have made a vast amount #
money. But he did not say anything that
was not true. Now the knowing ones are
specializing on what the real meaning Of
the present interview may be. Cndoubt-
eddy the public is still very sore against
Mr. Gates. and inclined to doubt anything
that ne may say, Notwithstanding the fact
that he told the truth in his former inter
view. This was seen yesterday when iol-
lowing the Gates interview the steel Sc
curities all broke sharply. But is not this
exactly what Mr. Gates expected? And
does he not in reality wish to buy stocks
cheap al this time? And is he not buying
them in large blocks whenever the pub
lie gets frightened or disgruntled and
sells? As far as anyone can tqdsb by the
facts as they develop III. Gates is tell
ing the truth regarding the business Sit
uation now in the same way that he was
before. The outlook is excellent.
Missouri Pacific was again the feature Of
the bull side of the market yesterday
morning II jumped up to SO, clima1ing
the most wonderful advances ever made
by a railway stock Of such importance.
Later It tumbled several points 10 So l-2
and only rallied to Sc 1-2. The stock may
20 higher OF course. and many believe that
it will be marked up to par. but the indi-
cations we're yesterday that there had
been a settlement with the shorts of some
character, and that the top had been
reached and passed. It was said that the
most important short interest in the stock
had settled privately. Intrinslcaiy, Of
course, Missouri Pacific is not worth its
present price.
The afternoon feature was the grangers
with st. Paul the most buoyant OF the
group. This stock advanced to above $50
during the last hour, or more than
points from the low figure Of Monday. 1t
is interesting to note also that his ad-
vance was not very far from half of the
total break of the stock from lG2. Rock
Island advanced to 121 from 11S "a, and
It closed at 120 S-S Atchison preferred
advanced TO s. Is, or . rs from the low
price Of Monday This advance was quite
half Of the total loss OF the stock from
its high price. There was no news to ac-
count for the strength OF the group. II
is probable that these stocks should be
bought on the reactions during the com
ing week or two, for the advance that is
looked for later Atchison preferred es-
r.f,s yl.y hold md NOT