The Washington times., 1901-12-07
Government Bonds.

of inside support during the past few days
had made many ,-iarket people confident
that the slump in the stock Tas over and
that there would be a steady if gradual
recovery from the low prices reached
early this week The people that made
these predictions, however. were reckon
ing without sufficient data. Yesterday, II
there had been any real inside buying II
was discontinued and the stock went OFF
as rapidly as it has at any time in its
recent very precipitoUs course.
The low price touched was a fraction
below 20 and the close was practically at
the bottom. The lowest previous price
had been 71j2.
The reason alleged for the selling of the
stock was that the directors will meet
next week to decide on the dividend TO be
declared and that there is no certainty
that they will continue the recent rate of
per cent. 1t was even asserted in some
quarters that the dividend will be passed
entirely.
Copper UnsettIes the Market.
The blind pool character of this COM
pany and the new evidences every day
that the outside public knows nothing
whatever as to its condition naturally
have an unsettllng effect on the general
market The fact that the public. and
some pretty big operators as we'll have
lest heavily on the stock in its treInen-
dous decline is another reason why the
general market feels the effect of further
weakness in it. The market yesterday
was decidedly weak with net losses all
over the list and some of them impor-
tant.
There was little disposition anywhere
to buy stocks until after the Copper di-
rectors haze met and taken action. The
professional operators took advantage OF
this condition OF sentiment and helped the
downward movement along.
The Bank Statement.
Another. cause Of .uneasiness that un-
doubtedly contributed materially TO the
weakness OF the market was the condi-
tion Of the money market, and the expec-,
.ation that todays bank statement will,
be a poor one. che banks have lost to the
Sub Treasury this week several millions
of dollars, and their gains from the in
terror have not been nearly so large II
the experts are correct in their figures.
Unless there has been material cut
ting of loans. therefore, it Is likely that
the statement will be one Of the worst
recently issued and there is only fair
prospect that the statement will show a
reduction of the loan account.
The Money Market Tightening.
Ii is said that Tie preparation for the
January disbursements viii tend to tight
en- money from nov until the end of the
year, AID that there is likelihood that
the succeeding statements will all be
poor.
The mitigating Circumstance in the sit
uation is that there viii be no gold ex-
ports If money rates advance on this
side Conservative people say that there
Is no cause for alarm In the outlook.
| There will be money enough to go around,
they say, as long as the public does not
| get into the stock market. and they eK-
press the opinion that the public shows
/ not the slightest sign OF doing this at
present.
| Manhattan Breaks Sharply.
Manhattan was as weak as Amalea-
mated Copper. but its break had little ef-
feet on the general market, because OF
| the recent remarkable advance of the
stock, and the general feeling in the
street that a reaction was due. The Low
price reached was 155 and fraction al
most 10 points of from the high of the
| previous day.
There was little recovery from the bot
| tom level, and It was said to be not un-
| likely that q further decline would oc-
| cur this morning as a result of the break
The slump in the stock confirmed the
| opinion generally heli recently that its
| advance has been the result of manipula-
tion largely. Another reason for taking
this view is the great prevalence of ex-
tremely bullish stories that have been
foated within the past two days TO get
the public Interested at the top.
The greater portion Of the advance in
| Manhattan was deserved, perhaps. The
| company 81 is prosperous, and its future
| looks bright. An increase in the dividend
rate will be made early next year, in all
probability. But the movement was car
ried 100 far for its health.
The other fractions Weak.
The other New York fractions were
almost as weak as Manhattan, both de-
clining sharply and closing at the bottom
Nothing new was heard regarding them
and ii is fair TO assume that they wen;
OF in sympathy with Manhattan entirely
No General Electric ssMeIon.n
Another extreme decline yesterday wal
that of General Electric. The movement
seemed to be similar to that In Manhat-
tan The stock has advanced in pric,
even more rapidly than the traction sc.
ourity, having gained nearly 30 poiats fl
two weeks. 1t has advanced moro thar
100 points during the year 1901. The tol
price reached yesterday was 2S9. the hes
on record, and an advance Of point
from the level OF the cay before. From
this price the stock tumblod to 2S0, an,
its recovery WAS only two points and
fraction.
The General Electric people had
meeting yesterday and failed 10 declar
the scrip dividend that had been expect
ed. This was the cause o. the decline, 0
course There Is still excellent reason 70
believing, however. that the dividend vii
be given TO stockholders in the nea
future.
Missouri Pncidc's Prosperity.
Missouri Pacific was one of the se,i--s5-s
features Of the market, though it. Wit
the entire list, had some decline Their
is manipulation tn this stock, as there /
in Manhattan and there are evidence
that il Is by the same parties. 10 thl
case, too, there is basis Of prosperit
on which to manipulate. and the onl
| thing that need trouble the public
| whether the manipulators Will carry n
game too far.
, | Il is said by officers GO tte coInuaEy tia
the 1zfainss continue very heavy, az
, | mat the faigs7Te Of the corn crop is hay
! ing ard -lii have very little effect O
! the showing OF business 10 be made.
AschIson President Optimistic.
President Ripley. Of the Atchison Com
pany. says that his system VIII earn guilt