The Washington times. (Washington [D.C.]) 1901-1902, 1901-08-15
Government nonds.

| u. S. SIS. II. 1901. 1914 lsk
| L. S IS. c. 1901. Q. F--.......... iO'A 'osAs
f! The market yesterday was irregular and
| professional in the extreme The opening
and earlier business of the day was buoy
| ant, the level reached being the best in
recent days. During the afternoon there
! was a recession Of some Importance, so
| that at the close the greater part of the
sains had disappeared; The public gem
orally recognizes Il market as profession
al only when ii reacts after an advance.
The advance is never looked upon as
the work of professional manipulators.
1t is nevertheless true, that during the
entire week, as well last week and the
weeks for some time before. the market
has shown unmistakable evidence, Of be-
ing dominated by the room traders large
ly. The public yesterday morning was be-
ginning to consider the market a big bull
affair and was buying stock ma small
way for the first time recently. AS soon
as the public buying began, however, the
professionals sold out and even went
short Careful market people all adj
vised the taking of profits yesterday
morning.
The outlook is for continuance of this
kind OF market for the present. On the
recessions there will be good buying by
careful people, but they will not grow
enthusiastic over the little advances and
purchase stocks on the top. The season,
the lack of public enthusiasm, the uncer-
tainty over the strike situation and the
corn crop, and the probability that the
monetary situation will not be favorable
to a bull campaign all will tend to make
the market dull and unimportant, during
the present month at least
The news yesterday was not of char
acter to have much effect on the market
The strike news was of various 1ues. ilc-
cordins to its source, but ii is evident that
the company is not making gains as rap
idly the optimistic people of the big
trust would have had the public expect
The corn crop and general agricultural
news is shade more hopeful from day
to day, and the fear of a corn panic in
the West is beginning to disappear. The
railway officials in general express the
opinion that there will be plenty of bust
ness, and that their earnings will COM
pare very fayorably with those of the
past year, the largest in history up to
the present time. London was buoyant
far American securities were con-
cerned yesterday, but it seems entirely
probable that the buying there was for
American account, and for the purpose Of
making the market look strong. The bank
statement gossip is not taking definite
form yet, but the expectation is that there
will not be the large increase in loans
this week that there was last, and that
therefore the outlook is for rather
better statement. Money is still coming
in from the klondike.
st. Paul was the strong stock of the
list all day. II was up points in London,
anu at the Opening on tIlls sac WIS well
above the closing price Of Tuesday. 1t
continued to advance all the morning.
reaching l64 and better during the after
noon. while the general market was
going off 1t held its own excellently, and
at the close showed a good net gain for
the day. The movement seems 10 be the
result of manipulation largely. and 1t is
shrewdly inferred that considerable por-
tion of the floating stock has been cor
nered, in much the same way that Mis-
souri, Pacific was six months ago. 1t is
known that many shorts have covered
in the stock with losses during the past
few days, during which time the advance
has been nine points. more or less. The
gossip regarding the stock is that the
management intends TO put it on a per
cent basis in September. There Is no rea-
son TO believe that this is so at present.
the earnings of the company and
its prospects undoubtedly warrant an in
crease in the rate The stock has been
esta blished on per cent basis only a
few months, and it will be remembered
that this first increase was rumored a
long time before II occurred. IT is not
considered probable by conservative mar
ket people that another advance Will be
made in the same year. On the present
dividend basis, with the outlook for an
say, early next year, the stock
seems to be very fair purchase around
its present level on the declines. The
earnings Of the company during the pres
ent year should be far In excess of last |
years record, both in gross and net, as
st. Paul States. and as the mana cement |
promises that the expenditures for opera |
tion can be curtailed apprecfably from |
the present rate.
Atchison common stock was advanced |
TO above 10 on what was said TO be a |
continuance of the ''Berwird buying"
supposed to he for the Pennsylvania |
clique. In this instance. too. the move |
ment was obviously a manipulated one |
to great extent, though some invest |
nent purchases were made. The outlook |
for the company Is very rosy, the officers |
say, and earnings at present are far |
heavier than ever before. The July and |
August statements are likely to make a |
wonderful showing.
Sugar stock was advanced well during !
the morning. but later went off again. |
While the advance was in progress 1t was |
said that the news regarding MIR. Have |
meyer s health was entirely satisfactory |
and that the stock had been very much |
oyersold. During the break later the over |
selling apparently began again. COnserY- !
alive people rather look for a recovery |
in the stock despite its appearance of |
great weakness.
There is much bullish gossip regarding |
Southern Railway common and preferred. |
and Ohio. and Norfolk and |
Western. II seems likely that one pool |
may be operating In all OF these securi- |
ties, though perhaps the manipulation |
comes from two or three sources. The |
outlook for the stocks is good and in |
yestors who will buy them on the re- |
actions are not likely to be disappointed |
ia their movements. according TO their |
AMI Ohio Company is earning something |
like per cent on the stock and that the |
Norfolk and Western is earning very |
Nearly. If not quite. 6 per cent on the com