The Washington times., 1901-08-13
Government Bonds.

| Government Bonds.
Bid Asked
U. s. 2's, r, 10000. @ J........ Io74 1854
U. S. rs. c. 10000. q J........ 1914 iosIt
u. S SIS, X. 1905. Q. F.--........ Ics5s 100
U. S. SIS, r. 1905, r. C. F........ 10SH I09
U. S. IS. 1906. Q. J.....-........ lis liSH
U. S. as. 1907. Q. J............... i!3 1881
/ U S. As X. 1870. 1874 -.
Z. : As Z. ISIS. IL. l5s
I y. s. SIS. X. NEUTRALITY-SUSPICIOUS.. lulL hsh
| u S SIS, c. 1904. Q. F............ iO1a 10s's
| |
The movements in yesterdays stock
market suggest very clearly that the poor
corn crop and the. steel strike trouble
had both been discounted very thorough
/ ly by the selling of the past few weeks.
They suggest, too. that the people hold
| ing stocks intend to keep them for the
present, and that the public has few
stocks in its hands. All of these conclu-
sons had been reached by many care
full people last week and the. course of
the market was not to them u surprise.
1t is probable that to the street in general
a strong and even buoyant market after
the crop report of last Saturday was, to
say the least. unexpected. To many it
was sad mishap, as they had sold stocks
short in the expectation of covering yes
terday with a profit.
AT the opening yesterday there was
strength in the Steel securities but lower
prices in the grangers and many other
railway securities. Before IL o'clock the
level of prices began to advance and the
gains continued with fair regularity all
day, in some cases being large and impor-
tant. The close was at the top level for
the session. The outlook is encouraging:
1t is not to be expected that there Will
be bull market at this time, though ev-
en- an important upward movement is
not impossible. The tendency of prices
should be upward and purchases made on
the declines should prove profitable later
in the year, when the summer dizziness
gives way. Prices are low in many parts
of the list on an investment basis, and
reckoning on the outlook for a good bust
ness during the coming year, which seems
reasonably certain.
The business situation contains many
favorable items which conservative peo-
pie believe far outweigh the unfavorable
ones. The strike is not yet declared off.
but it has been dealt very heavy blow
and it seems entirely probable that ii will
end without doing the Steel Trust any
great injury. There is no reason at pres
ent, Tor instance, to suppose that the
dividend on the common stock of the COM
pany will be endangered.
The corn crop the other unfavorable
matter in the outlook, is not a knockout
blow to prosperity by any means. The
wheat crop will be very large. The farm
ers Will raise fodder of various kinds on
the abandoned cornfields that will make
up for many millions of bushels of corn
in feeding cattle. These two items will
mitigate the direct bad effect of the short
corn yield materially. The advance in the
price of both corn and wheat will be an
other paliiating factor in the situation.
Despite these facts there will be less
money in the West undoubtedly than
there would have been with big crop
of corn To this extent the short crop is
a misfortune. But il must be remembered
that the farmers have been prosperous for
several years now and that they have
money remaining from their recent good
years. 1t is not believed that their losses
will prevent them from spending this
money this year with reasonable free
dom. As an officer of the Rock Island is
quoted as saying, the railways will not
make as much money as they would have,
had the corn crop been big, but they are
very likely to make as much as they did
last year, and this was the best year on
record to date.
General trade conditions are fine, as evil
denced by the big bank clearings. and by
the phenomenal Increases in railway earn
ings during the past month. Monetary
conditions may be considered cause for
going slow with bull market; they offer
no reason why good securities should not
be bought now for better price later in
the year. Sterling exchange has been
high and some people have professed to
see trouble in this but it is not in the
least likely that exchange rates will con-
tnue high with big shipments of grain
and cotton and provisions and oil now
beginning and to continue for several
months.
The earnings of the railways during !
July and up to the present time in Au-
gust have been the wonder of the experts. |
The gross earnings for the fourth week Of |
July increased more than 20 per cent. OF |
2 lines reporting for the week IS showed |
gains and only four lines decreases, and |
he net increase was as stated. The gross |
earnings for the month of July showed |
an increase of more than l3 per cent. The |
earnings for the first week of August are |
fully up to this showing. The St. Paul |
Increase for the week was more than |
Kansas and Texas was $4,000; the in
,rease of the Texas and Pacific 81 500; |
he Wabash increase was $36.500; Cana
Ian Pacific. 600: Louisville and Nash
Increase. sS.719. No decreases have been
-eported to date.
Two chief points of interest may be
loted of the increases in earnings. They |
.ome after steady Increase for fivel
ears past, making in almost every case
he sixth consecutive Year in which gains
nave been shown. The record is of |
course, one that has never before been
.qualed in this respect alone. 1t cannot |
De- suggested with any show of reason
Either that the big increases at this time
are due to the fear of poor corn crop
" to any other special cause that will
,e reflected in poor earnings later in the
year. The shipments of corn and wheat |
tHt pbSt nave not Dttn |
arger than usual, but, on the other hand.
hey have fallen off. The shipments of
attic have been somewhat larger on ,
recount of the fear of short corn crop
md "A lack of fodder. but the item has |
made but little difference in the earnings |
tatements, not enough to be counted i'm
,ortant in the general showing. The in
.reases in earnings have been quite as
in the wheat carrying lines as
hey have in the corn lines, and quite as
important in the South and East as in
he West.
he crop reports on the market may be
zen in the following range of prices.
steel common closed at AZ on Saturday. |
[ opened at AZ yesterday, went as high
IS 1875, and closed at the top. The pre-
erred stock closed at 9lS on Saturday,
'pened at 9l5s yesterday, went to 92l1,
md closed at the top. Atchison common.
loscd on Saturday at AZ, went low
'esIerday as 705s. and advanced from that
evel to 72k, closing at the top. st. PaIl.
which closed on Saturday at 1904 went
IS low as 156 yesterday. and then adj
'anced to 15S9s, where it closed. Rock
sland, the weak feature of the granger
,roup yesterday. opened at l3S, a point |
If. and closed at lSii5 Missouri Pacific |
which closed on Saturday at 934, opened |
at IS and advanced from that |
evel To 1901. closing at the top quota
ion. Union Pacific. which on Saturday
losed at 94h, opened yesterday at 93ia
nd advanced to S53s. closing AT 1914.
News yesterday aside from the strike and
he corn crop talk was scarce. There was
rumor that Mr.. Havemeyer was Sc
iOuSiy i'll and the stock sold off |