The Washington times., 1901-07-25

by the street. and these with the breal
in grain prices caused some covering b.
the shorts and perhaps little buying o
long stock. Toward the close OF the da.
there was another decline which wipe'
out the larger part of the early advance
This is almost the entire story of tn
esSion. The strike news was no better
! but the Steel securities were inclined t
strength. an indication that the street il
! paying little attention to the strike OF any
| thing else than the weather. Such of th'
! earnings reports as were received yester
1 day were all good. The reports of gros:
| earnings for the two weeks of July vii
| show something more than II per cent
I increase. The money situation is easy
! Call rates are low and the outlook is fol
| good bank statement. San Francisco
| has received from the klondike another
| shipment of s., 500 coo gold and an addi-
/ tional million has been promised for the
near future The reports of the nationa
! banks showing their condition on July L
| are most encouraging.
The outlook seems to be good for a re-
! covery in prices in the near future. Peo-
| Pile that take this view of the situation
argue that matter If the crop news
! is bad it has been discounted quite enough
| by the great break that has occurred in
| prices. The street has been talking OF
| half corn crop and ii is not to be ex-
| pected that even with many days more
| drought anything more disastrous than
| half a crop will be harvested. The ten
| dency is always to exaggerate crop DAM
| age stories. Year after year this is done.
and later reports prove that things are
| not nearly so bad as they have been
| painted. The dispatches yesterday after
noon showed that some rains had fallen
and that the outlook was good for good
| downpour in many sections. If this should
! occur the grangers would probably lead
| good advance in prices. For time,
however, a continuance of the traders
market would not be surprising, but pre-
| ference probably should be given to pur-
| chases on the reactions.
st. Paul opened off at l5S24 and slid
down the scale nearly all day, getting as
| low 1861 and closing with only frac-
tional advance from this level. Rock ISL
and dropped from III to l:9. Atchison
common at one time sold as high as 72Is
and showed good support probably owing
to the belief that the forthcoming July
report of the company will make fine
showing. Later in the day it went off to
20 and a fraction, and 1t closed at Il with
a rather bad net decline. Other securi-
ties affected by the crop outlook were
% Union Pacific which opened of badly to
9Sss and went still lower to 81. closing at
9lit and Missouri Pacific, which followed
much the same course as Union Pacific,
and closed at the same price.
In general these securities would prob
ably have sharp recoveries on good crop
news. Their breaks during the past three
weeks have been very. heavy. and in most
ii
level represents the actual intrinsic value
of the stocks. Missouri Pacific, for in
stance, is per cent stock, with recent
earnings. so large that there is probably
no reason to fear any difficulty in paying
the dividend for many years to come 1t
is selling below par. Union Pacific is
per cent stock, but likely to get 5 per
cent at the next meeting of the directors
and certain of receiving the larger rate
in the near future. Atchison preferred is
per cent preferred stock. with well
assured dividend. When the market ad-
justs itself these securities will all sell
higher than these levels as investments.
There were a few securities that held
their own all day excellently well. seem.
ingly not being affected by the general
market Southern Pacific was one of
these stocks AT one time it sold as high
as 5.A, and it closed at Sc. with an adj
vance of half a point from the opening
price. A pool is operating in the stock,
though whether il is buying or selling
stock in reality it is impossible to decide
Some. people say that the buying is real
and based on the fine condition OF the
compane and the alleged outlook for a
dividend. Others argue that the move
ment is purely manipuiative and for the
purpose of disposing of a block of the
stock If possible. The facts in the matter
that cannot be disputed are that the earn
ings during the past year were handsome
and that a per cent dividend could be
paid if no expenditures were made for
company intends to make large better
ments and is not likely to carr, over rom
last year more than 100000 in sur!.ius.
which would not more than pay 2k per
cent dividend.
The programme said to have been de-
cided on is to expend sl5.00o.o0o in the near
future in reducing curves, cutting down
grades, putting in new branches, and in
making other important improvements
that will, of course. be of great benefit
to the property in the future. This ex-
penditure is unquestionably needed badly,
as despite the good showing of the past
year the system is not in as good
condition as its competitors are. In favor
of the stock 1t may be pointed out that
even IL there is to be no dividend in the
immediate future, the company has
fine, chance to make n big earnings show
ing this year. Its corn traffic is limited,
and its entire grain haul Is not extensive,
not the biggest single item In its busi-
ness even. The Southern Pacific's freight
business is well diversified, and with the
Southwest generally prosperous and max
ing rapid advance in every way, there
is good reason to be optimistic regarding
the earnings outlook, despite the crop
damage.
The Steel securities were held well all
day until the last half hour. when they
sold off somewhat for no reason that
as high as Al, and the preferred as high
as s9i2. The support of the stocks was
of the same excellent character that has
been SO conspicuous and SO convincing
during the entire break in the general
market.
Wabash preferred was generally strong.
1t seems not unlikely that this stock will
be put up in the near future. There
seems TO be little doubt that the company
will get its entrance to Pittsburg.
The entertaining fakir signing anony-
nous circular letters prominent banker
has issued another of his bulletins. He
is talking the prospect of an early ad-
vance of Erie common TO so. Both the
Eries and the Readings were allowed to
go off with the general market yesterday,
and their close was near the low prices
for the day. The settlement Of the strikes
of the rremen and the Reading machin-
lists. and the fact that another advance in
the price of coal is to be made in Au-
gust. should cause better range in the
prices OF these securities as soon as the
general market begins to advance.
Earnings of Railways.
NEW YORK, July 2i.-The following re-
ports of railways were submitted today:
Weekly gross-St. Paul:
1901. 1900. 1899
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