The Washington times., 1901-09-06

l
also were sending into the market fair
amount of orders to purchase The break
IN the afternoon left the street at sea
again. as it was manifest that there was
some small realizing, at least, by the
cliques and lack of support by the in
siders. However. the day. record, TAX
en- with that of the week, probably favors
the bulls rather than the bears. An ad-
vance all over the list, sucn as that OF
the morning. is not made without the help
OF the important interests. An afternoon
decline is easily engineered by the pro-
fossionals. In this ease advantage was
taken of an attack on Brooklyn Rapid
Transit, on talk of poor earnings and
other bear gossip, and when this stock
had broken two or three points it was
easy 10 force prices In the general list
down.
The general situation yesterday morn
ing when the advance occurred was not in
the least changed from that Of earlier in
the week. Nearly everything in the gos-
sip was bearish in the extreme. This
made the advance the more remarkable.
The steel strike was not any nearer
settlement. Indeed, the talk of q pending
settlement on Wednesday was gwen up
yesterday morning when it became
Known that the strikers had refused the
Schwab offer. Money was not any
easier; sterling exchange was not any
lower. The only inference to be drawn
from the mornings advance is that the
pess!mism of day or two ago, artfully
tostered by the bears. was largely un-
founded Either this or yesterdays
revival of hope was a mistake 1t is
probable that the financial situation is
not nearly so lugubrious il was pic
tured. The Sub-Treasury has gained
from the banks much less this week than
IL did last. Gold is being received from
the Pacific Coast, which will help to or
set the shipments to the interior for the
movement of the crops. 1t is said also
that a considerable sum of money recent
ly sent to Philadelphia has gone back to
Kew York this week. If these are the
real facts the bank statement will not be
very bad one tomorrow, and may pos
sibly show a slight increase in the sur
plus reserve. There were rumors of i'm
ports OF gold from Europe. already en-
gagged, yesterday morning, but ii could |
not be learned that they had any fouuda- |
ton. What now appears quite clear is !
that if the money rate advances on this |
side gold will be drawn from Europe at |
once. This will do much to prevent any |
stringency. However. there is no good |
reason TO look for an immediate and i'm |
portant advance in prices. " hat may be |
expected with fair degree of certainty |
is that there will he no bad break and |
that the market will be rather dun and |
professional for the present.
The coal securities generally and the |
soft coal stocks in particular were !
strong yesterday morning. Norfolk and |
Western had u sharp advance to the |
highest price recently attained. Chesa- |
peake and Ohio advanced fractionaIly. |
Pennsylvania was bought vigorously and |
Erie securities Were doomed and the |
Readings more than held their own. |
Later there were declines In the group |
with the general market The strength |
Of these stocks IS not a surprise 20 care
ful market critics who. for the most part
consider the outlook for the coalers espe-
ciaily good.
Pennsylvania was affected favorably byI
the fine net earnings statement for July,
showing an Increase on lines directly |
operated Of $4,000
Colorado Fuel and Iron and Tennessee
Coal and Iron were both strong again.
The statement is made with some posi-
tiveness that negotiations are now pend
ing between the former company and the
Steel Trust
The grangers were strong, Rock Island
getting up TO 147, st. Paul up a point or
more. and the Atchisons up fractionally.
The later declines in the group wiped out |
all their early gains. The Pacific securi-
les too, were strong. Chicago Great
Western and Wisconsin Central were
among the features of these groups. the |
former selling up to 25&s. There is con-
tinued talk of the probability that both |
Great Western and Wisconsin Central |
will be included in the community of in
terests deal in the near future by some
arrangement DtnCuclal TO their Securl- |
lies. The Great Western gross earnings
statement issued yesterday makes an |
xcoilent showing.
The Brooklyn Rapid Transit break was
The exciting feature OF the session, |
though it is to be doubted if ii should
Je considered Of much Importance in the
general market. The price of the stock
broke from % to Il ana q fraction. and
I closed at the bottom level. To all ap-
learances tho break was caused entirely
~ professional selling short though be
'o.e it was over some long stock held on
small margins was thrown over. As far
IS can be learned. the basis for the at
ack OF the professionals was talk Of poor
sarniags aud a statement, unauthenti-
'at@d that the company viii issue s.. 90 |
~ new bonds. The stock has not been
N attractive one 10 conservative invest
RS and spectators for a long time back.
Il is probable. however. that If the de
line is forced much further there will
le considerabl bic speculative purchases. |
Manhattan and Metropolitan were only
tightly affected by the break in Brook
yn.
There has been good buying recently
# Mexican National and it is said that
he purchases have been largely for the |
ntcreGts that hold the control Of Mcxi- |
an Central.
The steel stocks went off with the gen
raj list in the afternoon, but not badly.
Both closed near the top prices of the \
,ast few days. Runors in the afternoon /
hat the strike had collapsed entirely had
little effect on these securities either way |
The rumors were later pronounced un-
ounded. 1t WIN be interesting to note !
he effect of the actual end Of the strike
when il comes.
Earnings of Railways.
NEW YORK, Sept. 5.-The following
eports of earnings of railways were Sub ,
nitted today:
St Louis and San Francisco:
tn week Aug. $780, s2Gs $40 $2io9si
,onlh ............ LOS. rs s07, So 6s4.73
rom July H.. I.G5;,106 l.i9G.32s Lee, ssj
Toledo and Ohio Central:
tn week Aug. sss252 S725ss sG2Ojl
ion,h ......... 23s.Ol 225.OG3 1860
rom July la. i9s.773 1854 334, ,94i
Hooking Valley:
IN week Aug. Sl27l7I slOl, ,9G3 So. .232
ion;h .....-...... 4i9.lH 393, 800 S2g. .736 |
rom July l..... s790Sp 1882 C3l, $50
Chesapeake and Ohio:
til week Aug. s5s5s53 si52, ~ sSD7, ,i65
gsu -. |