The Washington times., 1901-09-18
Government Bonds.


to the level of Monday. There was litti
in the news of the day to account for tn
change OF tone, and il is probably to b.
ascrlbed almost entirely to technica
causes. The street heard that there wal
frost in the corn belt, and some SELLING
occurred on this account, perhaps. 1t wa:
entirely natural that after such sharI
advance in prices there should be a gooO
reaction. As a matter of fact it is prob
able that the inside interests that have
| supported the market strongly during
| the past two days We're willing to see
! some recession, or at least not unwilling
| There were some indications that these
| interests were sellers of stock yesterday
! morning on the strong market at the
J opening. The lack of their buying orders
and the fact that the short interest had
| very nearly covered soon resulted in the
(, downward swing.
| There is no reason to expect any seri-
| Gus break in prices today or later. Con-
! ditionS are most satisfactory, both as they
influence the immediate market and as
| they may affect its later course. The
/ monetary situation, which has been per
hars the most serious menace to the mar
ket, has been relieved of all its terrors,
and in fact now presents little possibility
| of any disturbance. The call money rate
| yesterday was not at any time high, and
during the last hour was per cent. The
very positive expression of policy of Presi-
dent Roosevelt has had a most reassur-
ing effect on the minds of the important
I
| same time, the bears will not likely be In
| clin.d to attempt any very formidable
campaign, for the present at least, after
! what he has said and the way that the
street has received it. The end of the
strike and the belief that the Steel Trust
will have prosperous year and VIII con-
/ tinue the dividend on the common stock
| are most important items in the faVoraDle
| outlook The continuance of the fire rail-
| way earnings and the general prosperity
throughout the country must continue TO
be contributory causes toward confidence
on the part of investors and spectators.
So much for the intrinsic matters. The
fact that the insiders have the stocks
and that the public has none Will be
quite as important the question OF real
values. for time at least, in determining
the course of the market, and ii seems
entirely probable that these interests Will
throw all their weight in favor of a re-
sumption of the bull market.
The corn crop news was that there was
a killing frost in parts of Iowa, Nebraska,
and South Dakota. The corn market ad-
vanced sharply during the afternoon on
this news, but il is entirely probable that
ii was exaggerated, as crop news that is
bad usually is. II is not probable that
there will be much disposition toward
pessimism on account of this one unpleas-
ant matter in the situation The gran
gers yesterday were the weakest stocks
on the list when the break came rms
probably was because they had been ad-
vanced most sharply rather than because
of any great fear that these companies
will not have enough freight to keep them
busy this winter.
The financial situation is in realty the
most important to the present market.
Pre- sident Roosevelt having promised no
change I'm the policy of the Administra
tior and the steel strike being ended ii
remained TO be seen what would be the
outcome of the rapid disappearance OF
cash from the New York banks As has
i.a s.sfd her fC
that the action of Secretary Gage has
made the position of the banks entirely
secure. With the 100000 in round num-
Ders paid by the Treasury for bonds last
week with the s.. 600 900 internal revenue
collections turned into the national bank
repositories throughout the country, and
with the anticipation OF interest payments
amounting to nearly s5,cO9,0co and the
promise of Mr.. Gage that he VIII an
anticipate the pension payments amount
ing TO SIS 600. 600 If necessary, 1t will be
seen that there has already been set free
from the Treasury or will be If necessary
nearly S35e0D.O00. This amount, with no
aid from Europe would in all probability
prevent the drain from the interior for
the movement of the crops from causing
much trouble. II is now said, however,
that probably 100000 will come from
Europe in the near future as the result
of recent large purchases of American
stocks on the other side. and the British
confidence that Mr.. Roosevelt will be
safe" President. The bank statement
cording to the experts. as the banks have
already made heavy gains from the Sub
Treasury.
News affecting particular securities is
meagre, the attention of the street being
concentrated on the general features OF
the situation almost entirely. There are
renewals of the rumors Of developments
In the West in connection with the COM
munity of interests plans, the markets
show strength again, but nothing def
mite is heard or should be expected per-
haps in the immediate future. One story
is that the Union Pacific Will sell out the
Southern Pacific to the Missouri Pacific,
reserving for itself the Central Pacific
branch. The story does not have much
to commend II in the way of probability.
IL is not likely that the Missouri Pacific
would want the Southern Pacific without
the Central Pacific for one thing. And
It is still believed that the Southern Pa
cific is considered a valuable asset by the
Hartman people. Another Southern Pa
cific story is that refunding plan for
the system will be made public shortly to
cover all the bonds maturing between the
years 1904 and 1913. There is a very large
amount of these bonds and the interest
rates are for the most part and per
cent. Southern Pacific and Union Pacific
were both strong yesterday morning. the
former getting as high as 5s& and the lat
ter high as par. Southern Pacific went
off point in the afternoon and Union
dropped sharply to glA.
missouri racine was SlEoEB WIN an dC-
vance practically to 15. and 1t held it's
own fairly well, closing at l0i. The earn
ings of the company for the first seven
months of the year show a very large in
crease over the handsome record of last
year. The dividend on the stock is being
earned three or four times, and IT would
seem that with such good assurance Of
its continuance a further advance In the
price of the stock might be looked for
with some confidence. IL is said by the
pessimists that the company is not ex-
pending sufficient sums on maintenance
and betterments, however, and this may
deter some people from buying the stock.
Manhattan was perhaps the feature OF
the early market. getting as high as l2lA
al one time. Later II sold off rather
: sharply, and closed at 1879. The earn
ings of the company will make good
showing in its next report, IL Is said and
a bull pool is evidently operating in the
stock on the strength of this
Western Union has been strong for sew
eral days, and yesterday spurted nearly
to 81. Later 1t sold off to 49, but still
showed a fair net gain at the close The
talk OF consultations in the air is helm
ing the bulls In the stock who themselves
SANES Awo6P0yvsr
I'M rEETh 6a,yMlht