The Washington times., 1901-11-14

In small net movements for th, session.
There were some fractional gains and
some equally, small losses, WIN me gains gam
perhaps slightly predominating. Pracu-
cally ii might be said that the market
movement had halted.
1t was urged on the one hand that the
force of the Northern Pacific announce
ment had been discounted in the recent
fine advance in price, and on the other
hanG confident people said that the snip
meuts Of gold were only a temporar!
matter, not in the least likely TO nave
any bad effect for more than day or
TWO. The average commission house
buyer decided to wait for something posi-
tive aud definite regarding the settlement
in the Northwest. IN a general way II Is
said by conservative people that the I'M
mediate market will depend largely on
what the public announcement regarding
this deal is. If it is better than expected
If il seems certain that the railway sltua-
ton in the West has been settled so tIldl
il Will stay settled. and if the outlook Is
good for Increased railway earnings az
result, there is every reason To nope 'iIat
the public will resume its buying oi
stocks and thai prices Will be carTleu
higher If the public announce meht Is
pgsitiVely or even relatively disappolht-
ing, il may result In some tufIher sei,imb I,b
of stocks bought recently and in low
ering Of the level of prices for the pres
ent The street is inclined TO take fosS
view OF the situation. however ana per
haps with good reason.
There was engaged yesterday for ship
ment by today steamer So - IN go.
Later in the day one firm wlthait" sl,Vl
90 of its engagement. Leaving the aIilouiit iti
Il, go out in excess Of Si,VJl,VJu inns Is
the largest amount of gold that has gone
en- one ship for a long time. AT the same
time there was = tendency IN the can
money market TO harden carry ln Ihe @ uaS.
Mr. Sage and others came to the rescue
bv Offering Sl5.ttJ9 $50, or more, at per
cent, which satisfied all biuders. II any
loans were made at higher rate II was
unnece ssary. The street figured that with
this heavy shipment of gold the Dank
statement this week is likely to make d
poor showing. This is moi by any means
certain, however, as the movement OF
money from the interior has been in favor
of New York this week, and a portion
at least OF the bond purchases OF Secre-
tary Gage will count in the statement.
As the tine for the announcement of
the Northern Pacific deal approached. the
street was filled with gossip regarding us
tenor. Some of the stories undouptedly
were accurate, and others very likely had
no foundation in fact. The one positive
matter OF news during the day was the
announcement of the incorporation in
New Jersey yesterday Of the Northern
Securities Company. with a capital of
$500 gJ0.OUJ The company was lncorpO-
rated by Morgan people, ana the business
of the concern was stated 10 be the ac-
uElTlnG
securities. This company is the holding
company that will take over the securi-
ties of the Morgan railways. without
doubt. At the meeting of the Northern
Pacific directors yesterday Samuel
Spencer. the President Of the Southern
Railway, was elected director, vice Mr..
Bacon. resigned. Both men are Morgan
men so that apparently there IL no sig
Spercer may be considered stronger The
gossip regarding the settlement took
various forms. II was said that the stock
Of the new company VIII be put on q
dividend basis Immediately. Apparently
some OF the old securities VIII be ex-
changed for this stock. and others viii
be deposited with the holding company
There seemed 10 be q general impression
that some Of the present ! per cent Sc
curittes would be exchanged at par for
the new stock which on ; per cent divi-
dCnd basis would Of course be advantage
Gus to the holder. Another story was
that while the 81. Paul. Northwestern,
and Atchson companies are not entering
into any financial merger with the Nor
gan-Harriman people. they have agreed
TO a close alliance as far as traftic Is
concerned. which will be quite as good,
it would seem. as far as maintaining
rates and preventing competitive railway
building is concerned. II WAS this feature
Of the gossip that produced the most IA
vorable in. prcsNon during the day, as re
Gently il has come to be the understand
ing that these systems are not in the
deal in any way.
The New York traction securities were
the strongest on the list YESTERDAY all
making new high prices and good net
gains for the day There was a cnntinu-
ancc of the gossip regarding a possible
merger Of the different traction com
pauies but it was denied in such 4 way
that there docs not seem to be much
chance Of there icing any truth in it AT
present. at any rate. Vice President
Skitt. of thC Manhattan. made he state
meut ycste rday that the company viii
begin to operate with its electrical cquiu-
mcnt In December, and that before the
nd II the year almost the entire system
win have discarded the steam power.
Mr.. Gates Is in New York again. The
gossip on the street yesterday regarding
him was that he has an appointment to
meet the United States Steel people 10
talk over the purchase Of the Colorado
Fuel and IRON Company.
7 ne Southern Railway securities gener-
aliN' were quiet yesterday. The earnings
of tho companies continue to show an
excellent Improvement The reports of
the Southern, the Norfolk and Western
and the Chesapeake and Ohio. all show