The Washington times., 1901-07-13
Government Bonds.

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Yesterdays stock market was con-
unuanee OF the recently inauS1Tated De
cline IN prices in every way The open
ing was at a recession from the closing
level Of the previous day, and after a lit
tie preliminary strength another sharp
tumble began. Prices went on more
rapidly than at any time before, with
entire point drops between quotations
oftentimes. and with breaks Of from two
TO five points in a few minutes Appar-
entity there was no support given by the
| insiders and no one wishing to buy at any
! price. With this poor market for stocks
/ and a big desire TO sell it was not sur
prising that the tumble should be sharp
I and fast. IL is not unlikely, too, that
some Of the larger interests helped the
decline by Offering stocks down. Around
noon there was cessation of the pres
sure and during the afternoon the market
showed a tendency TO recover, though II
was not Of an important character, The
ostenSible causes Of the early break and
OF the small rally were not novel and not
particularly interesting. In the morning
there was nothing except very bad news
from the corn and cotton and Oat crops.
The talk Of the monetary conditions was
all peSsimiEtic. The Steel strike had not
been settled. Later in the day there were
runners OF rain in the West, and the
street began to hear the suggestion that
today bank statement may be a fairly
good one on account OF the big cutting
Of loans during the past week. The gos-
sip regarding the Steel strike situation
was also more encouraging
The outlook for the Immediate market
is not so gloomy as il was. II may be
argued. and IS. with much show Of rea-
son. that prices are still too high, but on
the other hand the break has been big
and important. and even IN bear market
good recOveries are to be expected. It is
probable that there viii be good buying
by bargain hunters" for small profits on
further hfeaks As to any large recovery
at this time it would seem that that il
hardly 10 be expected The summer sea-
son is not a good one for a bun market.
even when IL starts from the ground
floor and the ground floor has not been
reached as yet Big rains in the West
and the settlement Of the Steel strike. and
better money conditions would prevent
any further break beyond any reasonable
doubt. but il Is probable that they could
be expected to do little further a dull
market for some time TO come IS TO be
looked for in the event that the break is
over.
Some of the low prices reached were:
AtchisOn common, 90; st Paul, lJii4;
Pennsylvania 14I2;; Union Pacific 81 and
a fraction; Steel preferred, g and a frac-
tion; Steel common, a; Tennessee Coal
and Iron. 57lz; Southern Pacific, 1917;
Manhattan. ll5: Brooklyn Rapid Transit,
%. and Louisville. IOJiz. The list IN gen
eral showed quite as serious breaks. 1t
will be seen that the lowest level Of
| Thursday was in most cases passed con-
| siderably.
The only news Of the day that was not
bad consisted of earnings statements.
Here the bulls, as usual found cOusOla-
tiOn. The difficulty, however, Is that the
recent high prices In nearly all cases
more than discounted the best earning of
the past year. while the outlook for the
coming year Is not nearly so rosy as the
prospects were twelve months ago. II is
Of use pointing TO the St Paul state
mcnt for the first week Of July, show
| ing an increase in gross earnings, when
the recent price Of the stock has been
| quite high enough for per cent stock.
| The st PAU, with all its prosperity, is
not likely TO pay Z per cent for some time
10 come. and may never do so. 1t is no
use pointing TO the Rock IslSnd and the
AtchisOn earnings statements for last
year. when the corn crop is likely to be
one of the smallest in the past twenty
years.
The slggestion made by one OF the
Wall Street authorities IS that either the
big interests are fighting again bitterly
OF they wish to complete their purchases
OF the Western systems and believe that
they will be able to DO so better In
loW-pTiced market. Both Of these theo-
ries are worthy Of consideration. II is
certain that the purchases Of Union Pa
cifie Northern Pacific Burlington, and
other Western stocks By the big interests
more than anything else did put prices
up far beyond their legitimate level II
IS conceivable that these same Interests
may wish TO get control Of the Atchison
10 make their position more secure and
] tnat the recent level OF Iue SstQTltleS OF
this company may have been considered
out Of the question. On the other hand,
! the rumors 0f a isagreement between the
/ Morgan and the Hartman Interests dur
1 ing the past day or two have been per
/ sistent,-aud not without an air Of proba-
/ bllity. One story yesterday was that Mr..
| Morgan. through Mr. Kcene. is causing
! the break in Union Pacific for a lesson to
/ air. Hartman.
The anthracite coal production during
| June was 4.55.1fS tons. an increase over
the same month Of last year Of 19.2iS tons
/ The fine increase IN production continues
and at the same time the price OF anthra-
| cite Is being advanced steadily. The out
/ look for the Reading and Erie securities
/ Is excellent and purchases made on the
| breaks like that OF yesterday are likely
| TO prove good Investments according to
! some OF the most conservative authori-
| ties. Reading first preferred went TO 741L
! Erie common went 10 %.
The statement OF the Illinois Central for
Nav and for the eleven months of the