The Washington times., 1901-07-27
Government Bonds.

U. S. As, c, 1925.................. 1854 i39
U. s. SIS, X. 19oi.
u. S. SIS. C. 1901, Q. F......-..... 10y !Vsa
The stock market was not broad yes
terjay and for this reason it might b'
argued that it was not in any way i'm
rortant. The bears said that the ad
Nances in prices meant nothing more thar
manipulation. The street in general wa:
inclined to take the same view. 1t may
be stated as beyond question. however
that not a few careful people have beer
buying stocks this week in the expecta-
tion of selling them out at higher prices
/ in the not very distant future. This buy
ing is of the quiet kind that usually IRE
cedes movement, the kind that super
ficial view of the market would not lead
one to suspect. 1t is taking place in the
Steel securities, the anthracite coalers,
/ and many other stocks not too closely af-
fected by the crop outlook. The theory of
the present situation taken by these peo-
! pie is that the had news Is all out and
/ that when the good news begins to come
in the public Will wish to buy stocks 1t
is thought that news of the end of the
! strike of the steel workers Will not be
delayed many weeks now and some peo-
! pie expect its force to be virtually spent
/ in two weeks or less. 1t is to be eX-
J pected that there will he heavy rains in
/ the West shortly also. The money situa-
tion and the railway earnings are Roth
such as will lend efficient aid to an up
ward movement when once inaugurated.
! II the specifically bad features of the sit
various matters into consideration coed
many people are buying stocks f.ct win
the idea that there will be an immediate
boom, but hoping for and expecting such
an advance some TINT next month. They
wish to sell out when the public is buy
| ing, and not try to brIy with the pubic.
The movement is a professional enc, G:
course, but it is not to be hoped that
there will be much else for the present
/ The big people are willing to allow the
market to drag, only wishing to prevent
any violent break and the public must
/ have definite and important gucd news
and advancing prices before 1t Will do
I anything.
| The talk of todays bank statement has
been hopeful. The banks have gained
from the Sub-Treasury since last Friday
something like s1.5e),099 and they have
gained 100000 more or less from the in
terror we'll IL is said. The alleged
shipment of gold Thursday was mis-
take, the bank which drew $4,000 on that
day wishing to send $4,000 to Canada
and to use 5000 600 itself. 1t is not proba-
bic that the statement will contain very
large figures either way, but the outlook
is good that they will be on the right side
Money yesterday loaned on call at 2 and
21z.
The crop dispatches were again diver
gent in their tenor, some reporting good
rains and the outlook for more throughout
the corn belt, and others saying that al
most no rain has yet fallen. Considering
the advances in the prices of the granger
securities yesterday when they had ad
vanced on the previous day should be con-
sidered a very good record. Atchison
common advanced TO 1915 and closed at
73h. and the preferred advanced to 95S
and closed at 95 st. Paul advanced to
1914 and then went OFF somewhat but
closed at 1908 with a net gain. Rock
Island advanced to 1929, but sold off rath-
er sharply before the close to 40 and
fraction. Union Pacific went up to 10lH
The particularly good showing of the
Atchison securities was due undoubtedly
to the report of the company for the
month of June, which fulfilled all expec-
tations and little more probably. The
net earnings OF the company for the
month Increased $5l2 900. and the net in
come, after taxes and rentals increased
Ai9s7o. This statement indicates that the
showing for the common stock for the
year Will be at least 7 per cent after
charging ] or per cent for maintenance
Certainly such a report Is not one on
which TO become bearish on the securities
Of the company. The Atchson will lose
some grain traffic and some cattle traffic
on account of the drought. hut it will have
a successful year Notwithstanding this, in
all probability.
The Steel securities were very heavily
traded in, the sales Of the common prob
ably exceeding those Of any one other
security. Both stocks advanced we'll the
and the preferred getting high as g2Jz
and closing at s2. When the strike ends
and the public begins 10 buy these stocks
IL would seem probable that "A coterie of
insiders expect to sell to them at a level
three or four points higher. Mr. Keene
Is earning big commissions In his manio-
ulation of the securities of the billion
dollar trust. and II seems wholly unlikely
that he Will fan to take advantage Of the
public demand that such news would
bring out.
The coal securities were also strong.
partly on account OF the favorable things
in the coal situation and partly perhaps
because of the outlook for an early end
OF the strike, which would Indirectly ben
eft the coal trust, of course.
Gross earnings reports were nearly all
excellent. Roads reporting for the third |
week of July SO far show Increases
to more than II per cent, one |
of the largest showings ever made The |
and Ohio increase was S34 600 |
The recent break in the price OF cotton |
indicates that the cotton crop is safe and |
this In turn ensures prosperity for the |
Southern railways generally. Louisville
and Nashville and Southern Railway to |
many people both look like good purchases |
around their present level.