The Washington times., 1901-08-30

The chief characteristic of yesterdays
stock market was its dullnesS. The SEES
sion was one Of the least interesting and
least productive of business of the sum
mer. Prices were wei held up. however
and even made fractional gains in most
cases, so that as far as the business went
II was more in favor of the bulls than the
bears. This was somewhat OF surprise
to the street generally, which had looked
for further realizing in view of the hoii-
day from today until next Tuesday and
because the financial experts generally
have said that tomorrow 9 bank statement
viii be a poor one. The strength Of the
market is not mysterious, however. 1t
means, very evidently, that the holders
of stocks do not wish TO sell at the pres
ent level, and that the bears are not
willing 10 take the risk of selling stocks
short. The dizziness indicates that for the
present at least the buyers are not much
more numerous than the sellers. Such a
market Is generally considered more like
~ to give way TO an advance than to 4
decline. II Will be interesting to see if
the rule proves true in this instance. In
any event ii is not probable that there
will be much Of a decline while the strike
Is unsettled, but on the verge OF settle
ment while the crop news continues to
improve, and while the superb July earn
ings statements are coming in.
The outcome seems TO depend on the
insiders. The public will not buy stocks
in a dull market and hence if the insiders
DO not begin a movement upward there
developing. The insiders may consider the
present good time TO make boom or
they may wish TO wait until later in the
year, when money conditions are less like
ly to prove troublesome to their opera
tons. That the insiders will wish 10 make
hlShtr Prices at some time in the near
future can hardly be doubted. They have
big blocks OF old and new securities TO sell
and the whole great sUperStructure of the
recent vast railway deals depends on their
AGILITY to sell them. Investment purchases
-HHN a.aHfN a. Lii
ful market people. Speculative purchases
also are considered likely to prove profit
able II made carefully after recessiOns in
prices.
The chief matters Of interest in the
day business Were the strength OF the
Gould securities and other Southwestern
STOCKS the Duylng OF the anthracite coal
ers. particularly the Fries. and the weak
ness Of "Smeitcrs. The break in Shelters
came at the opening and attracted some
attention. The stock sold on the day be-
fore at - and declined a point or more
before the close. Yesterday before noon
IL had broken TO ~ on what seemed TO be
inside selling. The statement made by
friends Of the company was that the
dividend is In danger. The story was told
on the day before and il was a generally
distributed tip then and yesterday morn
Ing that there would be an important
break. in the stock This igra;uitous in
formation regarding the danger to the
dividend and the generous distribution
suspicion on the bona iides of the entire
business, and when buying showed itself
around 80 the street generally came TO
the conclusion that the insiders has
wished the decline in order that stock
might be acquired. What may be under
the movement cannot be discovered. One
theory is that the Amulgamated Copper
Company h. planning 10 buy in the Snlelt-
ers and that the insiders wish to help the
purchase by getting outside stock cheap.
The strength OF the Gould securities was
again noticeable. Missouri Pacific got as
high as los and Kansas and Texas and
Texas and Pacific were both well sus-
tanned. Atchson and Southern Pacific.
not Of the Gould group. but of the South
western securities, were also firm and al
most buoyant at times. number of
stories to account fer the strength OF
these stocks are afoat one is TO the ef
feet that an agreemen. has been made to
advance freight charges in this section In
October. This is not unlikely as the en-
tire trend Of the developments in the
West during the past year has been to-
ward harmony among the different
interests that would allow OF higher rates.
The Gould reorganization plan is I'M
doubtedly under way. The :surmises re-
garding the nature of this plan are va
rous. but all seem 10 include the idea of
one big controlling company. This MAJ
be the Missouri Pacific expanded 1t