The Washington times., 1901-12-10

|
rection. 1t was doomed to II in the last
hour on heavy buying orders, jump OF
F, 6 points for the low of the day, and
| closed at 20. The action of the stock sug-
| gested strongly that ii might be given j
further sharp upturn today.
The movement was made more interest
| ing by an offer of Mr.. Lawson, of Boston,
made with much flourish of trumpets TO
pay an eighth for an option on 100, 600
| shares of the stock at so today, and a
further offer to pay 5la for the dividend
| on the same amount of stock for the
| coming year. 1t was said further that
! MIR. Lawson was one of the buyers of the
stock at least, If not the principal or
| only one.
The street Became More Hopeful.
Nothing new is known regarding the
Copper blind pool. but naturally when
the stock began to advance yesterday
afternoon the street became more hope
full in sentiment regarding it. There were
surmlses that, after all, the dividend is
not to be cut, and there was talk of the
probability that the trade conditions have
improved so much that the company is
out of trouble, if il was ever in any. No
reason is known for anv of these sur
misses, except the one that the stock is
TO speculate in. No blind pool security
ever is.
The latest Lawson proposition may
mean simply that he has learned some
thing good regarding the company, and
has decided to buy more stock in addi-
tion to what he asserts that he already
holds. On the other hand, II may mean
that he has been selling the stock short
up TO this time and has now covered his
r1.a
sition is only to be made on the theory
that Mr.. Lawson has been deceiving the
public in his recent numerous interviews
telling of his heavy losses.
In the General Market.
The entire stock market recovered hand
somely with Amalgar,ated Copper during
the last hour of the day. This seems to
prove that however much the attempt has
been made TO prevent Copper from being
dampening influence, it has still had
much to do with the recent sagging of
prices throughout the list.
Some people last night expressed the
opinion that the Copper difficulty has been
the chief one. anC that If there is really
to be a genuine and important recovery
In this stock the general market will also
make complete turn. This view is con-
sidered by conservative people to be too
optimistic. The money situation is still a
deterrent factor, and seems likely TO con-
tinue TO have dragging influence for sew
eral days to come at least. 1t will pre-
vent broad market at least, for heavy
buying by the public would undoubtedly
cause a sharp advance in rates.
The most that can be expected is that
the large interests may advance prices
in order TO get the public into the market
after the first OF the new year. when the
interest and dividend disbursements are
made.
Advance In CnI Money Rates.
The financial situation is interesting.
Call money advanced yesterday to per
cent, but later. on large offerings, declined
to 5l1 per cent. Sterling exchange dropped
TO the lowest point recently seen. on ac-
count OF the relative tightness OF money
on this side. The conservative opinion
is that there is no reason for anxiety
over the situation because there is not
the slightest reason to expect an active
stock market. II may be noted that the
decline in the sterling exchange rate pre-
cludes the possibility that there will be
any exports Of gold in the near future
Aside from the Copper gossip of the day
and the news OF the financial situation
there was nothing OF interest in the street
yesterday. In the same way the indI-
yidual movements OF other securities than
Amalgamated were not of Importance.
The entire market was weak during the
greater part OF the day. but advanced
strongly during the last hour.
Pacific Mail Goes Up.
The introduction Of the new Frye sub
sidy bill perhaps had some effect in
strengthening bullish sentiment. The
street generally is in favor of the bill
and believes that it would be a good thing
for the business interests OF the country
generally. Naturally it looks for an es-
pecial benefit to the Pacific Mail Company,
which would derive large direct revenue
from the law. In the same way The
Southern Pacific would be directly bene-
fitted, as would the Union Pacific, the
controlling interest in the Southern Pa
ciic
But all the Morgan railways and in
drstrial concerns are interested TO a Ger
tain extent in the measure also, be. .uae
Mr. Morgan is branching out as a shi1
trust manager as well as steel trus'
manager and railway trust manager.
Even II the Northern Securities Company
stocks would not be benefited directly by
the passage Of such law the sentimental
effect on them would be likely TO be
large. And 50 the fair prospect of the
passage of the bill may also be supposed
to have a lesser effect.
Pacific mail advanced two points yes
tcrday afternoon and Southern and Union
Pacific both advanced fractionally Pa
cinc Mail stock is likely to be lively in
its movements during the remainder OF
the winter. II Is not probable that n viii
advance an the time and steadily. II
has never done this before But there
seems TO be a very fair chance that II
viii ultimately attain much higher level
Il the liil becomes a law.
The November Earnings.
The earnings reports for the last week
Of November make better showing than
was expected. Thirty-four lines show an
Increase in gross of 1898 per cent com
pared with an increase for the third
week OF 1855, an increase Of l1.23 for
the second week and an increase OF ll.s3
for the first week. 1t is interesting TO note
that the granger and Pacific lines showed
the largest increase for the week. despite
the supposed bnd effect of the corn crop
shortage.
The Pocnhontns Coal Lands.
Norfolk and Western and Chesaneake
and Ohio both had fair gains in the after
noon revival OF confidence. Neither stock
has been very weak during the rec, Mt de-
cline but both have lost two or three
points. There was advice to buy both
in conservative quarters yesterday based
on the fine earnings shown in recent
months and on the excellent outlook.
The requirement OF the Pocahontas Coal
Company by the Norfolk and Western