The Washington times., 1901-09-11
Governments Bonds.


price level at the highest point being not
ma teriaily lower than it was before the
President was shot last Friday. During
The aCt few minutes Of the day there was
( some decline on profit taking. but Cespite
I this large net gains We're the rule and the
{ session should be considered to have been
( almost entirely in favor of the bulls. The
news of the day was extremely favorah BILE.
| including the bulletins indicating that the
/ President is out of danger practc llly and
( the orders from the Treasury that bonds
be purchased and that money be diverted
/ into the New York depositaries. But al
though strictly as a market influence the
news of the President is of the utmost
, Importance, and although the action OF
| Secretary Gage probably removes all dan
ger OF monetary strinSency during the
! present month. it is the opinion of many
I conservative market people that tie f.d-
I vance in prices has gone about far enough
for the present. The situation is not more
hopeful on account of the shooting OF the
! President. nor is Ii improved by the
fact that the New York banks have been
| obliged to call on the Treasury for aid,
| and yet the market this week has been
! so strong that an outsider might almost
| have inferred as much.
The outlook for the market Is entirely
! favorable Conditions seem to warrant
| the belief that prices will be much higher
! than any level they have yet attained be-
! fore the end of the year if the recovery of
! President Mckinley is as rapid and COM
plete as now seems likely. The thing that
il does not seem safe to expect is that the
| boom will begin Immediately, or rather
has been begun already. The short inter
est has been almost entirely eliminated by
the advance of the past two days. Inc
public has not yet cone into the market
in any great force. The insiders, while
they bought stocks and advanced prices
Yesterday morning. were sellers for the
most part in the afternoon These are
| technical reasons why recession would
not be surprising now There are otner
technical matters that are not propitious
at any rate. While the action OF inc
Secretary of the Treasury yesterday has
probably removed danger of monetary
stringency as the market IS now consu-
tuted it is entirely probable that II ols
bull market were attempted II "2uld
cause trouble of a serious character ne
banks are in no position TO iend large
sums of money to speculators. The IN
siders will be able to avoid any important
break. no doubt, and if they do this when
rate of millions week to move the crops
they will be doing a good service to the
cause of ultimately higher prices
There were two crop reports yesterday,
the weekly statement of weather crop
conditions, issued by the NeathSr Bu-
rcau, and the monthly report OF tne sta
tistician Of the Agricultural Department:
Tho weekly report says OF corn. ana OF
cotton, the two crops that have been in
danger:
ducfng States west of the Mississippi Riv-
er indicate that late corn is maturing
rapidly and that cutting is in active prog
ress in ali sections, being nearly cempiet-
ed in some localities. The late crop con-
tinues to improve in Nebraska and is NIL
ing better than anticipated. In iowa the
bulk of the la.e planted fields Will be Pc
yond danger from frost by September
2U in the dry section of the State about
one-half the acreage being already up.
Generally favorable reports are received
from States east of the Mississippi River, |
with the exception of Illinois. where corn
has deteriorated slightly and its maturi-
in progress in the northerly sections un-
der very favorable conditions.
THE weather of the past week has |
been more favorable for cotton. Ihis sta,
pie is opening rapidly in all sections and |
picking is in general progress COM
plants Of rust and shedding still continue; |
however. from the eastern and centrai
districts of the cotton belt, and the top !
crop is short in Georgia and Florida,
while reports of damage by boil worm are |
received from Mississippi and Louisiana.
No improvement is noted in the late crop |
in Texas il having stopped growing and |
blooming in the drought stricken districts,
and is shedding and rusting badly where
rain-felL
The para graphs on both cotton and corn
are highly favorable. The monthly re-
port of Statistcian Hyde is disappoint-
ment regarding corn, which, according TO
his figures. deteriorated to 81 during the
month of August. Some suggestion that
such a showing might be made has been
heard. but the general opinion has been,
and was yesterday. that an improvement
would be shown. The report agrees nelth-
er with the weekly reports of the Weather
Bureau nor with the unofficial state
ments of the trade papers, the railway
officials and the brokers. 1t Will be in |
teresting to note the effect of the report
on the market
The granger securities were. as a group,
the strongest on the list yesterday. An
ticipation of a good monthly crop report
was one cause of this. undoubtedly. An
other was the belief in many. quarters
that the railways of the section VIII have
most prosperous year and that higher
prices are warranted by conditions. The
specially buoyant stock yesterday was st.
Paul, and there was a special story to |
accompany its boom. The talk of an ex-
ira dividend. an advance in the regu- |
lar dividend rate. was repeated persis- |
tently The meeting of the directors will |
take place tomorrow. As far as can be |
learned there has been no definite agree |
ment as to the dividend rate. but 1t is
thought possible by conservative people |
that something may be done in addition |
TO the regular per cent semi annual
dividend. An extra dividend of / per cent
is possible. An increase of the regular |
rate to Z per cent is less likely. 1t is not
disputed that the company could pay a
larger dividend very conservatively. Some |
important interests believe that the ad-
vance rate should be made. The reason
why spectators should be cautious in
making up their minds that the rate is |
to be changed is that the per cent rate
was only established half year ago and
another permanent advance in the same |
year would be "a most unusual thing. st.
Paul advanced to l6544 more than II points
since the low price IF Saturday. IL closed |
? points OFF from the high. but with a
good net gain. nevertheless. Atchison |
common advanced to ia and closed ut
167s. with a good net gain. Rock Island |
and Chicago Great Western and Union |
Pacific all boomeG. the last named stock
getting within a small fraction of par at
one time and closing at 9S-4.
Colorado Fuel and Iron and Tennessee
Coal and Iron were both buoyant. the for
mer advancing to par and closing at the !
top and the latter getting as high as 65A |
and closing at Go. The talk of the proba-
bility that these companies will be bought !
up by the Steel Trust soon the |
strike is out OF the way was heard in the |
street, though IL may not have had any |
more significance than as an indication |
that pool is working In the stocks.
The report of the Colorado company for
the year ending June 30 was an excellent |
one Gross earnings increased nearly |
s.. 000,000. and although the company eX-
pended money heavily for betterments. |
the net earnings were 81 900. showing |
an increase of S201 .01. There was paid |
into the sinking fund of the company |
$3.50 0U; there was paid In dividend on the |
preferred stock sl6060. and there was |
paid in back dividends $3.50 600 With all |
the extra payments made there was a
surplus before the payment of the back |
dividends of 81. .l32. 600. which added to the |
surplus OF year ago makes a total of |
81 So 900: After the payment of the back
dividend the total surplus was S.l11,OO |
which is equal + nearly l3 per cent on |
the common stock.
The Steel securities were particularly !
buoyant. especially during the last hour
of the day. The common stock went up |
Az and closed Az and the !