The Washington times., 1901-07-30

will do more in the same line today and
tomorrow if the positive news of the end
| ing of the strike is forthcoming. 1t has
been and is professional market almost
| entirely. As for an extended movement
| at present, few careful people look for
| anything of the kind. The market is in
| pretty fair shape for an advance of "a
| Few points between now and the time
| when New York will be called on for
| funds to move the crops. Such an ad-
vance may come or may not. The chief
| satisfaction in the present situation is that
no break of importance is likely to occur.
There will be good buying on the reactions
| Tor a turn and some careful buying for
| investment also on the theory that the
| next important movement, even If 1t is
| delayed, is likely to be in the upward di-
| rection.
The business situation offers much of
| encouragement and little on which to
| become pessimistic regarding the stock
market The steel strike is to be settled,
| ana Mr.. Morgan has won his great battle.
| Careful people will realize that this
means much for the Steel Trust and for
| the prosperity of the country in general.
Money is easy and the financial outlook
| is all that could be desired. plentiful
| supply of gold seeming inevitable during
| the coming year. The corn crop will be
| cut down perhaps quarter. though prob
| ably not so much as that. The yield with
the surplus from last year and with the
| superb wheat crop now almost assured,
viii make the total grain crop a very fair
|
ana for wheat, and there is no great like
| nhood that the West will suffer much de-
preston on account of the drought. De-
spdtches state that fodder will be raised
| for the live stock and seed for next year,
| even whore the drought has had its worst
eHects The farmers, too, have had sew
erai years OF prosperity and are not likely
to- curtail their general expenditures
greatly because of one years poor corn
crop Thus it will be seen that the West
ern railways in general are not by any
y Df
aster Some experts expect a showing
| almost II not quite as good as the superb
one made in the year just completed. the
hnest ever made up to the present time
| The coal situation is excellent Mr. Nor
| gan being as thoroughly in command
here as he is of the steel business. Good
prices ana large output are the reason
| able expectation. The cotton crop will be
a good one and prices Will also be good,
and the South is likely to have year
fully equal to the one just completed.
The Steel securities were the features of
the session The game began in London,
where both the common and the pre-
ferred stocks were bid up. The opening
in the New York market was q rapid one
with sharp demand from the shorts and
some commission orders also, resulting in
prices well above tiiase of last Saturday.
The common opened at i6 and the pre-
ferred at 95iz Later the common
advanced to 46lz and the preferred
to si&, the highest prices for sew
.
decline in these securities. as in
the general market, but the close at 45I4
for the common and 50 for the preferred
showed a good net gain in each case. As
pointed out last week Mr.. Keene has
probably bought 10000 shares of these Sc
curities during July from the shorts and
stock. He is the head of the finest man
aged pool that ever existed. All last week
! until Friday and Saturday people were
selling these stocks short to him. conf
I n hot ttn.air
lower prices. On Friday the covering of
the shorts began and it was continued on
Saturday and became quite excited yes
| terday morning. Mr.. Keene meanwhile
| may be supposed to be feeding out the
| 10000 shares that he has been buying in
each case making a profit on the trans
| action. Thus this gentleman is able to
support his stocks when they might break
too far and sell out when they are in
danger of advancing too rapidly without
| in the least injuring his $500 100000 fund. 1t
has added to the fund instead OF cutting
into it. Both these securities look to
! many to be good purchases on all reac-
tions.
Tennessee Coal and Iron, Colorado Fuel
and Iron. and other iron and steel securi-
ties We're advanced in sympathy with the
United States Steel in the morning and
went off with them in the afternoon.
Tennessee Coal and Iron got high
CT at one time, and closed at 63. 1t might
be fair supposition that these stocks
would be adversely affected by the settle
ment of the strike, on the theory that
the strike would give the independent
companies an advantage over the trust.
One tipster yesterday advised selling
Tennessee Coal and Iron this theory
Such reasoning Is short-sighted. however
a successful or even long strike against
the United States Steel Company would
be such calamity that it would have an
adverse effect on the entire country and
even on the rivals Of the big trust.
The granger securities were all buoyant
| in the morning because of the welcome
| weather news from the West. They held
| their own well until the last hour, when
sagging tendency made itself mani
| fest. Atchison common and st. Paul
| were the leaders of the group. The
| fine report of the Atchison company
heretofore analyzed in this column
| for the bullishness regarding the Atchi-
| sons. st. Paul was bought by pool in
| terests. and some people continue to say
| that this pool buying is for control. A
| fine St. Paul statement was also publish
: ed during the day and undoubtedly had
some effect. Gross earnings for the year
increased nearly half million, and the
| curtailment of operating expenses was
so successful that the net for the year
| showed nearly million increase, or
! s929 564, to be exact. This increase, ii may
be noted, is equal to about per cent on
| the common stock above the fine show
| ing made a year ago. The outlook for
| the granger securities is an interesting
one. They are selling still at a very high
| level, even for good crop year, and
many people look for Il downward tend
| ency for the group later this year even
| If the general market is stronger. Others
| believe that the drop of Is to 30 points
from the top prices was sufficient to dis
count all the crop damage. Very GER
tainly with the community of interests
plan now in force and with earnings
larger than ever before, it would not be
the part Of extreme conservatism to go
| short OF the group.
The st. Louis and San Francisco re-
port for June and for the fiscal year was
also given out yesterday, and also proved
very good reading for the bulls. The
company earned after fixed charges.
taxes, and rentals for the year a surplus
of S.13s 1856. an increase of $50. .3GS over
last year. The surplus is thus nearly
double that what II was in the previous
year. II is trtne under per cent on
the common stock.
The hard and soft coaicrs were the
strongest group on the list far
their net movement was concerned. The
Readings especially made good gains and
held them, Reading first preferred closing
at II. All the other stocks OF the group