The Washington times., 1901-08-07
Government Bonds.

intrcasc. --Decrea>e. NUnllsted.
Total sales, 4ii,0ed shares.
Government Bonds.
Bid Asked.
u. 5. 2's, IL. l9Oo,9o. Q J........ ic5s. IGs4
L. 5. Is, [. l9oosO q. J........ lJiil rS9.
L. $ s.. r, IYJs q F........... lJs4 100
q. :. IS. r. 1sls, r. c. F........ 1854 Ivg
L. 5 IS !.16 Q. J.............. lt5 llo5.
U. 5. As. 1907. z. J............,.. i!3 ll3s;
Z ;. IS, X. l9-9.....-.-...-.-... -. l3s
u. :. As, I, l525.................. l51 10y
L. 5. IS, Il, l5Di4................- iuIa l,ei
L. 5. IS. Z. 1891. q F........-... lU1s iOS'a
The market was extremely irregular
yesterday. at tines showing a surprising
| strength and at Others a weakness equal
to that Of Monday s closing. There was
nothing of Importance in the business OF
the day and the net movements were
small the average probably being a slight
advance. Such activity as WAS eXhi';iJed
may be attributed almost wholly to the
professionals. The market is waiting for
developments in the strike situation and
for the Government crop report and lit
tie more than a professional and narrow
! market need be expected.
There is good evidence that Mr. Keene
| intends to support the Steel securities.
| no matter what occurs. They may be
! allowed to go u little lower. perhaps to
the levels reached on the last break, IS
and S. The belief that the syndicate in
| will be Of much service to the syndicate
| in keeping them up. as it viii cause many
| people to make purchases around the
! present levels and on any further recess
| sion. The Steels had a fair advance yes
| terday to around Il and 80, respectively,
| but went off somewhat in the last half
| hour with the general market, the COM
| mon to 10 and the preferred to 50 and u
! fraction. The news of the strike was not
] of decisive character in any direction
! and the street realizes that there is no
-
| ment as 10 the outcome. a good many
people, however. believe the Steel securi-
| ties TO be fair Speculative purchases at
| their present level
| The grangers, with the Steels. led the
! market They were strong in the morning
and held their own during the greater
/ part Of the day, St Paul and Union Pa
/ cifiC being the most buoyant Of the group.
| During the last half hour they broke bad
| ly to around the low prices of Monday. in
most cases ST. Paul, for instance, went
| to I5T:s at one time, only on eighth be-
| to 155 aud a fraction, trille better than
| the low of Monday. Union Pacific fol-
| lowed the same course. The movements
were entirely professional and without
significance. The crop news was not diff
ferent in its variety from that of any
recent day. mt the street pays little at
tention to the dispatches from the corn
belt now, preferring not to form any opin-
ion until the Government report Is out.
1t may be stated ,as a fact however
that there is certain amount of buying
of these securities the declines every
day, by people that are not attempting
to scalp the market fractionaAy. They
90 not look for much further break in
the grangers, even should the worst of
the corn stories prove true. They con-
slider the present prices low enough for
a speculative purchase, considering the
chances that the corn crop will be much
better than expected.
Attention is attracted to the Chicago
Great Western by talk OF extensive plans
for extending the system into neighborinR
territory. There will be lines built to
Omaha and to Sioux City. a number OF
short lines have been bought, and other
branches will be built ii is said Shrewd
people that know the management of ti,is
system say that these extensions mean
that the Little Granger intends to profit
by the community of interests plan,
whether the big clique wishes IL to or not.
1t would seem very certain that the posi-
ton taken is tenable one. Already the
Great Western is capable of causing much
friction in the rate situation. When ii
gets into the best territory Of its rivals
in the Middle Western States generally,
1t will be in a still more commanding
position. The story has been told. and
interests of the Great Western was Of
fered certain price for Its stock some
time ago. and refused this offer, as not
being in the least in harmony with the
of Northern and Union Pacific.
There was more than the usual activity
in Nickel Plate, for no reason that APP
peared on the surface. Pool manipulation
probably should be given the credit. The
earnings of the company have been un-
there will be any dividend until the end
of the year at least Southern Pacific
strength was also attributed to pool buy
ing, though in this case there was very
ul
the outlook for the stock is good. No
dividend is looked for for this stock
either at present, though the rumor of a
dividend was revived yesterday.
Industrials that Were taken up especial
l. yesterday. were Consolidated Gas and
American Cotton oil. The talk in connec-
ticn with the Consolidated Gas movement
was that the company has sold a large
block of real estate TO the New York
Central Railway, and will distribute the
of an extra dividend. No particular foun-
dation for this story could be found. with
the exception of the fact that the com
pany has real estate which it will not |
have any use for. when the new plant is !
completed. The Cotton Oil developments |
are not very well understood by the |
street. The comIa any has called for the |
deposit of stock, and one story is that |
the management desires to get controll- |
ing interest in the stock into its own |
hands with view to making some con- !
SOlidatiOn deal with the NHBlhld-IHfO- |
lima Chemical Company.
Tic earnings reports again were espec- |
tally good. Among the most interesting |
was that of the Southern Railway, which |
showed an increase in gross earnings for |
the fourth week OF July, OF Sll3,952. re- |
rrarkable increase. The Missouri Pacific |
for the same week. shows an increase of |
S2I7 $50 the Chesapeake and Ohio for the |
same week, an increase of SS4,ly5, and the |
Norfolk and Western for the week. an |
increase of So, ,99i. The Great Northern |
for the month of July shows an increase |
in gross of Sil5, 10 The last days in July |
witnessed a phen -menal jump in railway |
business for sorle reason one theory IS |
that the Western farmers shipped their |
cattle to market heavily because of lack |
of feed and fear OF the drouEh.. This !
would not seem to account for Ire entire |
gain however. In the above earnings, Tor |
Instance only two Western lines are CIV |
portionately the increases in the South |
were quite as large as those in the West. |
Tn Anthracite coalers went with the |
gt neral market. but showed a very fair |
strength for the most part Reading )
first preferred continued above rs for the |
greater part Of the session, for instance, |
-" the Fries were rather better than the |
general list. The outlook for these Sc
curitieS is good and there is investment |
buying around their present level, on the |
theory that they are selling relatively |
much lower than the grangers, or other |
railway securities generally. The reports
of the companies for the past year have /
been very good. despite the large cut made
in earnings by the strike. The business
for the present year can hardly fail TO
be much better. as in place of a strike
there are great demand for anthracite.
interests that viii allow the companies
Ia rCaD the largest possible reward from