The Washington times., 1901-10-29

paign. for some of the most careful mar
! ket people believe that this is their in
/ tCntioE. Until there lis some change In
! this situation purchases, after two or
| three days of advancing prices, are al
! most certain to show losses very quickly
/ and in the same way sales on the breaks
viii prove disastrous, If indications are
worth anything.
The operations in Yesterdays market
were almost entirely professional. and It
! is not worth while attempting to ascr1be
| reasons for them except in very general
| way, The bank statement last week might
/ have been expected TO quiet any acute
, fears that might have been felt regarding
! the immediate monetary outlook, for 1t
! showed that the New York banks have
more money than they usually have at
this time of the year, and it further In
| dcated that the outflow OF cash to the
/ interior must be over or nearly so, as
! there was gain in cash instead OF the
! loss that was expected. Notwithstanding
| this statement. however, there was more
/ talk of alleged fears of trouble yesterday
/ than at any time for some weeks me
/ recent shipments of gold from London
! to Paris and Berlin were said to fore
| shadow certain exports of the precious
! metal from New York this week. II
! was said that the Bank of England VIII
advance its discount rate to per cent
/ to prevent further shipments to the Con-
tinent, and that this will inevitably be fol-
! lowed by American shipments. Ii is prob
quantities. but this is not a sign of weak
ness. IN a short time the movement of
cotton will be heavier and then it will be
| easy to get gold from the other side if 1T
1 is needed. At any rate ii is only a tenn
1 porary matter that need cause no alarm
unless possibly to people that have been
! buying stocks on narrow margins on the
recent advance Of prices. Other adj
verse matters dilated on by the bears
I yesterday were the winding up of the
! steel pool, of which there is no informa.
/ tion, the proposed cut in the price OF
! copper, which is denied by the officers of
| the Amalgamated Copper Company, and
! the story that there has been disagree
! ment between Mr.. Morgan and the Union
! Pacific interests which as far as can De
! ascertained is entirely without founda-
! tion. Ii will be seen that this entire cham
I of bear talk is very ftimsy, but II served
| the purpose of preventing purchases or
/ stock perhaps, and ii caused the throw
! ing over of some weakly margined hold
| ings, as usually happens.
The most pronounced weakness during
the carly part of the session was in
Amaigamated Copper. which tumbled two
or three points to the lowest price yet
attained by il. 1t was impossible TO tell
where the selling came from, though
there was a disposition to believe that in
sideTs were still responsible for 1t. Ihe
announcement last week thar the Ana-
conda and the Boston and Montana mines
and smelters controlled by the Amalga-
mated Company had been closed to cur
tail production. and the assertions again
yesterday that the price OF copper VIII De
cut perhaps TO 10 cents and perhaps much
lower were the alleged reasons for the
selling. There was a recovery in Amal-
gamated during the last half hour. whl'e
the general market was at its weakest
The United States Steel securities con-
tinucd 70 show the weakness that was
their chief characteristic last week, get
ting. both OF them.l TO the lowest
level recently attained. The statement
made in quarter sometimes well
informed, and It was taken up by the
bearishly inclined people generally. that
the steel pool has finished its work and
dissolved. and that these securities viii he
allowed 10 take care of themselves In the
future. The story need not cause much
anNiety among holders of the stocks. If
there is nothing else wrong. II Is, of
course, foolish to suppose that: II there IS
any reason for supporting the stocks
they will not be supported by Mr. Nor
gans lieutenants. And II is out of the
question TO suppose that the insiders have
disposed of their holdings. Another story
heard in the street yesterday was that the
Moore Brothers are dissatisfied with the
management of the Steel Trust, and in
tend TO fight Mr.. Morgan For this tic
tion. too, there seems little excuse.
Peoples Gas was held fairly steady yes
terday. though it did not retain all us
case of the company was decided yester-
dav in the Chicago court. 1t is under
stood to have been strongly in favor OF
the company.
The coal st curfties. which 1id very wei
last week We're dull yesterday, though
! they held their own fairly well. The out
look for the group is considered excellent
by well-Informed people, and it seems en-
tireiy probable that they viii reach
higher level in the near future. The state
ments Of the different lines for September
and October are certain to show large
gains over last year. especially the latter.
as Il was in October Of last year that the
effect of the strike on earnings was felt
most heavily.
There was much strength in Missouri
Pacific yesterday morning. but 1t vent of
with the general market later. as did the
other Western stocks generally. The talk
Of a Could deal soon to oe announced
is perhaps somewhat premature