The Washington times., 1901-11-17

come and gone. and it is extremely prob
| able that the general public is disappont-
| ed at the effect of the announcement on
| the stock market The old professional
| method of manipulation to make prices
advance before a big announcement is to
be made, and Of selling Immediately after
| the story is given to the public, always
seems to work successfully.
| The pools and traders bought stocks all
last month. and every day until last
Thursday Prices advanced handsomely,
and at last the public began to buy few
days before the deal was given out.
on Thursday morning the public put in
orders for "A vast amount of stocks. The
professionals all sold as fast and as heav-
lily as possible. The result was n sharp
decline in prices Of from l to 3 points all
over the list.
The only novel thing about these tao
tics is that the public never learns them
by experience. Since Thursday there has
been a gradual recovery of prices, and
the tone yesterday was firm. 1t is to be
noted, however, that the public is not
buying having lost money on Thursday,
and lost confidence with it. The public
must be coaxed into the market again If
the inside interests really intend to
create a big bull market during the COM
ing winter, in which to sell the tre-
mendous blocks OF securities that they
have manufactured and now have in their
hands
IT is because it is supposed that the in
siders do wish to sell out a part at least
of the load on their shoulders that the
commission house people generally are
talking hopefully of the future market.
Technical market conditions are the
speculator's reasons. There are many
matters in the basic business conditions
of the country to make investors hopeful
Aside from the great Importance of the
Northern Pacific deal as a harmonizer Of
conflicting interests and an insurance
against rate wars and competitive rail-
way building in the future, the past week
has given much to inspire confidence.
The reports from more than forty rail-
ways of gross earnings for the first week
OF November show an increase of more
than 10 per cent. This increase is really
as large as the increase reported for the
month of October, and ii is fully as sat
isfactory as that of any recent month.
There is not the slightest indication as
Yet that the corn crop shortage will Sc
riousiy interfere with the prosperity of
the lines interested.
As an evidence of this the great short
age in cars reported in the weekly trade
reviews is striking. There has been no
such distI ess call from all over the coun-
try for more freight cars in the past
year.
Railway Earnings.
According to Dun's. the gross earnings
of all railroads in the United States re
porting for October are s7OS42,32S a gain
of 1l.3 per cent over last year and 21.3 per
cent over 1893 The increase continues
remarkably large. Roads reporting en-
brace many leading systems and over
one-half the total mileage of the United
States. Tonnage is unusually heavy and
taxes the roads to their fullest capacity
Trunk lines now reporting include New
York Central and Baltimore and Ohio
and earnings show n gain of ia per cent
over last year and 1871 per cent over 1899
Central Western roads include the large
systems in the Central Traffic Associa-
tons territory, among others the Illinois
Central, and gain in earnings appears
over last year Of rs per cent, and over
1899 of 1876 per cent On granger roads |
earnings show a substantial increase. and
in spite Of the late cotton movement there
is a gain over both years on Southern |
and Southwestern roads. Pacific roads, |
including Northern Pacific and Great
Northern, report a very heavy increase in |
earnings over both preceding years; also |
Canadian Pacific. Mexican roads report |
a trifing loss Earnings of roads class |
ificd by sections are given below COM !
pared with last year:
Octo- Per
her, 1901 Cent |
Trunk .Sl7, ,s27, I8i Cain 81, ,sI7 lib ia
'entral Western. 1O,9gO,4 455 Gain 767 3ei rs |
irangers 1900 6.5JJ.563 Gain $40 4s5 SIS