The Washington times., 1901-08-01
Uigh- Low Clos Net
Government Bonds.

| U. S. 2's. X, le1o-3o. q J......... IU1A IosA
T. 5. rs. {. 1908 e J.-.-- it i9It ,osh msh
! L. 5. 3s. r. l9cS q. F-.......... lGS5s lUJ
! u. S. 3's. r. 1905. r. c. F........ lo9 IVY
! u. 5. IS. 1896. q. J.-.........--. li5 iio's
u. S. Is. 1907 O. J... l!3 Ii3Is
Il : - Il l,,Z, .. i57 lbs
/ u. :. As, I, ls25....-..,.-....... las 10y
In &c r. 100. IU7t lisa
l. S 81 G .Ji % F... 100 IogSs
| The greater part of the day yesterday
was a record breaker as far as dullness
! is concerned. Transactions were even
/ further apart than they Were on Monday
and Tuesday, and the fluctuations We're
! over the narrowest of fractional ranges
! Interest in the market was small, neither
| brokers nor customers being numerous,
/ ly in evidence. News was measfe ana
/ gossip was mostly confined to two sub
! jects. regarding which it was absolutely
! impossible to get any accurate informa-
! ton, the corn crop and the steel strike
! During the last few minutes of the day
I there was quite a sharp decline in prices,
! led by the Steel securities, and the gos-
! sip became insistent that the strike stu
alton was bad with no prospect OF a set
! tlement in sight. This decline MADE the
/ day as whole, show net loss in most Sc
1 curities and gave the later market gossip
! tinge of melancholy that the early dull
! ness had not been abTe to cause. The
strike situation is a mystery, ana II is
! impossible to say whether IT will be set
tied today or not. Naturally, this is a
bear argument to a certain extent, as
uncertainty is always discouraging. The
! outlook is for some decline in prices If
the news of the early part of the day
from Pittsburg is no more conclusive or
if ii indicates that the strike may con-
tinue. 1t is not believed that serious
break will occur however. and there Will
he fair buying on any sharp recession.
Mr. Keene with his co0,00o viii sup
port his Steel securities, undoubtedly,
though If the worst news is received he
may allow them to get back to around the
level they attained two weeks ago.
London did little in American securities.
but prices went off fractionally on tie
other side. Money was easy yesterday.
The talk of the bank statement is opti-
mistic and it seems probable that it will
show a further increase in the surplus
reserve. The August disbursements,
/ which, however, will not get into this
weeks statement to any extent, will be
in excess of sl5.00l,0GO 1t is interesting
to note that on this day of strike upcer-
tainty the United States Steel Corpora
tion will pay out nearly $9.WH,oIC in Clvt-
dends on its preferred stock.
The corn crop gossip contained little of
novelty, varying as usual from the most
pessimistic to a fairly rosy view of the
situation. The Atchison officials, for in
stance, say that the crop viii be about
l,5'e.000.00o bushels, while one New York
brokerage house with good Western con-
nections says that indications now point
to not more than 1.oco.OoooeO bushels, or
about half crop. In the Chicago grain
4 market yesterday there WAS little ChdnRe
in the price of either corn or wheat. The
granger securities held their own fairly
well yesterday, though very dull. until
the last half hour of the day, when they
market
One of the few securities that showed
any buoyancy Yesterday was Norfolk and
Western. 1t made an advance in price
despite the generally sagging tendency of
the market. The company earned some
thing like 6 per cent on the stock last
year, and this outlook for the present year
is particularly good. The present boom
is attributed to pool buying. but as TO the
POOLS reason. for taking the stock up at
/, this time nothing is known by the street.
The suggestion is made that il has to do
with developments in the soft coal deal.
Chesapeake and Ohio was also strong.
the soft coal securities, and some market
people attributed both movements to the
same clique interests. The Erie securi-
ties especially made slight advances de-
spite the dragging Of the general market
The strength of Pennsylvania was also
noticeable in this connection. and also be-
cause recently II has been following the
movements of the Steel securities rather
than the coalers.
Another stock that showed persistent
strength was Southern Pacific. This was
perhaps due to a statement made by
President Hayes yesterday that his COM
panys crop outlook is entirely satisfac-
tory. in fact better than In any recent
year The Southern Pacific has a small
grain tonnage and u small live stock ton
mage. On the other hand IL has a heavy
tonnage in other agricultural products.
cotton. garden truck. rice. and sugar. 1t
also has an immense business in lumber,
coal, coke, ores, and general manufac-
lures. With this great diversity of busi-
ness and no very large percentage of it
tied up in any one class of freight the
company is most adYantageously placed
in such a period of crop damage as some
times occurs. AS TO the outlook of the
company for the present year ii may be
pointed out that settlement throughout
the territory of the system has been rapid
IN the past Few years and that business
conditions In this section generally are
better than they have ever been before
This Is shown very conclusively By the
recent statements of the company in fact
The property is being put in frst-class
physical shape. and a large part of its
net earnings are being used for this prr-
pose. This does not preclude a dividend
Tor the stock before very many months
nave passed. however. and certain peo-
pie supposed to be close to the Southern
Pacific and Union Pacific management
express the belief that a disbursement
VIII be made. not at the next meeting of
the directors, but before very long A
factor that IS likely to add appreciably
to the net earnings of the company dur
lns the coming year is the adoption of
OIL as fuel by the system. Estimates
OF the saving that this will effect are
various, but none of them is insignificant
Earnings reports this week have been
of particularly gratifying nature The
net reports for June and the weekly gross
reports have been excellent almost with
out exception. According to Duns gross
earnings of all roads in the United States
reporting for the first half of July are
sl5.SiH4 42g. gain of l0.3 per cent over last
year and 23.9 per cent over 1893. The
statement is excellent and shows a con-
tinued heavy tonnage. especially in the
better paying classes of freights Earn
ings show the largest gain on Southwest
ern roads. Central Western and Pacific
roads also report considerable increase
but on Southern roads the increase Is
small. Changers report a gain over last
year, but a loss compared with 1899; on
all other roads earnings are very much
larger than in 1899 Below earnings of
roads reporting are given by sections or
chief classes of traffic compared with last
year.
Pct.
Trunk ........... s2342.l91 Gain Sl74,0H so
Other EASTERN. 1872 Gain 9,5i6 ~
Central Western. 2I45,036 Gain 207, ,9i2 lO7
Granger ....... 2O57.465 Gain Ii939i e.
Southern ....... s,l9l,ls5 Gain l20,55l 80
South West. 3SS. 122 Gain 6ig $50 gi.0