The Washington times. (Washington [D.C.]) 1901-1902, 1901-08-15
RAILROAD SHARES STRONG.
Steel Stocks the Only Weak Point
in Firm Market.
Rumors of Division of Surplus of st.
Paul Help the whole List - Adj
vances in the observation-disclosures
Gus Near Reported for Manhattan.

NEW YORK. Aug 1i-Today's stock
market showed a broadening of interest
and renewal of the firm tone which has
characterized the dealings since Monday
morning. Apparently. the influences of
trade were the same as since the begin
ming of the week. The conclusion seems
to have been generally reached that the
admitted damage TO the corn crop has
been abundantly reflected in the stock
market during the past few weeks and
virtually over-disccunted in a large num-
Der of securities rot directly concerned
with the shortage. Little change appear
Il this morning in the steel strike condi-
tons but the detection of small num-
Der of the Carnegie employees created
disa agreeable impression. There was. how
ever very little change in the opinion
that the cause of the strikers was tot
toring to a fall and it is still believed that
the Amalgamated Association would very
quickly accept any graceful opportunity
for declaring the strike of.
The absence of fur her definite devel-
opments and the noted detection of the
Carnegie employees led to some selling Of
the Steel stocks, however. and they did not
participate in the fairly buoyant tone
which characterized the early stock mar
kot.a. The less encouraging news regard
ing the strike carried some cumulative
influence with the course of the bust
ne SIS session. moreover. and had lit
tie TO do with the slightly reactionary ten
dency which developed early in the az
ternoon. The day was otherwise devoid
Of Interesting developments. Money on
call was extremely Easy. but a firm tone
continued to prevail for time loans and
there were no offerings under per cent
for long periods. There was no percepti-
bic alteration in foreign exchane.
Few interesting statements of railway
traffic were submitted. but among them
was the report Of the Manhattan COM
pany for the fiscal year, including. of
course, the last quarter. The showing
was significant in many ways, gross earn
ings for the quarter increasing about
per cent for the complete fiscal year. The
surplus. after all charges and dividends,
amounted to over sif0.o90 as against Sl09,-
COCO last year. With these results while
the elevated lines are operated by steam
power. it is interesting to consider what
the results will be under electrical opera
ton. Manhattan and the other local
traction stocks were firm today. although
no particular animation appeared in that
quarter.
All of the so-called specialties were
Strr0S, with RAPID advances nOt2I IN
General Electric and Consolidated Gas
The advance in the last named ives at
tended by a renewal Of the reports re-
Gently current that an extra dividend was |
likely to be declared upon the stock at |
the next declaration period.
As noted the United States Steel issues |
suffered somewhat from the less encour- |
aging reports from the strike, but ether |
wise the Industrial quarter shared in the |
frmness Of the general market. The !
United States Leather issues were partic- |
Ter on the denial Of the reports regarding |
the health of the president of the COM |
pany.
Active interest in the market, however. |
centred upon the railway list and it was |
there that the most extensive movements |
Of the day Were scored. st. Paul contin-
ued the leader of the railway list in all |
cspects. 1t seems 10 be the fairly com |
mon opinion that the stock will be estab- |
September. and III addition reports We're |
current today that the management con-
templated division of the company'S |
surplus between the preferred and COM |
mon shareholders. These reports though |
had their effect. The nota- |
bly, firm features of the railway list were |
baltimore and Ohio. Canadian Pacific |
Denver and Rio Grande, Norfolk and |
Now York Central and Union |
In the local trade,s and was a buyer here |
to the extent of nearly 5000 shares of |
stock, foreign interest in St. Paul being |
eager Houses with Western connections
were also purchasers. The covering of |
short contracts was generally admitted |
as responsible in no small degree for |
scored.