The Washington times., 1901-10-02

The net movement of the active stocks
| was probably a very small fraction oil i
| per cent. some securities making advances
| and some declines, none of them worth
| considering. In such market 1t Is eN-
! tremely difficult to foreSee what is 10
| follow There is no trend of prices ana
| the two parties among the professionals
| are very nearly balanced as to strength
| In the present case there IS no S. reaSo.i ~ IN
| look for much change in the market III
| the near future. Very evidently the pun
! lie will not begin to buy stocks IN q ~, ui!l
| market They never do. Very evidently
| too the insiders for some reason are
| waiting before attempting any buH cam
| paign that they may have IN cohteIih cil Ila- Il
/ ton. 1t would seem entirely pfo93a.pS!i'
| under these circumstances that the GTilt-
| ing market should continue. as nellheI
| the public nor the insiders have SHOWN SHOWN
| any disposition to sell out thtlr hotuih6S
| Of stocks Many careful people beleNe
| that the insiders are waiting Tor the tlii tille
/ later in the year when money connltohS
| will offer less opposition TO a puli cam
paign On this theory they are auNls'hS
! ihe purchase Of securities during the dull
| period on the declines
The monetary situation is not such as
! to cause any fear of strinEency or panic
unless the insiders attempt to Jockey the
| market and get the public to buying
stocks. An active stock market ana Il
! large demand for money from the specu-
lators might have disastrous effect The
indications are that the bank statement
again this week viii be a good one, show
| ing an important gain in cash ana prop
ably an increase in surplus reserves also.
/ The banks have received N,O1JuUO from
| France. nearly S2.oJ1,etg of Australian gold
| from San Francisco and enough TO make
| UP a total of $4.UtJ,Nrj from the sale OF
! bonds. already this week. The receipts
1 from The interior, however, have not been
as large as the outSo.
The most Interesting movement of the
! day uTIbHnS that AtCnlSOn COiI-
mon stock which was AT times active ana
| almost buOyant on what Sotheu 70 pe
| important inside buying. The stock az
! va1Ced to above &c and closed at 'oi4.
| The earnings of the company as SHOWN
| both by the annual report and by the
| monthly reports are wonderfully large,
| and growing steadily The actual show
| ing of net earnings for last year was
! enough to pay G54 per cent on the common
stock In addition $4,000 was put aside
/ for a betterment fund before the net
| earnings statement was made up. ana the
/ operating expenses, included very lafse
! expenditures for new rolling stock,
| for many years. II Is seen that
/ it would have been possible to show
much more net earnings than was shown
| Probably at least per cent coulu nave
| been paid on TIE common stock if the d.
rcctors had wished to squeeze every pos
sible CCnJ out of the property for dlVl-
de nds The president OF the company
I stated in his report that in his opinion
the showing for the present year Will
b. quite gotd as that of last year.
Such showing would seem to be q good
argument for the preferred stock. which
is paying . per cent dividends and selling
well below par.
The Steel issues were quiet, but went
off fraCtiOnaly during the afternoon.
| The understanding was general in the
street that the meeting of the directors
during the afternoon would declare the
usual dividends on both preferred and
common stocks. but no news Of the re-
suit of the meeting was received during
the session. The company is undoubtedly
in a most prosperous condition quite be-
yond the belief of the pessimists, who
SAW in the strike losses Of many millions
of dollars and the permanent weakening
of the company, if not its entire disrup-
tion.
Earnings statements continue good.
The gross earnings Qf the Northern Pa
ciic for the third week of September and
the net earnings of the Big Four and the
ST. Louis and San Francisco for August,
received yesterday, We're all excellent.
The August reports of forty systems or
more are now in. They show gross
earnings increased 9.14 per cent and net
earnings increased II. l3 per cent The net
earnings of these lines for the two
months from the beginning Of the fiscal
year show an increase of more than 20
per cent. The September net earnings
will be large and will show good increases
over those Of last year. il is said, though
il is not thought proba BILE that they will
be equal to the July or august figures.
Later reports in some sections may not be
any larger than those of a year ago. on
account OF the corn crop shortage. This
applies almost entirely to the two or
three systems that are most heavy car
riers Of corn. In other sections it is not
probable that the corn shortage will have
much effect. With such an excellent be-
ginning for the year it seems entirely
probable that the total railway earnings
3 of the country for the year will be equal
to or in excess of the fine figures OF the
year just ended. This means. of course.
that they VIII be better than in any
year before by many millions of dollars.
Pacific Mail was fairly strong again yes
terday. though it made TO gain for the
day Two reasons are given for the re-
cent buoyancy Of the stock the arrange
ment by which the Atchison viii give its
Pacific business to the Pacific Mail Com
pany and the alleged probability that the
Subsidy bill will be passed by the coming
ion express the belief that President
Roosevelt VIII favor the bill in ''continu-
ing the policy of President Mckinney
The Pennsylvania has not yet renewed
its contract with the Western Union, 1t
is said. 1t was with regard to this con-
tract that the bears Hoated the story
few days ago that the Pennsylvania peo-
pie were fignting the GOulds to force them
to give up the Wabash. There is no rea-
son for believing that there Is any fric-
tion over the matter, and it is entirely
probable that the contract viii be signed
in the near future for long term of
years. r..
The Washington Stock Market.
SaIcs-Firemen's Insurance Company.