The Washington times., 1901-09-12
GoycrnnIcnf Bonds.

U. S As, 1907, q. J.............. li39s III
L. S. As, r. 1925. ............... l5s Iij
U. s. IS r. l9OI............ IT'S 100
! |. 5 SIS, G.. 1904, Q. F........... RS iV9
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The advance in the stock market that
! began with this week despite the calamity
/ at Buffalo last Friday and despite the
bad financial conditions in New York,
( came to halt yesterday. Prices opened
{ off rather sharply in the morning, and,
although there was some advance imme-
1 diately after, the entire day showed Il
| strong tendency toward lower level,
/ under the pressure Of liquidation and pro-
fossi1nal selling. This reaction was only
natural and careful people had expected
it. The inside interests came to the res
cue of the market in a remarkable way on
Saturday and Monday, and they showed
| beyond question that their combined infiu-
ence is Sufficient absolutely to control the
market in such crisis. They not only
bought stock, but they took steps TO ease
the public mind regarding the financial
situation. and they persuaded the Secre-
tary of the Treasury to help them in the
latter respect The market advanced with
much buoyancy, prices getting back to
around the level before the President was
shot. But this advance was manlpu-
lated one entirely. with little outside sup
| port. 1t is not in the least likely that the
insiders wished at this time to cause bull
market. 1t is possible that the advance IS
il was went further than they had ex-
pected, owing TO the covering of shorts.
I
be a waiting one for a time, with the
tendency for a day or two perhaps toward
a lower level in small way. Neither an
important advance nor large decline
should be expected. Later in The year
when the monetary conditions are more
favorable the insiders will attempt to
cause a boom, in all probability, in order
that they may sell out some OF the stocks
they have been forced to take from the
public during the past few months.
-----------
of thn Tor of fha
Treasury in offering to buy S2o0W,eoO Gov
ernment bonds, at his own price, and in
directing that the internal revenue re-
ceipts, to the extent of $5,000,G00, be di-
verted to the Government depoSitarieS.
had most reassuring effect on the mar
ket, was intended. 1t may be doubted,
however, if the actual result to the finan-
cial conditions in New York will be i'm
portant. In the first place the Secretary
reserves the right to reject any and all
offers to sell bonds and there is no reason
TO suppose that the offers made will be
below the present market price. In the
second place only small part of the
100000 of internal revenue receipts will
go TO the New York banks. The entire
amount will be of some help, of course, as
the money received by the interior banks
from the Treasury will make the demands
from the interior on New York approx
mately so much less.
The movement of money to the West
continues, and while estimates as to the
showing of the bank statement are not
of much value at this time in the week,
il is beliey ed that in all probability the
banks will show loss of cash. There is
nothing in the monetary conditions to IN
vite a bull market. If the public could
be Induced to buy stocks now the demand
for loans would be so great as to create
sharp stringency in all probability.
Unofficial crop experts are pointing out
the curious discrepancy that exists ap-
parently between the weekly crop reports
OF the Weather Bureau and the monthly
reports of the statistician of the ASricul-
tural Department. Every weekly report
in August and the first weekly report of
this month issued on Tuesday told of i'm
proving conditions in corn and was most
hopeful in its tone. The opinion generany
formed from these statements was that
the September monthly report would show
a better condition for the crop than the
August report did. The private advices
of the railways and the brokers confirmed
this idea Instead the September report
makes the corn percentage figure nearly
three points less than ii was in August
Despite the rather gloomy monthly report,
the street was not much cast down by II
apparently The conclusion has been
reached by conservative people that the
corn crop damage has been fully dis-
counted in the break that has occurred in
the granger securities
The mcst active stock on the list yes
terday and the one in which there was
the most general interest was o.. siui-
The great buoyancy in the stock gave
Way to a reactionary tendency ana IL
closed nj I6324 with a net loss for the
dav The talk OF an extra dividend to
be declared on the stock by the directors
at their meeting today was stili heard,
but as no official confirmation OF the gos-
sip could be obtained there was more
tendency to discredit the rumor. The
extra NAV be declared for the erect that
such action would have in helping to hold
the market up. II will not be declared
for any other reason, If the statements
made by officers of the company few
weeks ago are TO be believed. This, OF
course does not mean that the dividend
is not warranted by the condition of the
company, for the St. Paul is earning a
lend disbursement, enough almost to dou-
BILE the dividend, in fact But only a
short time ago it had been decided by
the directors that no change would be
made at this time. Another story that
the preferred stock of the company is
to be retired and replaced by 31a per
cent bond has no foundation as far as
can be learned.
The American Smelling and Refining
Company reports its assets and liabilities
at close of business April 30 as follows:
Assets
Real estate, plant, etc, SIS, 22s. 235
Increase ................-........s .s3s, 233, 1856
Investment of stock on hand 1901 ST., $50, ss5
1900. Il, ,773, 923
Increase 81 .20S, ,972
The surplus per statement April
80 1900 s., ,9l9 sos
Earnings y months ended April
80 l5Ul ......-.---.---t------.4 b.gS6, Di9