The Washington times., 1901-08-06
Government Bonds.

U. S. s's, R. 1905. n. C. F........ 1854 100
U. S. 4's. 1906. Q. J.....--....-.. li3 1lSh
U. s. As. 1907. Q. J.....--....-... l:3 li3h
u. S As X, I9z5.-.---.--..... u. ISS
U. 6 As, C. 1875. lS1 l3s
U. S. SIS, K 1904 lOll tsh
U. S. SIS. C. 1905, @ F..--.--..... iu1a losS
The stock market yesterday showed more
weakness than at any time last week.
There was undoubtedly liquidation in
some quarters. and 1t was said that
large interest that has held a number of
| different lines of securities was letting
go of them. on the Whole, however. the
professionals were probably the most i'm
portant sellers. The buying was confined
almost entirely to the Kecne Steel pool
| and to the covering of shorts, put out
last week, though there was some invest
ment buying also, which, perhaps equal
ed the liquidation Prices went off nearly
| all day. There was 4 sharp break at the
! opening and thehJa rally dur ing the morn
! ing hours, which was followed in the
afternoon and until the close by another
| decline. The Steel securities and the
/ grangers, especially St Paul and Union
| Pacific. were the weak features or the list
! Sugar being weak of its own accord, ap-
/ parentiy. and with no particular reference
| to the general market.
As is always the case in such a market.
] the differences of opinion regarding the
outlook vary from the rosest of opti-
misn to the blackest of pessimism. The
! conservative view seems to be that the
/ ther break need be expected at present.
| The reasons for this are numerous. The
season is not good one in which to en-
gineer a movement of Importance in eth
er direction. The uncertainty over the
steel strike and the corn crop will proba-
! bly, prevent any upward movement at this
time. On the other hand. however. prices
have tumbed a long way and in many
cases investment levels have been reach
ed. More than this the MOrgan-keene
syndicate has very large block Of the
Steel securities and all the circumstances
OF the situation suggest that IL will be
anxious to support. them. especially as
this is not likely to prove very difficult
matter, with the floating supply scarce
and the investment stock held by people
that will not sell it. There viii be care
ful purchases Of many securities any
further decline today. Some people Will
be inclined to buy only when the low
prices Of few weeks ago are reached.
There was little news in addition TO that
known when the market opened. The out
between the Steel Trust and its workmen
on large scale The selling of the
Steel securities was based on this and II
may be supposed that the break in prices
discounted the worst that is likely to oc-
cur. professionals do not wait until the
men go out on a strike to sell stocks.
1 They sell in advance and buy when the
event occurs. The same general line of
reasoning may be applied to the corn crop
situation. The people that wish to get
rid of stocks for fear of small corn crop
have already done so. The shorts very
probably viii buy the grangers TO cover
when the Government report is published
next week, if they do not do so before
that time. London was not in the market
yesterday on account of the bank holiday.
few earnings reports received were all
excellent The gross reports for July have
been better than even the optimists look
ed for, showing an immense business ac-
tlVity all over the country 1t seems prob
able that the gross earnings for the
month Will make an average increase of
Is per cent.
Some fear IS expressed regarding the
financial situation in connection with the
high sterling exchange rates and the large
increases in loans recorded in the last
two bank statements. Some of the finan-
cial experts are beginning to say that
the United States has credit balance
in its favor in Europe despite the immense
trade BALANCE. 1t is impossible TO prove
the presence or the absence of a credit
balance. but II would seem probable that
some considerable portion of the trade
balance of the past five years must re-
main IN the form of money due this coun-
try. For the present there should be no
fear OF gold shipments at any rate. The
movement of money to the West will
begin shortly and this item in the situa-
ton is the only one really to be worried
over. Rates were eaSy YESTERDAY The
reserves held by the banks have been
greatly strengthened during the past few
weeks, and II Is moi probable that any
great stringency viii e fe1t The outlook
ii,.Ins Is not good for any important upward
movement in stocks, however ~
Steel common stock went down to 20
and closed at that figure. The preferred
stock broke through 90 getting 10 S9a
but was not allowed to go below thar fie
ure, and closed there. Ii WIS very evident
that an order to buy both securities. un-
UNITED as to amount, hatf been given.
MI heene's brokers made nearly all the
purchases. II is thought that an atternpt
may be made by the bears this morning
10 rush the prices Of the SteeIs below
tle closing prices Of last night 1t ia
not impossible that I'm this event the SYM
dicate may allow a further recession Of a !
Poiht or two and~ihen give its support
but this does not seem in the least GER
tain, and conservative people do NOT look |
Tor much lower prices.
The bears In the grangers were aided |
N their attacks by sharp advance in |
the price of corn. They took ADVANTAGE
OF TINS TO hammer the entire group. b1t !
shspS,G,ially h,o,',y ST Paul. Union Pacific, and |
l55 and closed only half n point abo%e tbo |
bottom. Union Pacific broke 10 g3I. and |
closed at H3>l. and Atchison common brolya /
10 u, 80 ana closed at 69is The theory of |
the snort selling in these stocks was that |
the Government report WIN be a ycrv
poor one as far as corn is concerned |
and that this should be discounted.
The Fries, the Readings and 10 a lesser
extent the Southern Railway securities
and some other Morgan stocks, were sold
by the bears and by speculative Investors
also on the theory that support may he |
withdrawn from them in order that an
OF MIR. Morgans ammunition may he OK
pended on the Steel issues. Tho Southern |
Railway stocks held their own fairly well
and 1t Is not thought that they vim 20
on much, as the outlook for the So,th
Is excellent. The coal securities too. are
not likely TO have much of n tumble with
I n f1fh n hoo IL tl,,.
tion.
II is said that the Consolidated Gas
Company has real estate worth 500 coo Od1
that will be available for other purposes
when its new plant is completed The
stock advanced at the opening yesterday,
but later went of three points.
The report of the Norfolk and Wes, crn
earnings viii be issued shortly. and 1t is |
a Lady'S Toilet.
my family have used more or less of
your sozodont for years. and consider it
one of the Indispensable articles ar