The Washington times., 1901-09-04

prices. The effect OF London made the
opening level here quite as good as that
at the close last Friday. From this level
there was a decline averaging point in
the active stocks and as large as points
and more in single instances. The pro-
fessionals took the bear side on account
of the Saturday bank statement and a
few small holders of long stock sold out
to keep them company. The close was
at the lowest level of the day.
The bank statement was undoubt
edly worse than had been expected
and very bad. 1t left the sur
plus reserve in the banks only
with s27.oo9.eo0 which they held this time
last year. This naturally suggests that
two or three more poor statements would
wipe out the surplus rsServe entirely, and
such a condition would not be favorable
to bull market, of course. On the other
hand, it is pointed out that gold imports
may begin at any time, and perhaps be
heavy enough to Offset the shipments of
cash to the interior for crop-moving pur-
poses. Other news is nearly all good, the
railway earnings, the trade reports, the
crop reports. and the strike developments
continuing uniformly inspiring to the
bulls. The situation is most interesting
one, and it is very evident that the street
is undecided what TO do about it. The
insiders wish a higher range of prices,
and they wish the public to come in and
buy stocks, but at the same time the in
siders need much money to make a bull
be in a very good position to furnish 1t
to them. Many careful people yesterday
expressed the belief that prices will go
lower this week.
There is renewed talk of a soft-coal
combination. This is one of the import
ant deals under consideration by the i'm
portant people at this time beyond ques
ton. 1t may be inferred quite safely that
1t will be brought to the front in the
near future If the market is favorable
and that 1t will not develop now II the in
siders decide to wait for an easy money
market. Many careful people, however.
consider the securities of the group, good
purchases on the reactions on the theory
that the deal will be carried through in
time at any rate and that when ii is
these stocks will be more valuable than
they are at present.
The anthracite coaIers are also consid
cred by many particularly promising. In
their case the combination has been
reached already and its results are all
that could have been expected in the way
of high prices. Added to this the demand
for anthracite is greater than ever be-
fore and all indications point to the year
being several million tons the largest on
record. Few people have any adequate
idea as to the increase in the production
of anthracite in the past thirty years and
the consequent increase in the earnings
of the coal railways. In the year 1870 the
anthracite production was Is. o00.00O tons:
&c 0oq, 900 tons. and last year 1t was 100000
tons. The production of the first seven
months of the present year indicates that
the total for the year will be 50. 100000 tons
at least probably more. At the same
time the rates obtained by the mines and
the railways are at their highest. Nearly
all of this increase goes to the Reading.
the Erie. the Ontario and Western, and
one or two other lines Since 1896 the DIV
idend rates on the anthracite coal securi-
ties have increased handsomely, and there
te Ia
continue. The second preferred and com
mon Reading stocks and the Erie stocks,
for instance. will soon be receiving divi-
dends. These stocks were well held up
yesterday, as they have been at all times
recently.
The weekly crop report of the Weather
Bureau. issued yesterday, was favorable
to corn and wheat and bore out very
well the more optimistic private despatch
es that have been received by the brok-
erage houses during the past few days
The paragraphs of chief interest were
follows:
Late corn continues % show improve
ment. although it was iliured by drought
and heat in portions of Kansas; has suf-
fered further decline Missouri, and
needs rain in Nebraska In Iowa corn
IS maturing rapidly, and the cutting OF
early planted IS general in all sections of
this State and Missouri, and the more
northerly sections, and is progressing
rapidly in Kansas. Further improve
Ohio Valley, but 1t has suffered injury by
floods on lowlands in Tennessee. Reports
indicate that the bulk OF the late corn
will be safe from injury from frost by
September Il TO 20, but that some very
late fields will require urtil October ! to
FULLY mature the crop.
Spring wheat thrashing continues with
generally satisfactory yields, except in
North Dakota, where they are light and
of poor quality. the berry being shrunk-
en- and bleached."
The granger securities went off with the
general market after the opening yester-
day, but the decline was caused largely
by the professionals, and after the first
dip the desire to sell seemed to have been
exhausted TO a large extent. Conscrva-
tive market people many OF them express
the opinion that these securities. or some
of them at least, are purchase on the
reactions, on the theory that even II
there is to be no immediate advance in
prices, the ultimate course OF the market
is likely to be upward.
The latest version of the deal" in the
Northwest gives the Minnea polls and St
Louis to the Hartman party, under the
Illinois Central; the Iowa Central to the
Harrimans. under the Chicago and Al
ton; the Wisconsin Central to the Harri-
mans, and the Chicago Great Western to
the Hill-Morgan party. 1t Is stated by
the parties putting out this story that
the Omaha will come more thoroughly un- !
der the control Of the Vanderbilts. and |
VIII eNentudIiN become q part oI lHe thi-
cago and Northwestern. The St. Paul and |
500 Railway, II is said are TO remain in |
dependent, but the ST. Paul holds suf-
hcient stock in the other lines TO ensure |
its harmony with them and the 500 has |
agreed TO agree in the arrangements
made to keep up rates and for the gem
eral good of the situation, from the stand |
point Of the railways.
The crop report was discouraging far
as cotton was concerned. There was a |
tendency to sell the cotton-carrying lines
on account of this and to talk pessimist- |