The Washington times., 1901-08-02

The news of the day w3fs not important.
The steel strike was not ended and the
indications Were not any more favorable
than they had been on the day before
The corn crop gossip was, as usual. sig
niacant of nothing except the wide d.
so-calied experts. The price of corn ad-
vanced more than a cent a bushel how
ever, TO SIC. being stronger than at any
time heretofore this week, or since the
rains. Money was easy, call loans being
made at per cent. The talk of the bank
statement was hopeful. and it is entirely
probable that there will be an increase
in cash and ar increase in reserves.
London was very small trader in
American securities and London prices
varied little from the opening on this side.
Sterling exchange is high, and it is said
that there is some chance of gold eX-
ports but the street expresses little un-
easiness over this outlook. The opinion of
some of the most careful market people
is that there is likely to be little of i'm
portance In the market for the present.
Many advise buying of stocks on the re-
actions on the theory that the next move
ment of moment, even If delayed, is like
ly to be an advance.
The course of the granger securities IL
illustrates the character of the general
market very well. Atchison common
high as 7iss. 1t went off later and closed
at 1917. ST. Paul, which closed on Wednes-
day at 159. advanced to l61 yesterday, and
then closed off to 1904. showing a good
net gain. Rock Island advanced to 140
and closed at the top, but 1t was so little
traded in that its advance should not be
considered indicative of any particular
strength. Union Pacific went up to par
and then, after sagging down to ssIb
closed at 80. Missouri Pacific went as
high as 9S7s and then sagged off to 9734
In general there was the early strength
and a later small decline, which left
fractional net gain
The street is quite as much divided re-
garding the outlook for the grangers az
II is regarding the corn crop. Conserva-
tism naturally suggests that securities OF
this group be not purchased when there
are excellent railway stocks in the East
and South that Will not be affected to
any extent by the damage to corn. The
same line of reasoning might lead to the
conclusion that these stocks will be a
good group to sell short but this does
not follow, and such course viii be
found dangerous in all probability. For
one thing the wheat-carrying lines, as
distinguished from the corn carriers, are
likely to benefit from the. shortage in
corn II would seem The best infOrma-
tion obtainable regarding the wheat crop
is that it will be one of the best on rec
ord. 1t will be found also. very likely.
that the farmers have both corn and
the big crops that went Immediately be-
fore. The corn viii help to piece out this
year S crop and the money Will be expend-
ed for Eastern and Chicago goods almost
as freely as If there were no shortage in
corn. 1t may be found, therefore. that a
loss of 500 600, 900 bushels in the crop will
not result in an ending of the prosperity
of the Western lines by long way. The
community of interests plan will help to
make the situation easy to handle, for
there is not likely TO be any rate cutting.
Some attention is attracted by the con-
tinued strength in Norfolk and Western.
The stock went up to above 50 yesterday.
a good advance from the level below so
a few days ago. The movement is of rather
more than usual interest because some
of the experts have been predicting that
the stock would be weak on account of the
recent heavy flood damages. The present
argument is that although these damages
will be equal to at least per cent on the
common stock. the earnings OF the COM
pany during the past year have been
handsome. and after deducting the dam
age the showing will be much the best
ever made. 1t is estimated that at least
5 per cent will be shown on the stock by
the annual report.