The Washington times., 1901-07-04

fractions only. BUSINESS WAS tplliIeN 10
evening up accounts, both the bulls and
the bears seeming anxious not to have
contracts open over until next Monday
when so much is possible in the way OF
news. The owners of stocks, however,
seemed trife more willing to let go
, THEN holdings even with small losses, as
The developments on the whole are more
likely to be unpleasant than good In
the Steel securities especially the realiz-
ing was heavy during the entire after
noon.
1t is not worth while making any very
positive predictions as to the probable
market next week. 1t is reasonably safe
to expect dizziness. July is not good
month in which TO arouse enthusiasm, ana
the surface conditions are not Such as 10
furnish very good ammunition. If there
were anyone willing to attempt pull
campaign. Money ran up yesterday to 10
per cent, showing apparently that the
banks are making every effort to get in
funds. The bank statement Saturday may
therefore make fair showing, but il Will
orrf---be by large cutting Of loans and de-
pOsitS 1t is hardly to be expected that
there viii be much if any larger cash
showing than there was week ago. The
disbursements of Monday stin in the
interior to q great extent. Much OF the
entire sum may remain there as the be
ginning of a crop fund, for the West viii
require more than ever this year to move
the crops, il is said. The street is disap-
pointed over the Steel dividends. and it
VIII be very hard TO get outsiders to buy
these securities, even on the recessions.
The grangerS are not faVorites at present
because OF the uncertainties over the crop
situation and because all this group are
selling at very high prices already. Thus
ali over the railway and industrial list
might be pointed out reasons why there
Is not likely TO he any bun campaign for
the present. The market bids fair to con-
tinUe lethargic with sagging tendency.
The feature Of the market yesterday.
and the only one, was the United States
steel securities. In the same way the
news Of the dividend on these securities
was the only matter, aside from the
money market and the four days holiday,
that the street discussed during the ses-
sion. The chief points in the news from
the street point Of view were that the
dividend on the common stock was not
specified as quarterly rate as had been
expected, and that the ] per cent is not
to be paid until the middle of Septem-
Der. In addition to this there was some
comment over the failure Of the com
pany 10 make a statement Of the earn
ings up to the present time. As the mat
ter stands nobody knows what the COM
pany is earning, and nobody that holds
the common stock is assured of mere
than one dividend OF l per cent. More
over, this viii not be paid for nearly
three months, and another dividend, if
there Is to be one. will not be paid for
more than five months For these rea-
sons the entire Steel Trust business was
a disappointment. Probably the street is
less well satisfied than it would have been
II the company had issued a full state
ment of its business showing large earn
ings and had decided not to pay any
dividend on the common stock for the
present. The price of the common stock
went off TO 80 and the preferred was even
weaker than the common. sagg1ng near
the close to little better than 95 a loss
for the day Of points
The custom of the chief subsidiary
steel companies was to make state
ment Of their business every quarter. IL
WAS believed before yesterday that the
big trust would pursue the same course
Many Of the Industrial companies are
beginning to do this recently. 1t is COM
ing to be recognized only the fair
thing to the stockholders. AS a matter
ot fact an investor Is foolish 70 put his
money into a concern that win not tell
him anything regarding its affairs. For |
these reasons, perhaps, there were ru-
mors yesterday that the earnings OF the
company have not been up to eXpec-
tations. The preliminary estimates Of
the company were $l10C00,c1J year.
Somewhat later it was said that the net
earnings were likely TO be SlOS. go 600. a
day or 50 ago an estimate for the first
quarter Of the year ok S26,5yt,eJJ was
made on good authority This would
be at the rate Of SleS,OOJ0J1 a year. On
Tuesday night, after the meeting Of the
company, one Of the news bureaus made
the statement on what was considered
excellent authority that the earnings
so far have been at the rate OF $l02. 900, 900.
Thus the figures have been cut dOwl-,
and no very great surprise would be oc-
casioncd If The first official figures should
show not more than round $l0J,Op,gJJ !
earned Tor the first year This Is barely /
sufficient 70 pay the Interest or the
bonds, the preferred dividend, the 800
co., 90 that Is 10 be considered q fixed
charge for maintenance. and the per |
cent dividend on the. common stock. IL |
will be seen that with nothing whatever !
to lay aside in such boom year as the |
present the showing IS not a particularly |
good one.
The Reading securities were among the |
strongest on the list yesterday These |
stocks and the other anthracite cOalers |
all look equal TO higher prices. They are |
among the few securities on the list that |
DO not look in the least inflated at their |
present level. AS far as may be judged, |
partially in advance, the Morgan coal |
combine Is wholly successful, and likely |
to make an era Of great prosperity for |
the coal roads.
The Nickel Plate pool is inactive The |
story that the first preferred stock is to |
be retired is entirely lacking Of official |
sanction and at the same time lacking in |
probability.
The statement that the Iowa Central is |
to be bought by the Minneapolis and St. |
Louis and that the latter line IN turn is |
to be taken over by the Illinois Central is |
denied by officers Of all these companies. |
There may be some truth in the story, |
nevertheless Il is semi-OfIicially stated |
that the Illinois Central win issue S25,-
GOy 900 Of new stock.
The earnings statements yesterday were |
ali fairly good. though one or two did not |
show increases. The ST. Paul statement !
FOR the last week Of June. for instance |
showed a decrease in gross earnings Of |
$iI 80. For the month there was an in |
crease OF Sl3G.7S3 and for the fiscal year |
an increase Of SfS4.511. The st. Paul earn |
ings are very large. and much more than |
To pay the present dividend rate.
The thing that is not so satisfactory |
about them is that they are not increas- |
ing very rapidly from year to year recent |
ly They are not increasing nearly so |
as the price OF the stock is. |
Many very shrewd market people consid- |
ct the present price Of this stock too |
high The same might be said OF Rock |
Island and Burlington
Brooklyn Rapid Transit was one Of the |
few securities on the list that did not |