The Washington times., 1901-11-09

"
prisihg The insiders have bought stocks,
and the public also have gotten into
the market-and this has caused some
surprise TO many conservative people who
have rather looked for a week or two
more Of dullness before the upward move
ment should begin. one explanation given
for the strength and activity of the mar
h-t is that the insiders have wished TO
advance prices to Il higher level before
the public should begin to buy, ana
therefore have not waited for the time
later in the year when nearly everybody
looked for boom. This is a very rca-
sonab.e suppositiCn, and It involves the
usual method of the insiders. he aH-
vance knowledge posse sSed by the insiders
regarding the <oi thern Pacific situation
has perhaps. given them confidence to
begin thcir campaign Whlic money con
| ditions were still somewhat inimical TO
an active stock market Other Conul-
tons all over the country, excepting
only the financial situation, are most raw
orablo. not only to squirt IN prices, but
to an important upward movement that
might very easily extend during the en-
tire coming winter.
The bank statement today is an uncor-
tain quantity largely. but perhaps the
chances favor some decrease in reserve.
The experts figure out that the movement
Of money 70 the interior was somewhat
over a million dollars larger than the
movement from the interior TO New York.
This is not quite so good a showing as
was expected. There was exported IN
gold during the week, IT is estimated,
s.. 100 60. and there was lost to the Sub
Treasury $2.Te@C60. on the other hand.
the banks gained by bond purchases
s. lG3 p1t and in new gold $3.2peNEl. This
leaves the banks apparently somewhat
behind in cash. If the loans have been
Increased to any extent. as seems not un-
likely, til, Re should be a considerable de-
crease in reserve. The preliminary csu-
mates recently. however, have been a long
way cut Of the way in many instances, anu
the statement may be entirely different
from ;his Whatever the figures may
prove to be- il is not thought that they
will have much influence on the market.
The street has paid very little aitehtiot
tn The financial situation during the past
week as far as can be seen
The Vanderbilt securities were distinct
" the feature of the market !eSttTHdS-
There was activity in the entire: group,
but New York Central was particularly
well bought and buoyant. 1t advanced
In the carly part of the day TO loi 81, ana
although ii went back to lof later, IL
seems entirely likely that II may be car
ried considerably higher The street
heard very definite rumors that there VIII
be some announcement regarding the an
sorption of the junior Nanderpilts IN s the
near future, but II is probab that they
were the result of the buoyancy IN the
group and not the cause of If. The earn
ings of the New York Central are potent
and perhaps a sufficient reason for the
strength shown by the stock. The tax
of an increase in the Central dividend in
December is still heard.
Atch!sc- preferred went above par,
the high price being l02 and fraction.
The common stock went UP to above 81
at the same time. The Atchlson IS not
in any way connected with the Northwest
situation. and II cannot be supposed thdt
the buoyancy OF its securities Is due 10
such connection. The talk of the deaf.
however IS very likely responsible for
the buying INF them, as it cannot be DOUBT
ed that the Atch!son as an independent
transcontinontal system will have addI-
tional prestige when the deal has been
carried through II seems probable that
in time there will be an agreement be
tween the Northwestern combination and
the Atchison as TO rates, territory, ana
other matters as the management Of the
Atchison is aggre esSive.and must be count
ed at every step toward harmony. It was
said yesterday that Pennsylvania inter
csts were again heavy buyers Of these Sc
curities.
There is q pool in Southern Pacific, and
the stock is being advanced as steadily
as any other on the list, though not as
rapidly as some of those most intimately
connected with the Northwestern situa-
ton The optimists are talking Of an ad-
vance to 20 for It.
Louisville and Nashville was doomed
handsomely all day yesterday, the buying
seeming to be of an excellent quality. The
strong. Chesapeake and Ohio was one
Of the features yesterday. selling above
IS 1t VIII be ex-dividend / per cent
today. There is again talk of the pur-
chase Of coal lands by the company.
Much literature is being circulated by
the rival sugar interests. The trust very
evidently will make a strong fight for free
raw sugar from Cuba this winter. and the
beet sugar people viii quite as strenuous
ly oppose putting II on the free list.
Willett q Cray recently sent ont the
following circular on The question Of put
ting raw sugar on the Tree i1St.
The total consumption OF sugar IN the
United States last year WAS 2.2l9.H1 tons.
and based on the average increase of 5.3i
per cent during the last nineteen years,
the consumption of this year should be
p 56U.5s5 uo1ls. OF this quantity 1,eo."J
tons. in round figures. will come from
American sources; say, Louisiana being
able to produce $4,000 tons; niIed States
beet factories. 1900: Hawaii. $4,000, and
Porto Rico 10000 all being free Of duty.
leaving l.36I.5s5 tons to come from other
sources and on which DUTY Is paid The
average duty assessed Is S26 per ton.
total OF $4s.9 .G6o. The price Of al the
sugar consumed, however. being enhanced
to the extent Of the duty Of S35 per ton,
or Il total Of So .9Sl $50. il IS evident that
SS6.c00o0j additional IS paid by the people
is order to provide the Government with
80 600 600 for revenue. Of which the Gov
ernment is not in need. If the duty is
taken OFF Cuban sugar the benefit of $SJ,-
0JJ. 900 goes to the people.
"Dn October the quotation Tor Cuban
centrifU gal sugar sc degrees test, free on
board at cuba. was l96 cents per pound:
duty on same amounts TO lGS5 cents
equivalent to Sc per cent ad NalOrcm.'
THE Beet Sugar Gazette" attempts to
answer this argument with plea against
free Cuban raw sugar. and II uses some
what over a page Of its paper to DO 1t in,
but has nothing to plead except that
the Republican party does not stand for
tariff for revenue, but for protection TO
home industries" Sugar has been steadi-
er during the past two OF three days, and
ii is entirely probable that, the liquda-
tion in the stock being over, it will make
good showing if the general market
continues strong.
The usual bull story regarding Pacific
Mail for this time Of the year has ap-
pcared. 1t is said that President Roosc-
volt undoubtedly will be very strongly
IN favor of a ship subsidy. and that as a
resul the stock VIII be doomed to a much
higher Level in the near future. one need
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