The Washington times., 1901-12-03

Today's steamer will carry out 50 2.O0O
coo or more gold, and this fact. with the
advanced rate on sterling exchange, help
ed the bear operators. Extreme weakness
in Brooklyn Rapid Transit and a late de-
cline in Amalgamated Copper after an
early show Of strength completed the ad-
verse factors of the session.
No Alarming Indications.
None OF these matters is considered
alarming As far as The street has heard
anything in advance of the message it
is likely to have good effect on the
market when it is fully digested, if not
Immediately. The financial situation is
interesting. but not discouraging. The
outward movement in gold is of sufficient
I Importance to serve the bears il the ali
sence of good news in other directions
but the important financial interests 30
~ ,alk as If they were alarmed by it
7 il tie least. The gold imports last month
had little effect and they we're much
! larger than there is any prob )illty of
thei' being this month.
The break in Amalgamated Copper may
be over or II may extend further hut in
either event it hss been brought about
| by special conditions that do not reflect
general conditions i'll the least. The
same is true Of the weakness IF Brooklyn
Rapid Transit.
The Monetary Situation.
Sterling exchange advanced to ass yes
terday morning, a rate sufficiently high to
make gold exports profitable. Later in
the day the rate went off somewhat. As
far as could be learned the total ship
ment by today's steamer will be some
rates advanced to per cent yesterday
afternoon and this. with the easing of
exchange. makes it unlikely that the
gold movement will be continued later in
the week. Despite the advance in call
loan rates, there is no probability that
there will be any stringency. The De-
cember payments of interest and diyi-
dends viii be large.
Hopeful Gossip Regarding Copper.
Copper was extremely irregular in its
movements all day, condition which is
more susceptible of a cheerful interpreta-
tion than the recent steady decline has
been. The street is inclined to hopeful
ness regarding the outlook for the stock.
II is argued that the break has been so
tremendous that it must have discounted
almost anything in the way of bad condi-
tions that car exist. A decrease in the
dividend rate TO 1 per cent, for instance,
though this is not likely, would hardly
warrant the price going any lower than
it did on Saturday.
If on the contrary, copper trade condi-
tions are to improve in the near future
the big short interest might very easily
be forced to cover al a sharp loss Con-
servative brokers are advising their GUS
toners to keep out of the stock but more
on general principles than because of any
belief that 1t will sell lower.
Brooklyn Earns Only Fixed Charges.
Brooklyn Rapid Transit went of to 50,
a decline of more than points from the
best level of last Saturday. 1t is said
that insiders have been selling the stock
heavily recently because of advance
knowledge Of what the October report OF
the company would show. Technical con-
ditions in this stock are somewhat similar
to those in Amalgamsted Copper, and
careful market people rather look for
some recovery in il for the same reasons
that they would not be surprised at re-
action in Copper.
However. the earnings Of the company
are not up to expectation, and as an in
vestment il is extremely likely TO be
poor one for several years to come. AT
The present time the earnings are little
II any more than sufficient TO pay the fixed
charges, and any important betterment In
this regard can only come with the growth
Of the city.
LouIsvilIc's Earnings Decline.
Louisville and Nashville was the strong
est of the railway securities yesterday.
advancing sharply in the morning on Lon
don buying and manipulation with some
investment buying also, and holding its
own well in the late general break in the
market. This was perhaps somewhat sur
prising. as the October statement of the
company showed a decrease in net earn
ings. one of the few so far recorded Tor
the month.
1t seems hardly likely that the directors
of the company Will feel justified in in
creasing the divid md rate on the stock
under the circumstances, despite the ex-
cellence CT the earnings Up to October
Lack of support in Western stocks.
There was an especially sharp attack
On ST. Paul and Union Pacific yesterday.
the former breaking to 1854, and recov-
cring little of its loss. and the latter do
ing not much better. AS far as could be
learned there was no support for the
stocks from the Standard Oil and Harri-
man interests. and in the absence of such
support the bears singled them out for
particular notice.
Nothing new in the way of gossip was
heard regarding the situation ia the
Northwest, except the rumor that Mr.
Hill has made an agreement with Presi-
dent Stickney of the Chicago Great West
ern with regard to the maintenance Of
rates.
Figures of Steel Trust business.
The United States Steel securities held
their own well, and it was said that Mr.
Keene was supporting them. The earn
ings of the company are so large and
the outlook for the coming year is so
good that despite the immensity Of the
capitalization of the company. many of
the conservative brokers are advising
their clients TO invest in the preferred
stock. The common is of course, much
more Of a speculative venture. but there
is much hopefulness regarding it also.
The following figures, partly Official and
partly unofficial. but known 10 be ap-
proximately accurate show something of
the extent and pTofitableness bf the busi-
ness:
Net earnings for seven months;
April ..........-..--..,.... Si,556, i4i
May OBSERVATION-DISCLOSURES. 9,6l2,Ji9
June ACKNOWLEDGEMENTS s594,fh
July -..-...-. OBSERVATION-DISCLOSURES. 9,5su.l5i
August ACKNOWLEDGEMENTS. 9,slO,S8O
September Observation-Disclosures 5000. .0C0
October Observation-Disclosures. 10, SOC, 600
Total ......................... st5,ooi,s7l
Sinking fund and maintenance. 7,059.7O