The Washington times., 1901-10-01
Govel ument bonds.

The stock market yesterday was en-
| tirely unimpOrtant. There was decline
during the morning hours and a slight
rally in the afternoon. business especlai-
ly after y o'clock being almost at a stand
still. As a net result OF the days busi-
ness there was a loss of a point or more
all over the active list. The professional
character of the market continues and 1t
is likely that II will not give way to any
thing better or worse for some weeks
yet. The public will not do anything un-
til the insiders take some definite step
and the insiders, while showing every dis
position to hold up prices, do not seem
in the least inclined to attempt boom
at this time. Indeed, it would seem
very short-sghted policy to attempt ma
n'pulation for an important advance with
money conditions only pasSable, and likely
to be a trifle tight before the end of the
crop moving season. 1t should be point
ed out, however, that real and important
conditions are almost all satisfactory in
so far as they promise to affect the mar
ket OF the coming winter. Railway earn
ings continue very large. trade reports
are of the most rosy, especially those re-
ferring to the iron and steel industries;
the anthracite coal outlook is excellent,
and the promise Of plentiful money later
in the year is undisputed. When it is
remembered that the large interests gen.
orally are the holders of stocks it will be
seen that with these favorable general
conditions it is entirely probable that a
higher price level will be attained unless
there is "A grave change in the situation
somewhere, and at present there is no
lnulCauOn OF any Sucn thlnE.
The net earnings statements for August
show almost ii not quite, as large gains
as those of July. The July reports OF the
prominent railways showed a gain in net
earnings of more than 26 per cent. As
yet only about half OF the important lines
have reported for August. These indicate
net gains OF 23 per cent. The remarkable
character of this showing needs no COM
ment. The August earnings last year
showed very heavy gains over August
1900 and before that there had been an
increase for five consecutive years The
gross earnings for the third week of Sep
tember make the poorest showing of the
year SO far on accounts of the funeral
Of President Mckinley, but even with |
only a five-day week there was an in
crease of nearly per cent over the big |
showing for last year.
A million dollars in gold was shipped |
yesterday from France for this country. |
While other shipments are possible It is |
now said that the chance OF any import
ant Importation of the precious metal |
during the coming month is not large. On |
the other hand, the shipments Of money |
to the West and South for the movement |
of the crops continue, and 1t is said are |
likely to increase during the entire month |
Of October. Thus it Will be seen that the |
outlook is good for somewhat tighter
money rates. No actual stringency is |
probable, however. unless the brokers
make 1t by an iu-consdered attempt to |
boom the stock market.
The few features of the market yesterday
were for the most part stocks conspicuous
for their weakness without any known
reason. Sugar was one of these stocks, /
breaking TO 120 and showing little dis |
position to rally. There was a general |
tip I'm the street to sell the stock in the |
afternoon, but by that time the break |
had already arrived and il seems not |
unlikely that the worst has been seen.
II was said that Lawson, the Boston |
yachtsman-broker. was fighting with
lower Wall Street in the stock. he being
the seller, but what his reason for sud |
den bearishness was did not develop, if |
he was really the cause Of the break.
The Vanderbilt securities generally went
off during the early part Of the day. the
Nickel Plate and New York Central being
conspicuous. The alleged reason for the
weakness Of the stocks was the doubt |
cast on the story that the Junior Wander
bilt securities are to be bought In and re-
placed by New York Central or Lake |
Shore Si4 per cent bonds. Careful enquiry |
suggested. however, that the selling was
for the most part for shorts so that il |
should not be considered necessarily i'm
portant or bear factor 1t is "A fact |
that there has been no official acknowl- |
edgment that the consolidation plan is to
be carried out. but this was quite as true
q week ago. As matter Of fact some |
such plan is under contemplation and is
sure OF being fioated in the not very far
distant future. though II may have TO wait
for a good market. The talk of an in |
crease in the New York Central dividend
is not considered in conservative quar-
ters.
The United States Steel Company d. |
rectors will meet today to declare divi-
dends on the preferred and common |
stocks. II is stated unofficiallv that the |
ate viii not be changed on either issue
The Steel stocks went off somewhat with
the general list yesterday morning. but |
The decline was unimportant There is
much rosy gossip regarding the outlook
for the company and for its securities
and IL Is entirely possible that IN the
next general market advance they will be
The suggestion is made
and II is an excellent one. that IL the
has been able TO earn dividends