The Washington times. (Washington [D.C.]) 1901-1902, 1901-08-14

tached to it Considering the character
of the market and the season II seems
probable that the advance has gone about
far enough for the present, and If there
is a high opening today careful people
generally viii be inclined TO sell out and
take their profits. The market is not one
TO go short Of however, as the tendency
is likely to be toward a higher level for
some time to come. The bad news is out
and has been more than discounted IN
the declines in prices. The level at pres
ent is entirely reasonable, and in many
cases low considering the outlook for
good business during the coming year.
The news of the day was unimportant,
and in no way accounted for the advance
in prices. The strike situation was no
better if so good. No new cheerful INTEL
ligence was received from the West, but
instead the statement that there is no rain
in the corn belt. London was cheerful,
and a buyer of American securities. but
this side pays little attention to London
recently, knowing that IL is a manipula-
tive market entirely as far as "Ameri-
cans are concerned. Money was easy.
but this was no new thing. and neither
are the fine earnings statements that con-
tinue to be published.
The grangers were the features of the
advance, st. Paul getting above 16l, and
closing at the top, and Atchison getting
nearly to 10, and also closing at the top
level for the session. 1t was said that
the "8erwind pool was buying Atchison
and the street, whether rightly or not,
asserted that this meant Pennsylvania
absorption. 1t was noticed that Penn
sylvania stock was advanced also in much
the same way Atchison. The conserva-
tive view to take of this story is not to
believe it, as both Atchison and Pennsyl-
yania interests have denied it persistent
ly. Atchison earnings are large, how
ever, and the officers of the company con-
hdent and the present prices of the stocks
docs not seem unreasonable.
In connection with the st. Paul boom
Roswell Miller was quoted in a most
optimistic strain regarding the outlook
for the system. He stated that with a
tremendous wheat crop the company will
in all probability earn much more than it
did last year when there was only small
wheat crop. He stated further that there
will be a much lighter expenditure of
money for betterments this year than last
because the Improvements contemplated
have been completed in large measure.
The st. Paul method has been to make
betterment expenditures under the name
of operating expenses, so that the cut in
these OUTLAWS will make an immediate
showing in very much increased net earn
ings. THIS is most bullish argument on
the stock 1t is not probable that there
Will be an immediate increase in the divi-
dend on the stock. as the last increase
was made only a few months ago, but il
is fairly safe to predict that it will be on
per cert basis inside of a year.
Two other systems that will reap the
benefit from a very big wheat crop will
be Northern Pacific and Great Northern.
It is said by friends of the companies that
they expect to increase their gross earn
ings SlGVJ0.c10 this year. and that the net
increase will likely be at least half of
this, figuring on the basis of recent re-
ports.
The Steel securities We're very strong all
day, but did not advance as much as the
grangers. This is in line with the policy
az 10 hat &c in, oil Of
ket operations Of the securities of the big
trust. There are careful market people
that would not be surprised to see the
stocks advance steadily though slowly
during the entire progress of the strike
Sugar was the weak feature of the mar
ket. 1t was tumbled TO l29 and got up to
only a little better than 100 during the
afternoon advance in the general market
Tho story was told that the company was
attempting to peddle out the 81. zoo, 600 of
new stock that has been authorized. This
plan of selling new stock in the market
has been carried out successfully before
as for instance in the case of the Penn
Sylvania issue of a year or more ago
when the company realized several mil
lions Of dollars by getting rid of its stock
well above par. There are reasons for be-
lieving that this will not be attempted in
the present instance, however. For one
thing, the plan would not be likely to sue
coed so well as II did with the Pennsyi-
vania stock. which was at that time par
ticularly well liked by the public. An is
sue TO stockholders at par is more likely.
What the reason of the present decline
is the street does not know.
The earnings OF the Southern Railway
for the first week of August showed an
increase OF S26.672 The increase from
T'lly / has been $4,000. The showing is
particularly good one The outlook for
the Southern Railway securities and for
Louisville and Nashville is attractive at
| this time. with the cotton crop making