The Washington times., 1901-10-03
LITTLE OUTSIDE INTEREST
The Stock Market Opens Firm
But Quickly Weakens Again.
Gains in st. Paul, Union Pacific, and
Other Railways Shaded With the
Course of the Day-T'he steel
Trusts showing Has Good Effect.

Trusts showing Has Good Effect.
NEW YORK, Oct 2.-Toiay's stock
market followed the same general lines
that were pursued yesterday-that Is TO
say. the tone at the opening was some
what Unexpectedly strong, there having
been no important developments over
night of a nature calculated to alter the
tenor of speculative sentiment. London
did. indeed, send in a higher range of
prices for American stocks, but on a
balance foreign houses sod a few thou
sand shares OF stocks in this market.
Beyond any question one decidedly en-
couraging circumstance was the pubiica-
tion of the earnings for the last SIX
months of the United States Steel Cor
roration The showing in question was,
in the early dealings, reflected not only
in quotations for the United States Steel
stocks. but for those of other concerns
occupied in the same general line of in
dustry
That the United States Steel Corpora
tion should have been able to report such
earnings as those shown, with the num-
Der of its important plants shut down for
eight weeks on account Of the strike, was
a marvellous demonstration of the almost
invuinerable position occupied by the
company. Not only was the showing a
most striking one in itself. but its in
fiuence was furthered by the very fact
that the Steel Corporation had elected to
set the meritorious example of furnishing
to its shareholders an adequate report
as to its operations.
What may be regarded as the most
wonderful feature of the whole showing
was that the earnings of the corporation
forAAugust, during which time the steel
strike was at its height, were the largest
of any for the semi-annual period. AS
was to be expected after such an exhibit
of earning power the United States Steel
stocks opened well above yesterdays final
figures but they soon participated in the
reactionary tendency which developed in
the market after the first hour of busi-
ness.
1t was scarcely possible to ascribe the
varying movements which took place in
prices during the course of the day. so
far as the general market was con-
cerned to aught save technical circum-
stnces. Sterling exchange was, indeed, a
shade firmer, but money market condi-
tions were not essentially altered. Such
returns of railway traffic were sub
mitted were again gratifying showings.
The early strength the market showed
appeared to be owing wholly to the cover
Ing of short contracts by the professional
element of the street, which was induced
by the discovery that the loan market
FOR stocks closed an extended short ac-
count In the early dealings advances
approXlmatfng one point were recorded
In st Paul. Union Pacific PENNSYLVANIA
and Missouri Pacific. but the advances
were shaded or obIiterated with the course
of the day
Business of commission houses contin-
ued In extremely light volume in either di-
rection- 1t has. in fact, been long time
since complaints regarding the lack of
outside interest have been so generally
expressed as they were to-day. Still, it
might be noted that a number of con-
servative houses declared that their
clientele, particularly from the Western
States. eVinced an increasing disposition
to enlarge their commitments on the long
side, and in nearly every instance the
explanation of their action was that in
the Western States confidence in the bust
ness situation and prospects was still
strong and hopeful.
The weakest features of the market
were the local traction issues. which
broke rapidly under the leadership of
Brooklyn Rapid Transit The particular
pressure appearing in the last named
stock seemed TO be largely owing to the
belief that the companys much belated
annual report was going to make a very
unfaYorable- showing, but these ideas
seemed to be suggested chiefly by the
fact of the delay in the publication of the
figures.
The railway list showed few movements
of importance or significance. In the
early dealings Atchison common scored
material advance on large trans
actions, which appeared to be
based wholly upon the belief that
the company will advance the dividend
on the common stock to per cent an
nual basis. The dividend is not due for
payment until about the middle Of Deem
Der. 1t would seem as II discussion as
to the rate to be acted upon was some
what premature.
The Vanderbilt issues were steady but
more quiet than FOR a number Of days. As
noted. the United States Steel issues did
notretain the Improvement they showed
IN the early dealings. and the transactions
elsewhere in the industrial quarter were
in light volume. The so-called specialties
Were generally firm. notably for the Cop
per stocks Consolidated Gas. Colorado
Fuel and Iron. but these stocks were also
Influenced by the reactionary tendency
which appeared after the first hour OF
business.